Prudential Financial Inc. reduced its holdings in shares of RLI Corp (NYSE:RLI) by 0.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,592 shares of the insurance provider’s stock after selling 560 shares during the quarter. Prudential Financial Inc. owned approximately 0.14% of RLI worth $5,450,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of RLI. FMR LLC lifted its holdings in RLI by 6.2% during the 1st quarter. FMR LLC now owns 2,342 shares of the insurance provider’s stock worth $168,000 after purchasing an additional 136 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in RLI by 1.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 13,346 shares of the insurance provider’s stock worth $1,143,000 after purchasing an additional 146 shares during the last quarter. Zions Bancorporation N.A. lifted its holdings in RLI by 6.1% during the 2nd quarter. Zions Bancorporation N.A. now owns 2,793 shares of the insurance provider’s stock worth $239,000 after purchasing an additional 160 shares during the last quarter. Creative Planning lifted its holdings in RLI by 1.2% during the 2nd quarter. Creative Planning now owns 14,581 shares of the insurance provider’s stock worth $1,250,000 after purchasing an additional 170 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in RLI by 1.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 13,054 shares of the insurance provider’s stock worth $937,000 after purchasing an additional 176 shares during the last quarter. Institutional investors own 88.23% of the company’s stock.
NYSE RLI traded up $0.63 during midday trading on Friday, hitting $90.81. The company had a trading volume of 1,126 shares, compared to its average volume of 103,744. The company has a market capitalization of $4.00 billion, a PE ratio of 43.94 and a beta of 0.76. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $91.05 and a 200-day moving average price of $82.94. RLI Corp has a twelve month low of $64.48 and a twelve month high of $94.54.
RLI (NYSE:RLI) last announced its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $0.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.08. The firm had revenue of $224.54 million during the quarter, compared to analysts’ expectations of $227.16 million. RLI had a return on equity of 11.34% and a net margin of 13.63%. During the same period in the previous year, the firm earned $0.60 EPS. On average, equities analysts anticipate that RLI Corp will post 2.35 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.92 annualized dividend and a yield of 1.01%. RLI’s dividend payout ratio is presently 44.88%.
In related news, Director Michael E. Angelina acquired 1,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was purchased at an average cost of $90.79 per share, with a total value of $90,790.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael J. Stone sold 15,000 shares of RLI stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $91.94, for a total value of $1,379,100.00. The disclosure for this sale can be found here. 5.01% of the stock is owned by insiders.
Several analysts recently weighed in on the company. Royal Bank of Canada set a $84.00 price target on RLI and gave the stock a “hold” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods lifted their price target on RLI from $81.00 to $88.00 and gave the stock a “market perform” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $76.80.
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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