Wipfli Financial Advisors LLC acquired a new position in RLI Corp. (NYSE:RLI – Get Rating) in the third quarter, Holdings Channel reports. The firm acquired 408 shares of the insurance provider’s stock, valued at approximately $42,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RLI. Thrivent Financial for Lutherans boosted its stake in RLI by 1,433.2% in the 2nd quarter. Thrivent Financial for Lutherans now owns 403,554 shares of the insurance provider’s stock worth $47,050,000 after purchasing an additional 377,233 shares during the period. Driehaus Capital Management LLC acquired a new position in RLI in the 2nd quarter worth approximately $26,151,000. Eaton Vance Management boosted its stake in shares of RLI by 24.4% during the 1st quarter. Eaton Vance Management now owns 594,479 shares of the insurance provider’s stock valued at $65,767,000 after buying an additional 116,705 shares during the period. Philo Smith Capital Corp acquired a new stake in shares of RLI during the 2nd quarter valued at $10,510,000. Finally, State Street Corp boosted its stake in shares of RLI by 1.9% during the 1st quarter. State Street Corp now owns 4,723,116 shares of the insurance provider’s stock valued at $522,518,000 after buying an additional 89,655 shares during the period. Institutional investors and hedge funds own 80.24% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. StockNews.com assumed coverage on shares of RLI in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Compass Point decreased their target price on shares of RLI to $150.00 in a research note on Wednesday, October 5th.
RLI Stock Down 1.6 %
RLI (NYSE:RLI – Get Rating) last released its quarterly earnings results on Wednesday, October 19th. The insurance provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.17. The business had revenue of $312.74 million for the quarter, compared to the consensus estimate of $431.95 million. RLI had a net margin of 34.98% and a return on equity of 17.73%. During the same quarter last year, the firm earned $0.65 EPS. Sell-side analysts forecast that RLI Corp. will post 4.49 earnings per share for the current fiscal year.
RLI Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 20th. Stockholders of record on Wednesday, November 30th were issued a dividend of $7.26 per share. The ex-dividend date of this dividend was Tuesday, November 29th. This represents a $29.04 dividend on an annualized basis and a dividend yield of 21.14%. This is an increase from RLI’s previous quarterly dividend of $0.26. RLI’s dividend payout ratio (DPR) is currently 8.20%.
RLI Company Profile
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.
- Get a free copy of the StockNews.com research report on RLI (RLI)
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