Allspring Global Investments Holdings LLC Reduces Position in Kinsale Capital Group, Inc. (NYSE:KNSL)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Kinsale Capital Group, Inc. (NYSE:KNSL) by 9.9% in the 4th quarter, Holdings Channel reports. The fund owned 120,684 shares of the financial services provider’s stock after selling 13,291 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Kinsale Capital Group were worth $54,815,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in Kinsale Capital Group by 5.9% during the 3rd quarter. Geode Capital Management LLC now owns 528,708 shares of the financial services provider’s stock valued at $246,810,000 after acquiring an additional 29,686 shares in the last quarter. Avior Wealth Management LLC grew its stake in Kinsale Capital Group by 7,392.9% during the 3rd quarter. Avior Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $488,000 after acquiring an additional 1,035 shares in the last quarter. Geneva Capital Management LLC grew its stake in Kinsale Capital Group by 1.3% during the 3rd quarter. Geneva Capital Management LLC now owns 407,831 shares of the financial services provider’s stock valued at $189,874,000 after acquiring an additional 5,207 shares in the last quarter. Swedbank AB boosted its holdings in Kinsale Capital Group by 5.0% in the 3rd quarter. Swedbank AB now owns 42,060 shares of the financial services provider’s stock valued at $19,582,000 after purchasing an additional 2,010 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Kinsale Capital Group by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 148,475 shares of the financial services provider’s stock valued at $69,126,000 after purchasing an additional 3,469 shares during the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.

Insiders Place Their Bets

In other Kinsale Capital Group news, Director James Joseph Ritchie sold 2,295 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $499.79, for a total value of $1,147,018.05. Following the sale, the director now directly owns 7,348 shares of the company’s stock, valued at approximately $3,672,456.92. This represents a 23.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Diane D. Schnupp sold 500 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $510.00, for a total transaction of $255,000.00. Following the completion of the sale, the executive vice president now directly owns 6,994 shares in the company, valued at approximately $3,566,940. This represents a 6.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,235 shares of company stock worth $3,618,954 in the last ninety days. 5.60% of the stock is owned by corporate insiders.

Kinsale Capital Group Price Performance

Kinsale Capital Group stock opened at $486.34 on Friday. The firm has a market cap of $11.33 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 1.82 and a beta of 1.15. Kinsale Capital Group, Inc. has a 52-week low of $355.12 and a 52-week high of $548.47. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $461.29 and its two-hundred day moving average is $465.57.

Kinsale Capital Group (NYSE:KNSL) last released its earnings results on Thursday, February 13th. The financial services provider reported $4.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.23 by $0.39. Kinsale Capital Group had a net margin of 26.80% and a return on equity of 28.87%. On average, research analysts expect that Kinsale Capital Group, Inc. will post 15.67 EPS for the current fiscal year.

Kinsale Capital Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, February 27th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Thursday, February 27th. This is a positive change from Kinsale Capital Group’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 0.14%. Kinsale Capital Group’s dividend payout ratio is 3.42%.

Wall Street Analyst Weigh In

Several research firms have weighed in on KNSL. Royal Bank of Canada decreased their target price on shares of Kinsale Capital Group from $480.00 to $475.00 and set a “sector perform” rating on the stock in a report on Monday, October 28th. JPMorgan Chase & Co. decreased their target price on shares of Kinsale Capital Group from $415.00 to $412.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Morgan Stanley began coverage on shares of Kinsale Capital Group in a report on Thursday, December 5th. They issued an “overweight” rating and a $593.00 target price on the stock. Wolfe Research upgraded shares of Kinsale Capital Group from a “peer perform” rating to an “outperform” rating and set a $535.00 target price on the stock in a report on Monday, October 28th. Finally, Truist Financial decreased their price objective on shares of Kinsale Capital Group from $500.00 to $480.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $468.89.

About Kinsale Capital Group

Kinsale Capital Group, Inc, a specialty insurance company, engages in the provision of property and casualty insurance products in the United States. The company’s commercial lines offerings include commercial property, small business casualty and property, excess and general casualty, construction, allied health, life sciences, entertainment, energy, environmental, excess professional, health care, public entity, commercial auto, inland marine, aviation, ocean marine, product recall, and railroad, as well as product, professional, and management liability insurance.