Short Interest in Kinsale Capital Group Inc (NASDAQ:KNSL) Decreases By 8.3%

Kinsale Capital Group Inc (NASDAQ:KNSL) was the target of a large drop in short interest in July. As of July 31st, there was short interest totalling 818,500 shares, a drop of 8.3% from the June 30th total of 892,200 shares. Based on an average trading volume of 114,000 shares, the days-to-cover ratio is presently 7.2 days. Currently, 4.2% of the company’s stock are short sold.

Shares of Kinsale Capital Group stock traded up $2.44 during mid-day trading on Friday, hitting $95.96. 85,800 shares of the stock were exchanged, compared to its average volume of 88,004. Kinsale Capital Group has a 12 month low of $50.34 and a 12 month high of $99.70. The company has a 50-day simple moving average of $92.88 and a 200 day simple moving average of $78.47. The company has a market capitalization of $2.05 billion, a P/E ratio of 53.61 and a beta of 0.53.

Kinsale Capital Group (NASDAQ:KNSL) last posted its earnings results on Thursday, August 1st. The financial services provider reported $0.57 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.01. Kinsale Capital Group had a net margin of 18.67% and a return on equity of 16.78%. The firm had revenue of $72.57 million for the quarter, compared to analysts’ expectations of $69.49 million. On average, research analysts predict that Kinsale Capital Group will post 2.42 EPS for the current fiscal year.

Several brokerages recently weighed in on KNSL. TheStreet raised shares of Kinsale Capital Group from a “c+” rating to an “a-” rating in a research report on Friday, May 10th. ValuEngine cut shares of Kinsale Capital Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. Royal Bank of Canada lifted their target price on shares of Kinsale Capital Group from $70.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. Zacks Investment Research raised shares of Kinsale Capital Group from a “hold” rating to a “strong-buy” rating and set a $104.00 target price on the stock in a research report on Tuesday, August 6th. Finally, BidaskClub raised shares of Kinsale Capital Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Four analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $96.00.

In related news, CFO Bryan P. Petrucelli sold 815 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $87.36, for a total value of $71,198.40. Following the transaction, the chief financial officer now owns 59,863 shares of the company’s stock, valued at approximately $5,229,631.68. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Brian D. Haney sold 2,250 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $83.55, for a total transaction of $187,987.50. Following the completion of the transaction, the chief operating officer now directly owns 175,432 shares in the company, valued at approximately $14,657,343.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,565 shares of company stock worth $1,212,023. 8.30% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its stake in shares of Kinsale Capital Group by 1,039.4% during the 2nd quarter. Invesco Ltd. now owns 361,605 shares of the financial services provider’s stock worth $33,080,000 after purchasing an additional 329,869 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Kinsale Capital Group by 8.9% during the 1st quarter. JPMorgan Chase & Co. now owns 1,459,597 shares of the financial services provider’s stock worth $100,084,000 after purchasing an additional 119,082 shares during the last quarter. Nuveen Asset Management LLC increased its stake in shares of Kinsale Capital Group by 297.5% during the 2nd quarter. Nuveen Asset Management LLC now owns 158,670 shares of the financial services provider’s stock worth $14,515,000 after purchasing an additional 118,755 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Kinsale Capital Group by 48.3% during the 2nd quarter. Victory Capital Management Inc. now owns 309,706 shares of the financial services provider’s stock worth $28,332,000 after purchasing an additional 100,900 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Kinsale Capital Group by 5.0% during the 2nd quarter. BlackRock Inc. now owns 1,796,938 shares of the financial services provider’s stock worth $164,384,000 after purchasing an additional 85,757 shares during the last quarter. 82.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinsale Capital Group Company Profile

Kinsale Capital Group, Inc provides as a casualty and property insurance products in the United States. Its commercial lines offerings include construction, small business, energy, excess and general casualty, life sciences, allied health, health care, commercial property, environmental, public entity, inland marine, and commercial insurance, as well as product, professional, and management liability insurance; and homeowners insurance.

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