OLD National Bancorp IN Cuts Position in RLI Corp (RLI)

OLD National Bancorp IN reduced its stake in shares of RLI Corp (NYSE:RLI) by 16.2% in the 1st quarter, Holdings Channel reports. The firm owned 5,111 shares of the insurance provider’s stock after selling 987 shares during the quarter. OLD National Bancorp IN’s holdings in RLI were worth $367,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of RLI by 1.7% during the third quarter. JPMorgan Chase & Co. now owns 963,386 shares of the insurance provider’s stock valued at $75,703,000 after purchasing an additional 16,446 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of RLI by 148.2% during the third quarter. AQR Capital Management LLC now owns 8,425 shares of the insurance provider’s stock valued at $662,000 after purchasing an additional 5,030 shares in the last quarter. Teachers Advisors LLC lifted its holdings in shares of RLI by 1.6% during the third quarter. Teachers Advisors LLC now owns 82,513 shares of the insurance provider’s stock valued at $6,484,000 after purchasing an additional 1,324 shares in the last quarter. Morgan Stanley lifted its holdings in shares of RLI by 5.4% during the third quarter. Morgan Stanley now owns 229,755 shares of the insurance provider’s stock valued at $18,055,000 after purchasing an additional 11,859 shares in the last quarter. Finally, Vanguard Group Inc lifted its holdings in shares of RLI by 2.0% during the third quarter. Vanguard Group Inc now owns 4,597,534 shares of the insurance provider’s stock valued at $361,274,000 after purchasing an additional 90,178 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

RLI stock opened at $83.27 on Thursday. RLI Corp has a fifty-two week low of $64.48 and a fifty-two week high of $84.94. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.38 and a current ratio of 0.38. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 40.62 and a beta of 0.98.

RLI (NYSE:RLI) last posted its earnings results on Wednesday, April 17th. The insurance provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.12. RLI had a return on equity of 11.36% and a net margin of 13.11%. The company had revenue of $221.25 million for the quarter. On average, equities analysts predict that RLI Corp will post 2.33 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, May 31st will be issued a $0.23 dividend. This is an increase from RLI’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.92 dividend on an annualized basis and a yield of 1.10%. RLI’s dividend payout ratio is currently 42.93%.

A number of research firms have weighed in on RLI. Zacks Investment Research raised RLI from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a report on Thursday, May 9th. TheStreet raised RLI from a “c” rating to an “a-” rating in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $67.25.

In other RLI news, Director Michael J. Stone sold 1,437 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.55, for a total value of $102,817.35. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael J. Stone sold 15,000 shares of the stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $79.19, for a total value of $1,187,850.00. The disclosure for this sale can be found here. In the last three months, insiders sold 26,437 shares of company stock worth $1,995,067. 5.01% of the stock is owned by corporate insiders.

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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.

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Institutional Ownership by Quarter for RLI (NYSE:RLI)

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