Kingstone Companies (KINS) Highlighted at Boenning & Scattergood
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Boenning & Scattergood analyst Robert Farnam reiterated an Outperform rating and $8.50 price target on Kingstone Companies (NASDAQ: KINS) noting this is one of four companies with a 10-year track record of strong underwriting profitability that is trading well below its 10-year median P/B multiple.
The analyst stated "We anticipate additional pandemic-related losses will be reported in 4Q20. Not only do we see claims in lines such as workers’ compensation and medical professional liability, but we also see higher legal defense costs. Hundreds of lawsuits have been filed by businesses seeking coverage for business interruption losses. In the U.S., insurers have prevailed in most of these lawsuits".
Shares of Kingstone Companies closed at $7.12 yesterday.
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