Guggenheim Capital LLC Raises Stock Position in Kinsale Capital Group, Inc. (NYSE:KNSL)

Posted by MarketBeat News on Mar 10th, 2023

Guggenheim Capital LLC grew its holdings in Kinsale Capital Group, Inc. (NYSE:KNSL – Get Rating) by 45.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,617 shares of the financial services provider’s stock after acquiring an additional 813 shares during the period. Guggenheim Capital LLC’s holdings in Kinsale Capital Group were worth $668,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in KNSL. Victory Capital Management Inc. boosted its stake in shares of Kinsale Capital Group by 83.6% during the 3rd quarter. Victory Capital Management Inc. now owns 307,549 shares of the financial services provider’s stock worth $78,555,000 after purchasing an additional 140,037 shares during the period. Macquarie Group Ltd. boosted its stake in shares of Kinsale Capital Group by 33.5% during the 2nd quarter. Macquarie Group Ltd. now owns 446,626 shares of the financial services provider’s stock worth $102,563,000 after purchasing an additional 112,060 shares during the period. Prudential Financial Inc. boosted its stake in shares of Kinsale Capital Group by 1,489.6% during the 1st quarter. Prudential Financial Inc. now owns 104,327 shares of the financial services provider’s stock worth $23,788,000 after purchasing an additional 97,764 shares during the period. Sei Investments Co. boosted its stake in shares of Kinsale Capital Group by 270.3% during the 2nd quarter. Sei Investments Co. now owns 87,460 shares of the financial services provider’s stock worth $20,112,000 after purchasing an additional 63,842 shares during the period. Finally, Driehaus Capital Management LLC boosted its stake in shares of Kinsale Capital Group by 21.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 315,947 shares of the financial services provider’s stock worth $72,554,000 after purchasing an additional 56,759 shares during the period. 85.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on KNSL shares. Truist Financial lifted their price target on shares of Kinsale Capital Group from $335.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, February 21st. Royal Bank of Canada boosted their price objective on shares of Kinsale Capital Group from $350.00 to $360.00 and gave the company an “outperform” rating in a research report on Tuesday, February 21st. Jefferies Financial Group began coverage on shares of Kinsale Capital Group in a research report on Monday, December 12th. They issued a “hold” rating and a $295.00 price objective for the company. BMO Capital Markets began coverage on shares of Kinsale Capital Group in a report on Thursday, January 19th. They issued an “underperform” rating and a $230.00 price target for the company. Finally, Compass Point lowered shares of Kinsale Capital Group from a “buy” rating to a “neutral” rating and boosted their price target for the company from $330.00 to $350.00 in a report on Tuesday, February 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $327.00.

Insider Activity

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In related news, COO Brian D. Haney sold 5,750 shares of Kinsale Capital Group stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $317.92, for a total value of $1,828,040.00. Following the completion of the transaction, the chief operating officer now owns 74,831 shares in the company, valued at $23,790,271.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Kinsale Capital Group news, COO Brian D. Haney sold 5,750 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $317.92, for a total transaction of $1,828,040.00. Following the sale, the chief operating officer now owns 74,831 shares of the company’s stock, valued at $23,790,271.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Bryan P. Petrucelli sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $322.66, for a total transaction of $3,226,600.00. Following the sale, the chief financial officer now directly owns 59,146 shares in the company, valued at approximately $19,084,048.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,250 shares of company stock valued at $6,165,190. 6.20% of the stock is currently owned by company insiders.

Kinsale Capital Group Price Performance

Shares of NYSE KNSL opened at $307.69 on Friday. Kinsale Capital Group, Inc. has a 52 week low of $196.00 and a 52 week high of $337.11. The stock has a market capitalization of $7.11 billion, a price-to-earnings ratio of 44.72 and a beta of 0.87. The firm has a 50-day simple moving average of $292.08 and a 200-day simple moving average of $285.05. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.26.

Kinsale Capital Group (NYSE:KNSL – Get Rating) last announced its earnings results on Friday, February 17th. The financial services provider reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.44. The company had revenue of $242.96 million during the quarter, compared to analyst estimates of $236.01 million. Kinsale Capital Group had a net margin of 19.42% and a return on equity of 27.08%. During the same quarter last year, the firm posted $1.76 earnings per share. On average, equities analysts predict that Kinsale Capital Group, Inc. will post 9.86 earnings per share for the current fiscal year.

Kinsale Capital Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 13th. Stockholders of record on Tuesday, February 28th will be paid a $0.14 dividend. This is a positive change from Kinsale Capital Group’s previous quarterly dividend of $0.13. The ex-dividend date is Monday, February 27th. This represents a $0.56 annualized dividend and a dividend yield of 0.18%. Kinsale Capital Group’s dividend payout ratio (DPR) is presently 8.14%.

Kinsale Capital Group Company Profile

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Kinsale Capital Group, Inc is a holding company, which engages in the provision of property and casualty insurance services. It operates the Excess and Surplus Lines Insurance segment. The Excess and Surplus Lines Insurance segment provides commercial excess and surplus lines liability and property insurance products through underwriting divisions.