Federated Hermes Inc. Reduces Stake in Kinsale Capital Group, Inc. $KNSL

Federated Hermes Inc. cut its holdings in shares of Kinsale Capital Group, Inc. (NYSE:KNSL) by 79.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,143 shares of the financial services provider’s stock after selling 8,414 shares during the quarter. Federated Hermes Inc.’s holdings in Kinsale Capital Group were worth $911,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Bamco Inc. NY increased its stake in shares of Kinsale Capital Group by 1.4% in the second quarter. Bamco Inc. NY now owns 1,763,794 shares of the financial services provider’s stock worth $853,500,000 after acquiring an additional 24,936 shares during the period. Geode Capital Management LLC boosted its holdings in Kinsale Capital Group by 2.1% in the second quarter. Geode Capital Management LLC now owns 593,914 shares of the financial services provider’s stock valued at $288,657,000 after purchasing an additional 12,040 shares during the last quarter. Riverbridge Partners LLC grew its position in Kinsale Capital Group by 11.1% during the 3rd quarter. Riverbridge Partners LLC now owns 290,524 shares of the financial services provider’s stock worth $123,548,000 after purchasing an additional 29,053 shares during the period. Norges Bank purchased a new position in shares of Kinsale Capital Group during the 2nd quarter valued at about $125,812,000. Finally, Alliancebernstein L.P. raised its stake in shares of Kinsale Capital Group by 3.2% during the 2nd quarter. Alliancebernstein L.P. now owns 193,885 shares of the financial services provider’s stock valued at $93,821,000 after buying an additional 5,997 shares during the last quarter. 85.36% of the stock is currently owned by institutional investors and hedge funds.

Kinsale Capital Group Stock Performance

KNSL opened at $414.87 on Friday. The firm’s fifty day simple moving average is $392.19 and its two-hundred day simple moving average is $419.20. Kinsale Capital Group, Inc. has a 52-week low of $349.00 and a 52-week high of $512.76. The company has a market cap of $9.65 billion, a price-to-earnings ratio of 20.38, a PEG ratio of 1.44 and a beta of 0.99. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.11.

Kinsale Capital Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Thursday, February 26th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, February 26th. This represents a $1.00 dividend on an annualized basis and a yield of 0.2%. This is a boost from Kinsale Capital Group’s previous quarterly dividend of $0.17. Kinsale Capital Group’s dividend payout ratio is 3.34%.

Kinsale Capital Group declared that its board has approved a stock buyback plan on Thursday, December 11th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 2.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. TD Cowen lowered their target price on Kinsale Capital Group from $448.00 to $442.00 and set a “hold” rating on the stock in a research note on Tuesday, November 4th. Morgan Stanley reaffirmed an “overweight” rating on shares of Kinsale Capital Group in a report on Tuesday, December 16th. JPMorgan Chase & Co. lowered their target price on shares of Kinsale Capital Group from $460.00 to $450.00 and set a “neutral” rating on the stock in a research note on Monday, October 27th. Weiss Ratings restated a “hold (c)” rating on shares of Kinsale Capital Group in a research report on Monday, December 29th. Finally, Wells Fargo & Company began coverage on Kinsale Capital Group in a report on Thursday, January 15th. They issued an “overweight” rating and a $490.00 price target for the company. Four analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $476.60.

Kinsale Capital Group Profile

Kinsale Capital Group, Inc (NYSE:KNSL) is a specialty property and casualty insurance company headquartered in Richmond, Virginia. Established in 2009, the company focuses on underwriting complex and underserved risks across the United States. Kinsale operates through a network of wholesale brokers and independent agencies, offering tailored coverage solutions for a range of niche industries.

The company’s product portfolio includes general liability, business auto, professional liability, environmental liability, inland marine, cyber liability, and other specialty lines.