Charles Schwab Investment Management Inc. has raised its stake in Kinsale Capital Group, Inc. (NYSE: KNSL) by 2.1% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The investment firm now holds 164,618 shares of the financial services provider, having acquired an additional 3,448 shares during the quarter. As of the latest filing, Charles Schwab’s investment in Kinsale is valued at approximately $79.7 million, representing about 0.71% of the company’s total shares.
Several other institutional investors have also adjusted their positions in Kinsale Capital Group. Notably, V Square Quantitative Management LLC established a new stake valued at $31,000, while VSM Wealth Advisory LLC acquired shares worth about $39,000. Additionally, Toth Financial Advisory Corp increased its holding by 90.0%, now owning 95 shares valued at $46,000 after buying an extra 45 shares in the last quarter. Institutional investors collectively own 85.36% of Kinsale’s stock.
Analyst Ratings and Market Performance
Equity research analysts have offered various opinions on Kinsale Capital Group recently. Weiss Ratings reaffirmed a “hold (C+)” rating, while the Royal Bank of Canada initiated coverage with a “sector perform” rating and a price target of $415.00. TD Cowen adjusted its price target from $448.00 to $442.00, maintaining a “hold” rating. Similarly, JPMorgan Chase & Co. lowered its target from $460.00 to $450.00, assigning a “neutral” rating to the stock. Overall, three analysts have given Kinsale a Buy rating, while eight have rated it as Hold, leading to a consensus rating of “Hold” with an average price target of $483.78.
Kinsale Capital Group’s stock opened at $384.90 recently, showing a 1.0% increase. The company has a market capitalization of $8.95 billion and a PE ratio of 18.90. Its debt-to-equity ratio stands at 0.11, with a quick ratio of 0.09 and a current ratio also at 0.09. Over the past year, the stock has fluctuated between a low of $363.14 and a high of $531.79.
Recent Earnings and Dividend Announcement
On October 23, 2023, Kinsale Capital Group reported its third-quarter earnings, revealing a $5.21 earnings per share (EPS), surpassing analysts’ expectations of $4.79 by $0.42. The company achieved a net margin of 26.30% and a return on equity of 25.66%, with total revenues reaching $497.51 million, exceeding the anticipated $446.00 million. This reflects a year-over-year revenue increase of 19.0%, compared to $4.20 EPS reported in the same quarter last year.
In addition to its strong earnings report, Kinsale Capital Group announced a quarterly dividend of $0.17 per share, payable on December 11, 2023. Investors on record as of November 28, 2023 will be eligible for this dividend, translating to an annualized yield of 0.2%. The company’s current payout ratio stands at 3.34%.
Kinsale Capital Group operates as a specialty insurance company, providing a wide range of property and casualty insurance products across the United States. Its offerings include various commercial lines, from small business casualty and property to specialized liability insurance, catering to diverse industries such as construction, healthcare, and entertainment.
