RLI Corp. (NYSE:RLI) Holdings Trimmed by Karani Asset Management LLC

Karani Asset Management LLC reduced its stake in shares of RLI Corp. (NYSE:RLI) by 21.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,110 shares of the insurance provider’s stock after selling 9,083 shares during the period. RLI accounts for 4.7% of Karani Asset Management LLC’s investment portfolio, making the stock its 6th biggest holding. Karani Asset Management LLC owned 0.07% of RLI worth $4,401,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Eagle Bay Advisors LLC acquired a new position in RLI during the 2nd quarter worth $25,000. Compass Wealth Management LLC acquired a new position in RLI during the 4th quarter worth $32,000. HM Payson & Co. acquired a new position in RLI during the 1st quarter worth $48,000. Bessemer Group Inc. lifted its position in RLI by 47.5% during the 1st quarter. Bessemer Group Inc. now owns 376 shares of the insurance provider’s stock worth $50,000 after acquiring an additional 121 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in RLI during the 2nd quarter worth $65,000. Institutional investors and hedge funds own 79.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RLI. Jefferies Financial Group began coverage on shares of RLI in a research report on Thursday. They set a “buy” rating and a $155.00 target price for the company. StockNews.com assumed coverage on shares of RLI in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Compass Point upped their price objective on shares of RLI from $165.00 to $170.00 in a research report on Thursday, July 27th.

RLI Stock Performance

Shares of RLI traded up $2.08 during trading hours on Monday, reaching $134.90. 43,336 shares of the company traded hands, compared to its average volume of 237,686. The stock’s fifty day moving average is $134.12 and its 200 day moving average is $133.15. The stock has a market cap of $6.15 billion, a P/E ratio of 8.59 and a beta of 0.42. RLI Corp. has a 1-year low of $100.96 and a 1-year high of $149.65.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, July 24th. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.03). The company had revenue of $381.86 million for the quarter, compared to analyst estimates of $358.35 million. RLI had a net margin of 36.31% and a return on equity of 16.97%. During the same period in the prior year, the company posted $1.49 EPS. On average, equities research analysts predict that RLI Corp. will post 4.51 EPS for the current year.

RLI Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Thursday, August 31st will be paid a $0.27 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $1.08 dividend on an annualized basis and a yield of 0.80%. RLI’s payout ratio is currently 6.93%.

RLI 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.