Victor J. Brodsky, the Chief Accounting Officer of Kingstone Companies, Inc. (NASDAQ:KINS), reported a sale of 5,000 shares of the company's common stock on November 26, 2024. The shares were sold at a price of $16.079 each, totaling approximately $80,395. Following this transaction, Brodsky holds 44,556 shares directly. Additionally, he has an indirect holding of 15,000 shares in an IRA account.
In other recent news, Kingstone Companies has reported record Q3 results, marking its highest quarterly income since 2009. The company experienced a 40% growth rate in core personal lines, with direct written premiums for these lines increasing by 43%. Net income for Q3 2024 reached $7 million, contributing to a year-to-date net income of $12.9 million.
Kingstone expects an incremental premium of $25 million to $30 million in 2024 due to market dislocation. The company's updated guidance for 2024 includes a growth of 25%-35% in core business direct premiums written, a GAAP combined ratio of 79%-83%, and an EPS of $1.40-$1.70. For 2025, Kingstone projects a growth of 15%-25%, a GAAP combined ratio of 82%-86%, and an EPS of $1.60-$2.00.
The company also sold 1.1 million shares at $8.48 each, reducing its debt to $10 million. Despite a lack of specific projections on potential share dilution by 2025, Kingstone maintains a focus on debt reduction and maximizing earnings amidst market changes. These are the recent developments for Kingstone Companies.
InvestingPro Insights
The recent insider sale by Victor J. Brodsky comes at a time when Kingstone Companies, Inc. (NASDAQ:KINS) is experiencing significant market momentum. According to InvestingPro data, the company's stock has shown remarkable performance, with a 215.42% price total return over the past six months and an impressive 480.36% return over the last year. This strong performance has pushed the stock to trade near its 52-week high, with the current price at 97.2% of that peak.
InvestingPro Tips highlight that KINS has been delivering strong returns across various timeframes, including a significant 63.19% return over the last month. This positive trend is further supported by analysts' expectations that the company will be profitable this year, with net income projected to grow.
However, investors should note that the RSI suggests the stock may be in overbought territory, which could indicate a potential for a short-term pullback. Additionally, KINS does not pay a dividend to shareholders, which may be a consideration for income-focused investors.
For those seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for KINS, providing a deeper understanding of the company's financial health and market position. These insights can be particularly valuable given the stock's recent performance and the insider trading activity reported.
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