Russell Frederick L. Jr., a director at Kinsale Capital Group, Inc. (NASDAQ:NYSE:KNSL), recently executed significant transactions involving the company's stock. On November 22, he sold a total of 4,440 shares, yielding approximately $2.2 million. The shares were sold at prices ranging from $496.55 to $500.76 each.
In addition to these sales, Russell exercised options to acquire 4,000 shares at a price of $16 per share, totaling $64,000. Following these transactions, he now directly owns 447 shares of Kinsale Capital. Additionally, he holds 23,566 shares indirectly as a trustee of The Frederick L. Russell, Jr Revocable Trust.
In other recent news, Kinsale Capital Group demonstrated robust Q3 2024 performance, with operating earnings per share rising by 27% and gross written premiums increasing by 19% compared to Q3 2023. The firm's combined ratio was reported at 75.7%, and the nine-month annualized operating return on equity reached 28.2%. BMO Capital Markets, Truist Securities, RBC Capital, and Wolfe Research have revised their price targets for Kinsale Capital, reflecting the company's strong performance and competitive advantages in the market.
BMO Capital Markets lifted its price target to $461, highlighting Kinsale Capital's ability to grow at more than twice the rate of its competitors. Truist Securities adjusted its price target to $500, maintaining a Buy rating, while RBC Capital revised its target to $475. Wolfe Research upgraded the company to Outperform with a price target of $535.
Additionally, Kinsale Capital's board approved a $100 million share buyback program, indicating confidence in future performance. Despite challenges such as increased competition and the impact of recent hurricanes, Kinsale anticipates continued growth in new business submissions with a long-term growth opportunity of 10% to 20%. These are recent developments that are expected to shape the company's trajectory moving forward.
InvestingPro Insights
Recent insider transactions at Kinsale Capital Group, Inc. (NASDAQ:KNSL) have drawn attention, and a look at the company's financial metrics provides additional context for investors. According to InvestingPro data, Kinsale boasts a market capitalization of $11.78 billion, reflecting its substantial presence in the insurance industry.
The company's P/E ratio stands at 28.43, which, when considered alongside an InvestingPro Tip indicating that KNSL is "Trading at a low P/E ratio relative to near-term earnings growth," suggests potential value for investors. This is further supported by a PEG ratio of 0.58, implying that the stock may be undervalued relative to its growth prospects.
Kinsale's financial performance has been robust, with revenue growth of 36.12% over the last twelve months as of Q3 2024, and an impressive operating income margin of 33.81%. These strong fundamentals align with another InvestingPro Tip stating that the company has been "Profitable over the last twelve months."
For investors interested in dividend stocks, it's worth noting that Kinsale has "raised its dividend for 9 consecutive years," according to an InvestingPro Tip. While the current dividend yield is modest at 0.12%, the company's consistent dividend growth of 7.14% demonstrates a commitment to shareholder returns.
The recent insider transactions by Russell Frederick L. Jr. occurred against a backdrop of positive stock performance. InvestingPro data shows a significant 27.31% price total return over the past six months, and a 36.12% return over the last year. This aligns with the InvestingPro Tip highlighting a "Large price uptick over the last six months."
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Kinsale Capital Group, providing deeper insights into the company's financial health and market position.
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