William Blair analyst Adam Klauber has maintained their neutral stance on KNSL stock, giving a Hold rating on July 14.
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Adam Klauber has given his Hold rating due to a combination of factors influencing Kinsale Capital Group’s performance. The company’s second-quarter earnings per share exceeded expectations, largely due to a strong underlying loss ratio and favorable reserve development. Additionally, record net investment income was a positive highlight, showing a significant year-over-year increase.
However, Kinsale’s overall growth is facing challenges, with a noticeable slowdown in top-line growth, particularly in its commercial property division, which saw a decline in gross written premiums due to rate decreases and heightened competition. Despite these challenges, growth in other divisions remains robust, indicating that the issues are primarily confined to the property segment. While Kinsale maintains effective expense and loss cost management, the uncertainty surrounding its growth outlook contributes to the Hold rating.
In another report released on July 14, J.P. Morgan also maintained a Hold rating on the stock with a $440.00 price target.