Morgan Stanley Cuts Kinsale Capital Group (NYSE:KNSL) Price Target to $350.00

Kinsale Capital Group (NYSE:KNSL) had its price target reduced by Morgan Stanley from $390.00 to $350.00 in a report issued on Tuesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

Several other research firms have also commented on KNSL. TD Cowen reiterated a “hold” rating on shares of Kinsale Capital Group in a research report on Tuesday, June 16th. Wells Fargo & Company upped their target price on Kinsale Capital Group from $366.00 to $377.00 and gave the company an “equal weight” rating in a research note on Monday, July 27th. Wall Street Zen upgraded Kinsale Capital Group from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. JPMorgan Chase & Co. raised their price target on Kinsale Capital Group from $380.00 to $390.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Finally, Weiss Ratings raised Kinsale Capital Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Kinsale Capital Group presently has an average rating of “Reduce” and an average price target of $362.56.

Kinsale Capital Group Stock Performance

Shares of KNSL stock opened at $338.88 on Tuesday. The stock has a fifty day moving average price of $362.05 and a 200 day moving average price of $340.46. The stock has a market cap of $7.72 billion, a PE ratio of 13.73, a P/E/G ratio of 1.04 and a beta of 0.88. Kinsale Capital Group has a 1 year low of $287.20 and a 1 year high of $480.48. 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 posted its earnings results on Thursday, July 23rd. The financial services provider reported $5.54 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.43. Kinsale Capital Group had a return on equity of 25.54% and a net margin of 28.49%.The company had revenue of $548.52 million for the quarter, compared to analyst estimates of $445.13 million. During the same quarter in the prior year, the company earned $4.78 earnings per share. Kinsale Capital Group’s revenue was up 16.8% compared to the same quarter last year. Sell-side analysts forecast that Kinsale Capital Group will post 21.1 earnings per share for the current fiscal year.

Kinsale Capital Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, August 28th. Kinsale Capital Group’s dividend payout ratio is presently 4.05%.

Institutional Investors Weigh In On Kinsale Capital Group

Institutional investors have recently bought and sold shares of the stock. Bamco Inc. NY acquired a new stake in shares of Kinsale Capital Group during the 2nd quarter worth $878,600,000. BlackRock Inc. acquired a new position in Kinsale Capital Group in the second quarter valued at $671,457,000. Capital World Investors grew its position in Kinsale Capital Group by 117.4% during the fourth quarter. Capital World Investors now owns 987,844 shares of the financial services provider’s stock valued at $386,366,000 after acquiring an additional 533,499 shares during the period. Bank of America Corp DE purchased a new stake in Kinsale Capital Group during the second quarter valued at about $69,470,000. Finally, Bank of New York Mellon Corp acquired a new stake in Kinsale Capital Group during the second quarter worth about $45,595,000. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

About Kinsale Capital Group

Kinsale Capital Group, Inc is a specialty insurance company headquartered in Richmond, Virginia. Through its insurance subsidiaries, including Kinsale Insurance Company, the company provides commercial property and casualty insurance in the United States.

Kinsale focuses primarily on the excess and surplus lines market, which serves businesses with risks that may not be accommodated by standard insurance carriers. Its offerings include coverage for commercial property, general liability, professional liability, commercial auto, and other specialized risks.