Steward Partners Investment Advisory LLC lessened its holdings in shares of RLI Corp. (NYSE:RLI – Get Rating) by 35.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 602 shares of the insurance provider’s stock after selling 334 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in RLI were worth $67,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. MUFG Americas Holdings Corp boosted its position in RLI by 158.7% during the 4th quarter. MUFG Americas Holdings Corp now owns 269 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 165 shares during the period. Parallel Advisors LLC raised its stake in shares of RLI by 44.0% in the 1st quarter. Parallel Advisors LLC now owns 350 shares of the insurance provider’s stock worth $39,000 after buying an additional 107 shares in the last quarter. Covestor Ltd bought a new stake in shares of RLI in the 4th quarter worth $56,000. Destiny Wealth Partners LLC raised its stake in shares of RLI by 54.9% in the 1st quarter. Destiny Wealth Partners LLC now owns 883 shares of the insurance provider’s stock worth $98,000 after buying an additional 313 shares in the last quarter. Finally, Van ECK Associates Corp bought a new stake in shares of RLI in the 4th quarter worth $102,000. Institutional investors and hedge funds own 80.16% of the company’s stock.
Wall Street Analysts Forecast Growth
RLI has been the topic of a number of research reports. Royal Bank of Canada boosted their price objective on RLI from $112.00 to $123.00 and gave the stock a “sector perform” rating in a research note on Friday, April 22nd. Raymond James initiated coverage on RLI in a research note on Tuesday, June 7th. They issued a “market perform” rating on the stock. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $121.25.
Insider Activity at RLI
RLI Stock Down 1.2 %
Shares of RLI stock opened at $109.03 on Thursday. The stock’s fifty day moving average is $114.31 and its 200-day moving average is $110.52. The firm has a market capitalization of $4.95 billion, a PE ratio of 29.31 and a beta of 0.34. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.19. RLI Corp. has a 12-month low of $96.22 and a 12-month high of $121.93.
RLI (NYSE:RLI – Get Rating) last announced its earnings results on Wednesday, July 20th. The insurance provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.47. The company had revenue of $213.09 million for the quarter, compared to analyst estimates of $299.99 million. RLI had a return on equity of 18.86% and a net margin of 15.88%. RLI’s revenue for the quarter was down 28.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 earnings per share. Equities analysts anticipate that RLI Corp. will post 4.85 earnings per share for the current year.
RLI Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 21st. Stockholders of record on Tuesday, May 31st were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, May 27th. This is a positive change from RLI’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.95%. RLI’s payout ratio is 27.96%.
RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.
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