AGF Management Ltd. Trims Stock Position in RLI Corp. (NYSE:RLI)

AGF Management Ltd. decreased its position in RLI Corp. (NYSE:RLIFree Report) by 14.9% in the fourth quarter, Holdings Channel reports. The firm 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 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of 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 acquiring an additional 1,000 shares in the last quarter. Panagora Asset Management Inc. increased 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 purchasing an additional 447 shares during the period. Resonant Capital Advisors LLC raised its holdings in shares of RLI by 1.7% in the 3rd quarter. Resonant Capital Advisors LLC now owns 4,727 shares of the insurance provider’s stock valued at $642,000 after purchasing an additional 77 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of 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 purchasing an additional 11,272 shares during the period. Finally, Alaska Permanent Fund Corp bought a new position in shares of RLI during the third quarter valued at approximately $495,000. Institutional investors own 77.89% of the company’s stock.

RLI Stock Performance

RLI stock opened at $145.67 on Wednesday. RLI Corp. has a one year low of $123.04 and a one year high of $149.20. The stock has a market cap of $6.66 billion, a PE ratio of 20.12 and a beta of 0.37. The stock has a 50-day moving average of $144.63 and a two-hundred day moving average of $139.80.

RLI (NYSE:RLIGet Free Report) last released its earnings results on Monday, April 22nd. The insurance provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.26. The company had revenue of $444.80 million during the quarter, compared to analysts’ expectations of $460.05 million. RLI had a net margin of 20.96% and a return on equity of 17.24%. RLI’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period last year, the business earned $1.63 EPS. As a group, sell-side analysts predict that RLI Corp. will post 5.83 EPS for the current fiscal year.

RLI Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, May 31st will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.80%. This is an increase from RLI’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, May 31st. RLI’s dividend payout ratio is presently 14.92%.

Wall Street Analyst Weigh In

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

View Our Latest Research Report on RLI

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

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Institutional Ownership by Quarter for RLI (NYSE:RLI)

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