Crossmark Global Holdings Inc. Sells 518 Shares of RLI Corp. (NYSE:RLI)

Crossmark Global Holdings Inc. trimmed its holdings in RLI Corp. (NYSE:RLI) by 15.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,786 shares of the insurance provider’s stock after selling 518 shares during the period. Crossmark Global Holdings Inc.’s holdings in RLI were worth $392,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. American National Bank bought a new position in RLI in the 2nd quarter valued at about $35,000. Riverview Trust Co purchased a new stake in shares of RLI in the first quarter worth approximately $44,000. Intelligent Financial Strategies bought a new position in shares of RLI in the first quarter valued at approximately $45,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of RLI by 468.5% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock valued at $46,000 after buying an additional 253 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in shares of RLI during the first quarter valued at approximately $73,000. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on RLI shares. Jefferies Financial Group dropped their price objective on RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Keefe, Bruyette & Woods raised their price target on shares of RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Compass Point reduced their price objective on shares of RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $155.00 target price on shares of RLI in a research report on Wednesday, July 24th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, RLI currently has a consensus rating of “Moderate Buy” and an average price target of $166.25.

RLI Stock Up 0.5 %

RLI stock opened at $154.10 on Tuesday. The firm has a 50 day moving average price of $144.94 and a 200-day moving average price of $144.56. RLI Corp. has a twelve month low of $125.77 and a twelve month high of $154.26. The company has a market capitalization of $7.04 billion, a P/E ratio of 21.28 and a beta of 0.41.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.37. The business had revenue of $416.44 million during the quarter, compared to analyst estimates of $561.60 million. RLI had a return on equity of 18.33% and a net margin of 20.78%. RLI’s revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.16 earnings per share. Equities analysts expect that RLI Corp. will post 6.14 EPS for the current fiscal year.

RLI Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Friday, August 30th. RLI’s dividend payout ratio (DPR) is currently 16.02%.

RLI Profile

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.