Kinsale Capital price target lowered to $410 from $435 at RBC Capital

RBC Capital lowered the firm’s price target on Kinsale Capital to $410 from $435 but keeps an Outperform rating on the shares. The company delivered among the best combined ratios in Q3, with operating ROE that was nearly 35% in the quarter while key metrics – expense ratio, core loss ratio, cat losses, and reserve releases – tracked favorably in the quarter, the analyst tells investors in a research note. The firm adds that the concern was gross written premium growth, which slowed to 33% from over 40%+ in recent quarters, though RBC still sees a lot of runway for growth.