Zacks Investment Research upgraded shares of Kingstone Companies, Inc (NASDAQ:KINS) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $19.00 price objective on the insurance provider’s stock.
According to Zacks, “Kingstone Companies, Inc., formerly DCAP Group, Inc., is engaged in the ownership of an insurance company. The Company focuses on automobile, motorcycle and homeowners insurance and its customer base is primarily individuals rather than businesses. There are three Atlantic Insurance locations in eastern Pennsylvania. All of the Barry Scott, Atlantic Insurance and Accurate Agency locations are wholly owned by the Company. “
Separately, Boenning Scattergood restated a buy rating on shares of Kingstone Companies in a report on Friday, August 11th.
Kingstone Companies (NASDAQ:KINS) last released its quarterly earnings data on Thursday, November 9th. The insurance provider reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.06. The firm had revenue of $21.50 million during the quarter, compared to the consensus estimate of $22.15 million. Kingstone Companies had a return on equity of 12.28% and a net margin of 11.59%. The firm’s quarterly revenue was up 37.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. sell-side analysts forecast that Kingstone Companies will post 1.05 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be issued a $0.08 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $0.32 annualized dividend and a dividend yield of 1.79%. Kingstone Companies’s payout ratio is currently 31.37%.
Several hedge funds have recently added to or reduced their stakes in the stock. Royce & Associates LP raised its holdings in shares of Kingstone Companies by 13.6% in the third quarter. Royce & Associates LP now owns 690,368 shares of the insurance provider’s stock valued at $11,253,000 after acquiring an additional 82,857 shares in the last quarter. Foundry Partners LLC raised its holdings in Kingstone Companies by 25.7% in the third quarter. Foundry Partners LLC now owns 361,400 shares of the insurance provider’s stock worth $5,891,000 after purchasing an additional 73,950 shares in the last quarter. Vanguard Group Inc. raised its holdings in Kingstone Companies by 19.5% in the second quarter. Vanguard Group Inc. now owns 313,997 shares of the insurance provider’s stock worth $4,804,000 after purchasing an additional 51,213 shares in the last quarter. ACR Alpine Capital Research LLC raised its holdings in Kingstone Companies by 20.5% in the third quarter. ACR Alpine Capital Research LLC now owns 208,452 shares of the insurance provider’s stock worth $3,398,000 after purchasing an additional 35,400 shares in the last quarter. Finally, Wasatch Advisors Inc. raised its holdings in Kingstone Companies by 16.2% in the third quarter. Wasatch Advisors Inc. now owns 183,621 shares of the insurance provider’s stock worth $2,993,000 after purchasing an additional 25,621 shares in the last quarter. Hedge funds and other institutional investors own 47.41% of the company’s stock.
Kingstone Companies Company Profile
Kingstone Companies, Inc offers property and casualty insurance products to small businesses and individuals in New York State. The Company offers these products through its subsidiary, Kingstone Insurance Company (KICO). KICO is a licensed property and casualty insurance company. The Company operates through property and casualty insurances segment, which offers a range of property and casualty policies to its producers.
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