Kinsale Capital price target raised to $485 from $440 at Truist

Truist analyst Mark Hughes raised the firm’s price target on Kinsale Capital to $485 from $440 and keeps a Buy rating on the shares after its Q2 earnings beat. The excess and surplus, or E&S, lines insurance operation market conditions remain very healthy, and the management indicated that policy submission growth was sustained in the low twenties in the second quarter, continuing to be a strong signal for future topline expansion, the analyst tells investors in a research note. Property growth has decelerated, but Kinsale still describes a favorable new business environment in that line, particularly in the small property market and in high value homeowners, the firm added.