AGF Management Ltd. Sells 3,491 Shares of RLI Corp. (NYSE:RLI)

AGF Management Ltd. lessened its stake in RLI Corp. (NYSE:RLIFree Report) by 14.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,910 shares of the insurance provider’s stock after selling 3,491 shares during the period. AGF Management Ltd.’s holdings in RLI were worth $2,650,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RLI. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in RLI by 14.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,112 shares of the insurance provider’s stock valued at $1,102,000 after purchasing an additional 1,000 shares during the last quarter. Panagora Asset Management Inc. boosted its position in RLI by 0.4% during the 3rd quarter. Panagora Asset Management Inc. now owns 99,805 shares of the insurance provider’s stock valued at $13,563,000 after buying an additional 447 shares during the period. Resonant Capital Advisors LLC boosted its position in RLI by 1.7% during the 3rd quarter. Resonant Capital Advisors LLC now owns 4,727 shares of the insurance provider’s stock valued at $642,000 after buying an additional 77 shares during the period. Teacher Retirement System of Texas grew its holdings in RLI by 53.8% in the 3rd quarter. Teacher Retirement System of Texas now owns 32,226 shares of the insurance provider’s stock worth $4,379,000 after acquiring an additional 11,272 shares during the last quarter. Finally, Alaska Permanent Fund Corp purchased a new position in shares of RLI in the third quarter valued at about $495,000. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RLI has been the subject of a number of analyst reports. Royal Bank of Canada increased their target price on shares of RLI from $148.00 to $155.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 24th. Compass Point lifted their price objective on RLI from $158.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. JMP Securities restated a “market perform” rating on shares of RLI in a report on Tuesday, April 23rd. Finally, Keefe, Bruyette & Woods raised their price target on RLI from $160.00 to $168.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $163.25.

Get Our Latest Research Report on RLI

RLI Stock Performance

RLI stock opened at $145.67 on Wednesday. RLI Corp. has a fifty-two week low of $123.04 and a fifty-two week high of $149.20. The company has a market capitalization of $6.66 billion, a price-to-earnings ratio of 20.12 and a beta of 0.37. The business’s 50 day moving average price is $144.63 and its two-hundred day moving average price is $139.80.

RLI (NYSE:RLIGet Free Report) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.26. The company had revenue of $444.80 million for the quarter, compared to analysts’ expectations of $460.05 million. RLI had a return on equity of 17.24% and a net margin of 20.96%. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.63 earnings per share. Sell-side analysts forecast that RLI Corp. will post 5.83 earnings per share for the current year.

RLI Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, May 31st will be given a dividend of $0.29 per share. This is a boost from RLI’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date is Friday, May 31st. RLI’s dividend payout ratio (DPR) is 14.92%.

About RLI

(Free Report)

RLI Corp., an insurance holding company, underwrites property and casualty insurance. 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.

Further Reading

Institutional Ownership by Quarter for RLI (NYSE:RLI)

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