Wedmont Private Capital reduced its stake in shares of RLI Corp. (NYSE:RLI – Free Report) by 15.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,656 shares of the insurance provider’s stock after selling 9,260 shares during the quarter. Wedmont Private Capital owned 0.06% of RLI worth $2,852,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of RLI. Versant Capital Management Inc grew its stake in shares of RLI by 28.5% during the 2nd quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 185 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of RLI by 62.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 629 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 241 shares during the period. GAMMA Investing LLC lifted its stake in shares of RLI by 4.6% in the 2nd quarter. GAMMA Investing LLC now owns 5,534 shares of the insurance provider’s stock valued at $327,000 after purchasing an additional 242 shares during the period. State of Michigan Retirement System boosted its holdings in RLI by 1.8% during the first quarter. State of Michigan Retirement System now owns 22,132 shares of the insurance provider’s stock worth $1,262,000 after buying an additional 400 shares in the last quarter. Finally, Brighton Securities CORP. boosted its holdings in RLI by 12.2% during the second quarter. Brighton Securities CORP. now owns 4,076 shares of the insurance provider’s stock worth $241,000 after buying an additional 444 shares in the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. Wells Fargo & Company cut shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective for the company. in a report on Wednesday, July 29th. UBS Group set a $74.00 target price on RLI in a research report on Tuesday, July 28th. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Jefferies Financial Group cut RLI from a “hold” rating to an “underperform” rating and set a $53.00 price target for the company. in a report on Tuesday, August 25th. Finally, Weiss Ratings raised RLI from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 28th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, RLI presently has an average rating of “Reduce” and a consensus price target of $63.20.
RLI Stock Down 0.9%
RLI opened at $55.77 on Friday. The firm’s fifty day simple moving average is $61.01 and its two-hundred day simple moving average is $57.73. RLI Corp. has a 52-week low of $47.26 and a 52-week high of $67.12. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 11.72 and a beta of 0.36.
RLI (NYSE:RLI – Get Free Report) last released its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. RLI had a net margin of 22.22% and a return on equity of 17.61%. The business had revenue of $575.57 million during the quarter, compared to analysts’ expectations of $568.70 million. During the same quarter in the previous year, the company earned $0.82 earnings per share. The company’s quarterly revenue was up 15.2% on a year-over-year basis. On average, research analysts forecast that RLI Corp. will post 2.88 EPS for the current year.
RLI Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.3%. The ex-dividend date was Monday, August 31st. RLI’s payout ratio is 15.13%.
RLI Company Profile
RLI Corp. is a specialty insurance company that underwrites a broad range of property and casualty insurance products for individuals, businesses and organizations. Its offerings include commercial casualty coverage, property insurance, surety bonds, transportation-related insurance, professional liability and personal umbrella policies.
The company serves specialty markets that may be underserved by standard insurance providers. RLI distributes its products through independent agents and brokers, with business conducted primarily throughout the United States and coverage available across many industries, professions and geographic regions.
RLI was founded in 1965 as Replacement Lens, Inc, initially providing replacement coverage for automobile windshield lenses before expanding into specialty insurance.
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