Barry Goldstein (Insider Trades), president, chairman, CEO and 10% owner of Kingstone Companies Inc. (KINS), sold 270,526 shares for $11.31 per share on Jan. 31. The total transaction was $3,059,649.
The sale reduced Goldstein's holding to 724,585 shares.
Kingstone Companies is the parent company of Kingstone Insurance Co. Inc., which is a regional provider of insurance products for small and midsized businesses and individuals. Kingstone has a market cap of $95.54 million.
Including the aforementioned transaction, Goldstein purchased 16,879 shares of the company in 15 transactions and sold 271,026 shares of Kingstone in two transactions. In 2017 to date, four insiders sold shares of Kingstone amounting to a total of 402,675. Director Jack Seibald, one of the four Kingstone insiders who sold shares on Jan. 31, sold 70,834 shares for $11.31 per share.
Since 2014, the volume of insider shares purchased decreased from 23,217 shares to 5,557 shares in the following year and increased to 6,712 shares in 2016. There were three insider sells totaling 26,119 shares in 2014, but no insider sells in the next two years. For more information about insider transactions with Kingstone, click here.
For the three months ended Sept. 30, 2016, the company reported total revenues of $19.828 million, which is up from $16.657 million reported by the company in the same quarter of the previous year. Net income is also up from $2.345 million to $3.460 million when comparing the same time periods. Diluted earnings per share were 32 cents and 43 cents in the third quarters of 2015 and 2016. The company paid dividends of 5 cents in the third quarter of 2015 but increased dividends to 6.25 cents per share of common stock in the third quarter of 2016.
The company announced the closing of its public offering of 2.95 million shares of common stock at a price of $12.00 per share on Jan. 31. The company expected net proceeds of $28 million after accounting for discounts and commissions. The proceeds will be used as capital for Kingstone Insurance Co., a subsidiary of Kingstone Companies.
Kingstone's annual revenue grew 25.76% since 2012, and Kingstone's annual net income also follows an increasing trend line. For more Kingstone financial statistics, click here.
In the third quarter of 2016, Jim Simons (Trades, Portfolio) purchased 20,167 shares of the company at an average per share price of $8.98, increasing his stake in the company by 44.32%. In the previous quarter, Simons sold 2,300 shares at an average per share price of $8.91, decreasing his stake in Kingstone by 4.81%. Since the initial acquisition in the fourth quarter of 2014, the total estimated gain of the holding is 41%. For more information about guru trades with Kingstone, click here.
According to GuruFocus.com information, Kingstone Companies Inc. has a business predictability rank of 1 out of 5 stars. For more information about business predictability rank, click here.
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