Redmond Asset Management LLC trimmed its position in RLI Corp. (NYSE:RLI – Free Report) by 70.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 11,515 shares of the insurance provider’s stock after selling 27,878 shares during the quarter. Redmond Asset Management LLC’s holdings in RLI were worth $637,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the company. Schwartz Investment Counsel Inc. bought a new position in RLI in the third quarter worth approximately $9,593,000. Signaturefd LLC increased its holdings in shares of RLI by 9.8% during the third quarter. Signaturefd LLC now owns 3,723 shares of the insurance provider’s stock valued at $206,000 after acquiring an additional 333 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its holdings in shares of RLI by 16.5% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,667 shares of the insurance provider’s stock valued at $313,000 after acquiring an additional 802 shares in the last quarter. Compass Wealth Management LLC bought a new stake in shares of RLI during the third quarter valued at approximately $27,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of RLI during the third quarter worth approximately $575,000. 77.89% of the stock is owned by institutional investors and hedge funds.
RLI Stock Performance
RLI stock opened at $63.67 on Thursday. The company has a market capitalization of $5.84 billion, a P/E ratio of 14.84 and a beta of 0.36. RLI Corp. has a 52-week low of $47.26 and a 52-week high of $67.28. The business has a 50-day simple moving average of $60.67 and a two-hundred day simple moving average of $58.63.
RLI (NYSE:RLI – Get Free Report) last issued its quarterly earnings data on Monday, October 19th. The insurance provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.54 by $0.32. RLI had a return on equity of 18.19% and a net margin of 20.34%. The firm had revenue of $476.96 million during the quarter, compared to the consensus estimate of $533.51 million. During the same period in the prior year, the business posted $0.83 earnings per share. As a group, sell-side analysts forecast that RLI Corp. will post 3.11 earnings per share for the current fiscal year.
RLI Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were issued a dividend of $0.18 per share. The ex-dividend date was Monday, August 31st. This represents a $0.72 annualized dividend and a yield of 1.1%. RLI’s dividend payout ratio is 16.78%.
Analyst Ratings Changes
A number of brokerages recently issued reports on RLI. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $74.00 target price (up from $69.00) on shares of RLI in a report on Wednesday, October 21st. Wells Fargo & Company set a $53.00 price target on shares of RLI and gave the company an “underweight” rating in a research report on Wednesday, October 21st. Weiss Ratings upgraded shares of RLI from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 28th. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, UBS Group set a $74.00 price objective on shares of RLI in a report on Tuesday, July 28th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $62.40.
Check Out Our Latest Stock Analysis on RLI
RLI Company Profile
RLI Corp. (NYSE: RLI) is a specialty insurance company that underwrites property and casualty insurance products for commercial and personal customers. The company focuses on specialized risks that may not be adequately served by standard insurance carriers.
RLI’s offerings include commercial property and casualty coverage, professional liability insurance, surety bonds, transportation-related insurance, and personal lines such as homeowners and personal umbrella coverage. Its products are distributed through independent agents, brokers, and other insurance intermediaries.
Founded in 1965 and headquartered in Peoria, Illinois, RLI serves customers primarily throughout the United States.
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