Ritchie James Joseph, a director at Kinsale Capital Group, Inc. (NASDAQ:NYSE:KNSL), recently executed a series of stock transactions, selling a total of 2,295 shares of the company. The sales, which occurred on December 4, amounted to approximately $1.15 million, with prices ranging from $498.49 to $500.85 per share. The transaction comes as Kinsale demonstrates strong financial performance, with revenue growth of 36% and a market capitalization of $11.63 billion.
Following these transactions, Joseph's direct ownership in Kinsale Capital stands at 7,348 shares. Additionally, he made a gift of 150 shares, which is reflected in his indirect ownership, now totaling 650 shares held by his spouse.
Kinsale Capital Group, headquartered in Richmond, Virginia, operates in the fire, marine, and casualty insurance sector.
In other recent news, Kinsale Capital Group has demonstrated strong financial performance, with a 27% increase in operating earnings per share and a 19% rise in gross written premiums in Q3 2024 compared to Q3 2023. The company's board also approved a $100 million share buyback program, indicating confidence in future performance. Despite facing challenges such as increased competition and hurricanes, Kinsale expects a long-term growth opportunity of 10% to 20%.
Morgan Stanley (NYSE:MS) initiated coverage of Kinsale Capital with an Overweight rating, citing the company's potential for expansion and profitability. BMO Capital Markets adjusted Kinsale's price target to $461 while maintaining a Market Perform rating. Truist Securities lowered the price target for Kinsale to $500 but sustained a Buy rating, and RBC Capital revised its price target for Kinsale to $475. Meanwhile, Wolfe Research upgraded Kinsale from Peer Perform to Outperform, setting a new price target at $535.
These adjustments come after an evaluation of Kinsale Capital's quarterly performance and industry dynamics. The 2024 earnings per share estimate for Kinsale Capital remains unchanged at $15.70, while the 2025 EPS forecast has been increased to $18.50 from $18.30. This shift reflects a slightly slower top-line growth of 16%, partially offset by investment income. These are recent developments that are expected to shape the trajectory of the company moving forward.
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