Spyglass Capital Management LLC Has $60.98 Million Stake in Kinsale Capital Group, Inc. $KNSL

Spyglass Capital Management LLC reduced its stake in shares of Kinsale Capital Group, Inc. (NYSE:KNSL) by 1.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 143,385 shares of the financial services provider’s stock after selling 2,227 shares during the period. Kinsale Capital Group accounts for approximately 3.3% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 18th biggest position. Spyglass Capital Management LLC owned approximately 0.62% of Kinsale Capital Group worth $60,976,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KNSL. Cresset Asset Management LLC raised its holdings in Kinsale Capital Group by 145.3% during the 2nd quarter. Cresset Asset Management LLC now owns 5,667 shares of the financial services provider’s stock worth $2,743,000 after purchasing an additional 3,357 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in shares of Kinsale Capital Group by 17.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 22,501 shares of the financial services provider’s stock valued at $9,569,000 after purchasing an additional 3,305 shares during the last quarter. Ascent Group LLC increased its position in shares of Kinsale Capital Group by 26.4% during the third quarter. Ascent Group LLC now owns 16,148 shares of the financial services provider’s stock worth $6,867,000 after buying an additional 3,375 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Kinsale Capital Group by 2.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 164,618 shares of the financial services provider’s stock worth $79,659,000 after buying an additional 3,448 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Kinsale Capital Group by 492.8% in the third quarter. SG Americas Securities LLC now owns 14,404 shares of the financial services provider’s stock valued at $6,125,000 after buying an additional 11,974 shares during the period. 85.36% of the stock is owned by institutional investors and hedge funds.

Kinsale Capital Group Stock Up 0.2%

Shares of NYSE:KNSL opened at $362.76 on Friday. The business’s 50 day simple moving average is $389.19 and its two-hundred day simple moving average is $406.23. The firm has a market cap of $8.40 billion, a P/E ratio of 16.74, a PEG ratio of 1.50 and a beta of 1.01. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.08 and a current ratio of 0.08. Kinsale Capital Group, Inc. has a 52-week low of $341.06 and a 52-week high of $512.76.

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

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

Kinsale Capital Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Thursday, February 26th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Thursday, February 26th. This is an increase from Kinsale Capital Group’s previous quarterly dividend of $0.17. Kinsale Capital Group’s payout ratio is 4.61%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BMO Capital Markets cut 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. JPMorgan Chase & Co. dropped their price objective on Kinsale Capital Group from $450.00 to $410.00 and set a “neutral” rating on the stock in a research note on Monday, February 23rd. Truist Financial cut their target price on Kinsale Capital Group from $510.00 to $450.00 and set a “buy” rating on the stock in a research report on Tuesday, February 17th. Wall Street Zen cut Kinsale Capital Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Cantor Fitzgerald lowered their target price on Kinsale Capital Group from $422.00 to $360.00 and set a “neutral” rating for the company in a report on Tuesday, February 17th. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Kinsale Capital Group presently has an average rating of “Hold” and an average price target of $441.91.

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.