Kinsale Capital Group (NYSE:KNSL) Shares Gap Down on Analyst Downgrade

Shares of Kinsale Capital Group, Inc. (NYSE:KNSL - Get Free Report) gapped down before the market opened on Friday after Morgan Stanley lowered their price target on the stock from $535.00 to $520.00. The stock had previously closed at $487.11, but opened at $459.46. Morgan Stanley currently has an overweight rating on the stock. Kinsale Capital Group shares last traded at $453.88, with a volume of 116,802 shares.

Several other research firms have also recently issued reports on KNSL. Truist Financial lowered their price objective on shares of Kinsale Capital Group from $500.00 to $480.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. BMO Capital Markets boosted their price target on Kinsale Capital Group from $445.00 to $461.00 and gave the company a "market perform" rating in a report on Thursday, November 21st. JPMorgan Chase & Co. reduced their price objective on Kinsale Capital Group from $415.00 to $412.00 and set a "neutral" rating on the stock in a report on Friday, January 3rd. Wolfe Research raised Kinsale Capital Group from a "peer perform" rating to an "outperform" rating and set a $535.00 price target on the stock in a research report on Monday, October 28th. Finally, Royal Bank of Canada decreased their price objective on Kinsale Capital Group from $480.00 to $475.00 and set a "sector perform" rating for the company in a report on Monday, October 28th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $468.56.

Insider Buying and Selling

In other Kinsale Capital Group news, Director Frederick L. Jr. Russell sold 4,440 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $499.31, for a total value of $2,216,936.40. Following the completion of the sale, the director now directly owns 447 shares in the company, valued at $223,191.57. This trade represents a 90.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Diane D. Schnupp sold 500 shares of the company's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $510.00, for a total value of $255,000.00. Following the transaction, the executive vice president now directly owns 6,994 shares in the company, valued at approximately $3,566,940. The trade was a 6.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,235 shares of company stock worth $3,618,954 in the last three months. 5.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Kinsale Capital Group in the fourth quarter valued at about $89,200,000. Alliancebernstein L.P. raised its position in shares of Kinsale Capital Group by 486.3% in the 4th quarter. Alliancebernstein L.P. now owns 214,045 shares of the financial services provider's stock valued at $99,559,000 after purchasing an additional 177,540 shares during the last quarter. Premier Fund Managers Ltd boosted its stake in Kinsale Capital Group by 20,286.0% in the 4th quarter. Premier Fund Managers Ltd now owns 104,784 shares of the financial services provider's stock worth $48,813,000 after purchasing an additional 104,270 shares in the last quarter. Handelsbanken Fonder AB grew its position in Kinsale Capital Group by 1,119.0% during the 4th quarter. Handelsbanken Fonder AB now owns 70,700 shares of the financial services provider's stock worth $32,885,000 after purchasing an additional 64,900 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its position in Kinsale Capital Group by 65.3% during the 3rd quarter. Westfield Capital Management Co. LP now owns 149,217 shares of the financial services provider's stock worth $69,471,000 after purchasing an additional 58,971 shares during the last quarter. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

Kinsale Capital Group Price Performance

The stock's 50 day simple moving average is $458.10 and its 200-day simple moving average is $465.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.09 and a current ratio of 0.09. The firm has a market cap of $10.28 billion, a price-to-earnings ratio of 25.17, a price-to-earnings-growth ratio of 1.82 and a beta of 1.15.

Kinsale Capital Group (NYSE:KNSL - Get Free Report) last released its earnings results on Thursday, February 13th. The financial services provider reported $4.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.39. Kinsale Capital Group had a return on equity of 28.87% and a net margin of 26.80%. The firm had revenue of $412.12 million for the quarter, compared to the consensus estimate of $418.32 million. Equities research analysts anticipate that Kinsale Capital Group, Inc. will post 15.67 EPS for the current fiscal year.

Kinsale Capital Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, February 27th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.15%. This is a boost from Kinsale Capital Group's previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, February 27th. Kinsale Capital Group's dividend payout ratio (DPR) is presently 3.42%.

Kinsale Capital Group Company Profile

Kinsale Capital Group, Inc, a specialty insurance company, engages in the provision of property and casualty insurance products in the United States. The company's commercial lines offerings include commercial property, small business casualty and property, excess and general casualty, construction, allied health, life sciences, entertainment, energy, environmental, excess professional, health care, public entity, commercial auto, inland marine, aviation, ocean marine, product recall, and railroad, as well as product, professional, and management liability insurance.