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Kinsale Capital Group, Inc. (KNSL) closed the latest trading day at $455.37, indicating a +0.41% change from the previous session's end. The stock's change was more than the S&P 500's daily gain of 0.03%. On the other hand, the Dow registered a loss of 0.04%, and the technology-centric Nasdaq increased by 0.2%.
The the stock of company has fallen by 6.76% in the past month, lagging the Finance sector's gain of 2.72% and the S&P 500's gain of 1.54%.
Analysts and investors alike will be keeping a close eye on the performance of Kinsale Capital Group, Inc. in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $3.74, reflecting a 12.99% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $401.67 million, up 27.77% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $15.31 per share and a revenue of $1.58 billion, representing changes of +22.48% and +29.74%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Kinsale Capital Group, Inc. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.1% rise in the Zacks Consensus EPS estimate. Right now, Kinsale Capital Group, Inc. possesses a Zacks Rank of #3 (Hold).
Looking at its valuation, Kinsale Capital Group, Inc. is holding a Forward P/E ratio of 29.63. This signifies a premium in comparison to the average Forward P/E of 13.72 for its industry.
It is also worth noting that KNSL currently has a PEG ratio of 1.98. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Insurance - Property and Casualty was holding an average PEG ratio of 1.66 at yesterday's closing price.
The Insurance - Property and Casualty industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 19, positioning it in the top 8% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Zacks Investment Research
Shares of Kinsale Capital Group, Inc. KNSL have rallied 38.7% year to date (YTD), outperforming the industry’s 26% growth. The insurer also outperformed the Zacks S&P 500 composite and the Finance sector’s return of 17.8% and 13.2%, respectively, YTD. With a market capitalization of $10.81 billion, the average volume of shares traded in the last three months was 0.1 million.
KNSL Outperforms Industry, Sector & S&P YTD
The rally was largely driven by a focus on the excess and supply (E&S) market, prudent underwriting, lower expense ratio, growth in the investment portfolio, solid growth projections and effective capital deployment.
This property and casualty insurer has a solid track record of beating earnings estimates in each of the last four quarters, the average being 9.28%.
KNSL has a VGM Score of B. VGM Score helps identify stocks with the most attractive value, best growth and the most promising momentum.
KNSL Trading Above 50-Day Moving Average
This Zacks Rank #3 (Hold) insurance broker closed at $464.53 on Friday, above its 50-day and 200-day simple moving average (SMA) of $442.60 and $421, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Optimistic Analyst Sentiment for KNSL
Each of the seven analysts covering the stock has raised estimates for 2024, while five analysts have raised the same for 2025 over the past 60 days. Thus, the Zacks Consensus Estimate for 2024 and 2025 moved 2.2% and 1.4% north, respectively, in the last 60 days, reflecting analyst optimism.
Growth Projection for KNSL
The Zacks Consensus Estimate for Kinsale Capital’s 2024 earnings per share indicates an increase of 22.4% from the year-ago reported number. The consensus estimate for revenues is pegged at $1.58 billion, implying a year-over-year improvement of 29.7%.
The consensus estimate for 2025 earnings per share and revenues indicates an increase of 18.6% and 19%, respectively, from the corresponding 2024 estimates.
Earnings have grown 45.7% in the past five years, better than the industry average of 10.5%. The expected long-term earnings growth rate is 15%, outperforming the industry average of 11.1%.
Will the Bull Run Continue?
Premiums should continue to improve, given the company’s strong presence across the E&S market in the United States and high retention rates stemming from contract renewals. Management noted that the E&S market has witnessed significant growth and generated better underwriting results than the broader P&C industry. It remains well-poised to benefit from continued market dislocation, aiding improved submission flows and better pricing decisions.
KNSL’s solid market presence helped it to deliver improved margins and lower loss ratios. The insurer targets clients with small-sized and medium-sized accounts with better pricing and less prone to competition. Management estimates low double-digit rate increases across the book of business.
Kinsale Capital enjoys the best combination of high growth and low combined ratio among its peers. It targets a combined ratio in the mid-80s range over the long term. Also, KNSL is well-poised to generate an improved expense ratio given its proprietary technology platform, which is likely to provide it with a competitive edge over other industry players and scalability in business.
Investment of excess operating funds at higher rates in an improved rate environment should drive investment results. Notably, its free cash flow conversion has remained more than 85% over the last many quarters, reflecting its solid earnings.
The insurer has increased dividends since 2017 at a seven-year (2017-2024) CAGR of 12%, riding on the strength of operational excellence that supports a solid capital position.
KNSL’s Favorable Return on Capital
Return on equity in the trailing 12 months was 30.3%, better than the industry average of 7.9%. This highlights the company’s efficiency in utilizing shareholders’ funds.
Also, the return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame, reflecting ACGL’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 25.4%, better than the industry average of 6%.
KNSL’s Expensive Valuation
KNSL is currently expensive. It is trading at a P/B multiple of 8.60, higher than the industry average of 1.58.
Shares of other insurers like Arch Capital Group Ltd. ACGL and NMI Holdings Inc NMIH are also trading at a multiple higher than the industry average.
However, shares of CNA Financial Corporation CNA are trading at a multiple lower than the industry average.
Zacks Investment Research
Making its debut on 11/08/2005, smart beta exchange traded fund SPDR S&P Insurance ETF (KIE) provides investors broad exposure to the Financials ETFs category of the market.
What Are Smart Beta ETFs?
For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.
Market cap weighted indexes work great for investors who believe in market efficiency. They provide a low-cost, convenient and transparent way of replicating market returns.
On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.
Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other such characteristics.
Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.
Fund Sponsor & Index
KIE is managed by State Street Global Advisors, and this fund has amassed over $890.09 million, which makes it one of the average sized ETFs in the Financials ETFs. This particular fund, before fees and expenses, seeks to match the performance of the S&P Insurance Select Industry Index.
The S&P Insurance Select Industry Index represents the insurance segment of the S&P Total Market Index.
Cost & Other Expenses
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.
Operating expenses on an annual basis are 0.35% for this ETF, which makes it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 1.34%.
Sector Exposure and Top Holdings
It is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
KIE's heaviest allocation is in the Financials sector, which is about 100% of the portfolio.
When you look at individual holdings, Erie Indemnity Company Cl A (ERIE) accounts for about 2.46% of the fund's total assets, followed by Ryan Specialty Holdings Inc (RYAN) and Kinsale Capital Group Inc (KNSL).
Its top 10 holdings account for approximately 22.7% of KIE's total assets under management.
Performance and Risk
So far this year, KIE has added roughly 24.48%, and was up about 31.63% in the last one year (as of 09/16/2024). During this past 52-week period, the fund has traded between $41.63 and $56.48.
The ETF has a beta of 0.84 and standard deviation of 18.17% for the trailing three-year period, making it a medium risk choice in the space. With about 51 holdings, it effectively diversifies company-specific risk.
Alternatives
SPDR S&P Insurance ETF is an excellent option for investors seeking to outperform the Financials ETFs segment of the market. There are other ETFs in the space which investors could consider as well.
Invesco KBW Property & Casualty Insurance ETF (KBWP) tracks KBW Nasdaq Property & Casualty Index and the iShares U.S. Insurance ETF (IAK) tracks Dow Jones U.S. Select Insurance Index. Invesco KBW Property & Casualty Insurance ETF has $333.52 million in assets, iShares U.S. Insurance ETF has $709.73 million. KBWP has an expense ratio of 0.35% and IAK charges 0.39%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Financials ETFs.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Kinsale Capital Group, Inc. (KNSL) closed at $454.84 in the latest trading session, marking a -1.73% move from the prior day. This change lagged the S&P 500's 1.07% gain on the day. On the other hand, the Dow registered a gain of 0.31%, and the technology-centric Nasdaq increased by 2.17%.
The the stock of company has fallen by 1.57% in the past month, lagging the Finance sector's gain of 4.06% and the S&P 500's gain of 2.92%.
Market participants will be closely following the financial results of Kinsale Capital Group, Inc. in its upcoming release. The company is forecasted to report an EPS of $3.74, showcasing a 12.99% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $401.67 million, up 27.77% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $15.31 per share and revenue of $1.58 billion. These totals would mark changes of +22.48% and +29.74%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Kinsale Capital Group, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.1% higher within the past month. At present, Kinsale Capital Group, Inc. boasts a Zacks Rank of #3 (Hold).
From a valuation perspective, Kinsale Capital Group, Inc. is currently exchanging hands at a Forward P/E ratio of 30.24. This represents a premium compared to its industry's average Forward P/E of 13.59.
Investors should also note that KNSL has a PEG ratio of 2.02 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Insurance - Property and Casualty industry had an average PEG ratio of 1.61 as trading concluded yesterday.
The Insurance - Property and Casualty industry is part of the Finance sector. This group has a Zacks Industry Rank of 50, putting it in the top 20% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores?
The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
Growth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum Score
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM Score
What if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only as a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Kinsale Capital Group, Inc. (KNSL)
Headquartered in Richmond, VA, Kinsale Capital was established in 2009. It offers various insurance and reinsurance productsacross all 50 states of the United States, the District of Columbia, the Commonwealth of Puerto Rico and the U.S. Virgin Islands. It operates primarily through two markets – Commercial and Personal. While personal lines include homeowners insurance; commercial lines offerings cover construction, small business, excess casualty, commercial property, product liability, allied health, general casualty, management liability, inland marine, commercial insurance and public entity.
KNSL is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Finance stock. KNSL has a Momentum Style Score of A, and shares are up 0.4% over the past four weeks.
Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.33 to $15.31 per share. KNSL also boasts an average earnings surprise of 9.3%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, KNSL should be on investors' short list.
Zacks Investment Research
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