Madison Investment Holdings Inc. increased its stake in shares of RLI Corp. (NYSE:RLI) by 12.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,348 shares of the insurance provider’s stock after buying an additional 1,555 shares during the period. Madison Investment Holdings Inc.’s holdings in RLI Corp. were worth $861,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of RLI Corp. during the fourth quarter valued at about $22,277,000. BlackRock Institutional Trust Company N.A. raised its stake in shares of RLI Corp. by 2.2% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 944,870 shares of the insurance provider’s stock valued at $64,591,000 after buying an additional 20,027 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of RLI Corp. by 12.9% in the fourth quarter. Teachers Advisors LLC now owns 71,333 shares of the insurance provider’s stock valued at $4,503,000 after buying an additional 8,171 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of RLI Corp. during the fourth quarter worth $271,000. Finally, Comerica Bank raised its stake in shares of RLI Corp. by 5.2% in the fourth quarter. Comerica Bank now owns 41,129 shares of the insurance provider’s stock worth $2,450,000 after buying an additional 2,042 shares during the last quarter. Institutional investors and hedge funds own 81.76% of the company’s stock.
RLI Corp. (NYSE RLI) traded down 0.35% during mid-day trading on Friday, hitting $56.86. 305,327 shares of the stock were exchanged. The stock has a 50 day moving average of $55.88 and a 200-day moving average of $58.64. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 24.40 and a beta of 1.18. RLI Corp. has a 52-week low of $52.51 and a 52-week high of $71.46.
RLI Corp. (NYSE:RLI) last posted its quarterly earnings results on Wednesday, April 19th. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by $0.05. The company had revenue of $196.90 million during the quarter, compared to analyst estimates of $199.01 million. RLI Corp. had a net margin of 12.73% and a return on equity of 10.02%. RLI Corp.’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 EPS. Equities analysts predict that RLI Corp. will post $1.95 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Wednesday, May 31st will be given a $0.21 dividend. The ex-dividend date is Friday, May 26th. This represents a $0.84 dividend on an annualized basis and a yield of 1.48%. This is a positive change from RLI Corp.’s previous quarterly dividend of $0.20. RLI Corp.’s dividend payout ratio (DPR) is currently 36.21%.
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A number of equities research analysts have recently weighed in on RLI shares. Zacks Investment Research upgraded shares of RLI Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, March 15th. Royal Bank Of Canada reiterated a “sell” rating and set a $50.00 price target on shares of RLI Corp. in a report on Monday, May 22nd. ValuEngine upgraded shares of RLI Corp. from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Keefe, Bruyette & Woods set a $51.00 price target on shares of RLI Corp. and gave the company a “hold” rating in a report on Wednesday, May 24th. Finally, FBR & Co reiterated a “hold” rating on shares of RLI Corp. in a report on Thursday, April 20th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $41.33.
In related news, Director Robert P. Restrepo, Jr. purchased 2,325 shares of RLI Corp. stock in a transaction on Monday, April 24th. The shares were bought at an average price of $56.02 per share, with a total value of $130,246.50. Following the transaction, the director now directly owns 1,900 shares of the company’s stock, valued at $106,438. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael J. Stone sold 5,000 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $55.25, for a total value of $276,250.00. The disclosure for this sale can be found here. 6.09% of the stock is owned by company insiders.
About RLI Corp.
RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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