42,707 RLI Corp. $RLI Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC decreased its holdings in shares of RLI Corp. (NYSE:RLI) by 11.9% in the 3rd quarter, Holdings Channel reports. The firm owned 317,546 shares of the insurance provider’s stock after selling 42,707 shares during the period. Confluence Investment Management LLC’s holdings in RLI were worth $17,563,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RLI. WINTON GROUP Ltd bought a new stake in RLI during the second quarter valued at approximately $5,765,000. NewEdge Advisors LLC raised its position in shares of RLI by 14,471.9% during the 2nd quarter. NewEdge Advisors LLC now owns 4,663 shares of the insurance provider’s stock valued at $275,000 after buying an additional 4,631 shares in the last quarter. Allworth Financial LP raised its position in shares of RLI by 41.0% during the 2nd quarter. Allworth Financial LP now owns 4,831 shares of the insurance provider’s stock valued at $285,000 after buying an additional 1,404 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of RLI by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 23,465 shares of the insurance provider’s stock worth $1,386,000 after acquiring an additional 762 shares during the last quarter. Finally, Nykredit A S bought a new stake in shares of RLI during the 2nd quarter worth $179,000. 77.89% of the stock is currently owned by institutional investors.

RLI Stock Up 1.7%

Shares of RLI stock traded up $0.95 on Thursday, hitting $56.26. The stock had a trading volume of 251,767 shares, compared to its average volume of 819,661. RLI Corp. has a one year low of $47.26 and a one year high of $67.12. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of 11.82 and a beta of 0.38. The stock’s 50-day simple moving average is $61.99 and its two-hundred day simple moving average is $57.91.

RLI (NYSE:RLI) last issued its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. The company had revenue of $575.57 million for the quarter, compared to the consensus estimate of $568.70 million. RLI had a net margin of 22.22% and a return on equity of 17.61%. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 earnings per share. As a group, equities analysts predict that RLI Corp. will post 2.88 EPS for the current fiscal year.

RLI Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a $0.18 dividend. The ex-dividend date was Monday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. RLI’s payout ratio is presently 15.13%.

Wall Street Analyst Weigh In

A number of research firms recently commented on RLI. Wells Fargo & Company cut RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 target price on the stock. in a research note on Wednesday, July 29th. UBS Group set a $74.00 price objective on RLI in a report on Tuesday, July 28th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $74.00 price target (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Weiss Ratings raised shares of RLI from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 28th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $63.20.

RLI Profile

RLI Corp. is a specialty insurance company that underwrites a broad range of property and casualty insurance products for individuals, businesses and organizations. Its offerings include commercial casualty coverage, property insurance, surety bonds, transportation-related insurance, professional liability and personal umbrella policies.

The company serves specialty markets that may be underserved by standard insurance providers. RLI distributes its products through independent agents and brokers, with business conducted primarily throughout the United States and coverage available across many industries, professions and geographic regions.

RLI was founded in 1965 as Replacement Lens, Inc, initially providing replacement coverage for automobile windshield lenses before expanding into specialty insurance.