Bank of Nova Scotia Boosts Stock Position in Kinsale Capital Group, Inc. $KNSL

Bank of Nova Scotia boosted its position in Kinsale Capital Group, Inc. (NYSE:KNSL) by 145.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,854 shares of the financial services provider’s stock after purchasing an additional 1,692 shares during the quarter. Bank of Nova Scotia’s holdings in Kinsale Capital Group were worth $975,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Life Cycle Investment Partners Ltd acquired a new stake in shares of Kinsale Capital Group during the 4th quarter worth about $229,653,000. Capital World Investors raised its position in shares of Kinsale Capital Group by 117.4% in the fourth quarter. Capital World Investors now owns 987,844 shares of the financial services provider’s stock valued at $386,366,000 after buying an additional 533,499 shares during the last quarter. Norges Bank acquired a new position in shares of Kinsale Capital Group in the fourth quarter valued at approximately $107,916,000. First Manhattan CO. LLC. lifted its stake in shares of Kinsale Capital Group by 19.6% during the fourth quarter. First Manhattan CO. LLC. now owns 614,647 shares of the financial services provider’s stock valued at $240,401,000 after buying an additional 100,600 shares during the period. Finally, M&T Bank Corp lifted its stake in shares of Kinsale Capital Group by 2,621.6% during the fourth quarter. M&T Bank Corp now owns 91,118 shares of the financial services provider’s stock valued at $35,638,000 after buying an additional 87,770 shares during the period. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

Kinsale Capital Group Price Performance

KNSL opened at $376.57 on Thursday. Kinsale Capital Group, Inc. has a 1 year low of $287.20 and a 1 year high of $485.00. The company’s 50 day simple moving average is $324.31 and its 200 day simple moving average is $348.29. The stock has a market capitalization of $8.68 billion, a PE ratio of 15.26, a P/E/G ratio of 1.17 and a beta of 0.90. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.09 and a current ratio of 0.09.

Kinsale Capital Group (NYSE:KNSL) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $5.54 EPS for the quarter, topping the consensus estimate of $5.11 by $0.43. The firm had revenue of $548.52 million during the quarter, compared to analyst estimates of $445.13 million. Kinsale Capital Group had a net margin of 28.49% and a return on equity of 25.54%. Kinsale Capital Group’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.78 earnings per share. As a group, sell-side analysts expect that Kinsale Capital Group, Inc. will post 21.11 EPS for the current year.

Kinsale Capital Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Thursday, May 28th. Kinsale Capital Group’s dividend payout ratio is presently 4.05%.

Insider Buying and Selling

In other news, CAO Christopher R. Tangard bought 330 shares of Kinsale Capital Group stock in a transaction that occurred on Monday, June 8th. The shares were purchased at an average price of $304.00 per share, for a total transaction of $100,320.00. Following the completion of the acquisition, the chief accounting officer owned 380 shares of the company’s stock, valued at $115,520. The trade was a 660.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Salmaan K. Allibhai sold 250 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $311.17, for a total value of $77,792.50. Following the sale, the insider directly owned 3,645 shares of the company’s stock, valued at approximately $1,134,214.65. This trade represents a 6.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on KNSL. Wells Fargo & Company lifted their target price on shares of Kinsale Capital Group from $366.00 to $377.00 and gave the stock an “equal weight” rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on Kinsale Capital Group from $380.00 to $390.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Weiss Ratings cut Kinsale Capital Group from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, June 26th. TD Cowen reaffirmed a “hold” rating on shares of Kinsale Capital Group in a research report on Tuesday, June 16th. Finally, Morgan Stanley dropped their target price on Kinsale Capital Group from $350.00 to $330.00 and set an “equal weight” rating for the company in a research note on Thursday, May 21st. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $362.11.

Kinsale Capital Group Company 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.