Kinsale Capital Group (NYSE:KNSL) Given Equal Weight Rating at Morgan Stanley

Kinsale Capital Group (NYSE:KNSL)‘s stock had its “equal weight” rating reiterated by stock analysts at Morgan Stanley in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $350.00 price objective on the financial services provider’s stock, down from their prior price objective of $450.00. Morgan Stanley’s price objective points to a potential upside of 1.37% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. BMO Capital Markets lowered shares of Kinsale Capital Group from a “market perform” rating to an “underperform” rating and set a $348.00 price target on the stock. in a research report on Wednesday, February 25th. Cantor Fitzgerald reduced their price objective on Kinsale Capital Group from $422.00 to $360.00 and set a “neutral” rating for the company in a research note on Tuesday, February 17th. Wells Fargo & Company initiated coverage on Kinsale Capital Group in a report on Thursday, January 15th. They issued an “overweight” rating and a $490.00 target price on the stock. Wall Street Zen raised Kinsale Capital Group from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Jefferies Financial Group downgraded Kinsale Capital Group from a “hold” rating to an “underperform” rating and reduced their target price for the company from $392.00 to $312.00 in a report on Thursday, March 19th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $419.09.

Kinsale Capital Group Price Performance

Shares of NYSE KNSL opened at $345.25 on Monday. Kinsale Capital Group has a twelve month low of $321.97 and a twelve month high of $512.76. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of 15.93, a PEG ratio of 1.13 and a beta of 1.08. The firm has a 50-day moving average of $370.80 and a two-hundred day moving average of $394.35.

Kinsale Capital Group (NYSE:KNSL) last announced its quarterly earnings data on Thursday, February 12th. The financial services provider reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.30 by $0.51. Kinsale Capital Group had a net margin of 26.87% and a return on equity of 25.45%. The company had revenue of $483.27 million for the quarter, compared to analysts’ expectations of $467.66 million. During the same quarter in the previous year, the company posted $4.62 EPS. As a group, analysts expect that Kinsale Capital Group will post 17.72 earnings per share for the current fiscal year.

Kinsale Capital Group declared that its board has authorized a stock repurchase program on Thursday, December 11th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 2.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Kinsale Capital Group

A number of hedge funds have recently modified their holdings of KNSL. Cresset Asset Management LLC increased its holdings in shares of Kinsale Capital Group by 145.3% in the 2nd quarter. Cresset Asset Management LLC now owns 5,667 shares of the financial services provider’s stock valued at $2,743,000 after purchasing an additional 3,357 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Kinsale Capital Group by 6.0% during the third quarter. JPMorgan Chase & Co. now owns 450,044 shares of the financial services provider’s stock worth $191,386,000 after purchasing an additional 25,428 shares during the period. Oppenheimer Asset Management Inc. boosted its holdings in shares of Kinsale Capital Group by 17.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 22,501 shares of the financial services provider’s stock worth $9,569,000 after purchasing an additional 3,305 shares during the period. Leibman Financial Services Inc. grew its position in Kinsale Capital Group by 109.9% during the fourth quarter. Leibman Financial Services Inc. now owns 9,438 shares of the financial services provider’s stock valued at $3,691,000 after purchasing an additional 4,942 shares in the last quarter. Finally, Ascent Group LLC increased its stake in Kinsale Capital Group by 26.4% in the 3rd quarter. Ascent Group LLC now owns 16,148 shares of the financial services provider’s stock valued at $6,867,000 after buying an additional 3,375 shares during the period. Hedge funds and other institutional investors own 85.36% of the company’s stock.

About Kinsale Capital Group

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.