Kinsale Capital Group (NYSE:KNSL) Lowered to “Underperform” Rating by BMO Capital Markets

Kinsale Capital Group (NYSE:KNSL) was downgraded by equities research analysts at BMO Capital Markets from a “market perform” rating to an “underperform” rating in a research note issued on Wednesday, MarketBeat.com reports. They presently have a $348.00 target price on the financial services provider’s stock. BMO Capital Markets’ price objective suggests a potential downside of 8.69% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley reissued an “overweight” rating on shares of Kinsale Capital Group in a research report on Tuesday, December 16th. Royal Bank Of Canada assumed coverage on Kinsale Capital Group in a research report on Tuesday, November 25th. They issued a “sector perform” rating and a $415.00 price objective for the company. Wall Street Zen upgraded Kinsale Capital Group from a “sell” rating to a “hold” rating in a research note on Sunday, December 14th. Cantor Fitzgerald decreased their price target 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. Finally, TD Cowen lowered their price target on Kinsale Capital Group from $448.00 to $442.00 and set a “hold” rating for the company in a report on Tuesday, November 4th. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $441.91.

Kinsale Capital Group Stock Performance

Shares of NYSE:KNSL opened at $381.13 on Wednesday. The firm has a 50 day moving average of $394.02 and a 200 day moving average of $412.54. The company has a quick ratio of 0.09, a current ratio of 0.08 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $8.87 billion, a price-to-earnings ratio of 17.59, a price-to-earnings-growth ratio of 1.53 and a beta of 0.99. Kinsale Capital Group 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 results on Thursday, February 12th. The financial services provider reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.30 by $0.51. Kinsale Capital Group had a return on equity of 25.45% and a net margin of 26.87%.The business had revenue of $483.27 million for the quarter, compared to the consensus estimate of $467.66 million. During the same period last year, the business posted $4.62 EPS. On average, sell-side analysts predict that Kinsale Capital Group will post 17.72 earnings per share for the current fiscal year.

Kinsale Capital Group announced that its board has approved a share buyback program on Thursday, December 11th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the financial services provider to buy up to 2.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Kinsale Capital Group

A number of institutional investors have recently bought and sold shares of KNSL. Bamco Inc. NY boosted its holdings in shares of Kinsale Capital Group by 1.4% in the 3rd quarter. Bamco Inc. NY now owns 1,788,590 shares of the financial services provider’s stock valued at $760,616,000 after acquiring an additional 24,796 shares during the last quarter. Capital World Investors boosted its holdings in 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 purchasing an additional 533,499 shares during the last quarter. First Manhattan CO. LLC. boosted its holdings in Kinsale Capital Group by 19.6% in 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 purchasing an additional 100,600 shares during the last quarter. Geode Capital Management LLC grew its position in Kinsale Capital Group by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 593,914 shares of the financial services provider’s stock worth $288,657,000 after purchasing an additional 12,040 shares during the period. Finally, Life Cycle Investment Partners Ltd purchased a new position in shares of Kinsale Capital Group during the 4th quarter valued at about $229,653,000. 85.36% of the stock is owned by hedge funds and other institutional investors.

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.