Amalgamated Bank grew its stake in RLI Corp. (NYSE:RLI) by 5.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,306 shares of the insurance provider’s stock after purchasing an additional 253 shares during the period. Amalgamated Bank’s holdings in RLI Corp. were worth $290,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Riverhead Capital Management LLC grew its position in RLI Corp. by 64.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,296 shares of the insurance provider’s stock worth $125,000 after purchasing an additional 896 shares during the last quarter. Bank of Montreal Can grew its position in RLI Corp. by 5.8% in the 2nd quarter. Bank of Montreal Can now owns 2,549 shares of the insurance provider’s stock worth $138,000 after purchasing an additional 139 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in RLI Corp. in the 1st quarter worth $203,000. Raymond James Financial Services Advisors Inc. grew its position in RLI Corp. by 18.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,085 shares of the insurance provider’s stock worth $245,000 after purchasing an additional 627 shares during the last quarter. Finally, Commerce Bank grew its position in RLI Corp. by 2.2% in the 2nd quarter. Commerce Bank now owns 6,890 shares of the insurance provider’s stock worth $376,000 after purchasing an additional 146 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.
Several analysts have issued reports on RLI shares. FBR & Co restated a “hold” rating on shares of RLI Corp. in a research report on Friday, July 21st. Zacks Investment Research upgraded shares of RLI Corp. from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday, July 24th. Finally, BidaskClub lowered shares of RLI Corp. from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $46.50.
Shares of RLI Corp. (RLI) opened at 57.65 on Thursday. RLI Corp. has a 12 month low of $50.34 and a 12 month high of $69.21. The stock’s 50 day moving average is $55.09 and its 200 day moving average is $55.87. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 25.51 and a beta of 1.24.
RLI Corp. (NYSE:RLI) last issued its quarterly earnings data on Wednesday, July 19th. The insurance provider reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.09. The company had revenue of $196.20 million for the quarter, compared to analyst estimates of $198.09 million. RLI Corp. had a net margin of 12.38% and a return on equity of 10.10%. The company’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.61 earnings per share. Equities research analysts forecast that RLI Corp. will post $2.02 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Thursday, August 31st were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.46%. The ex-dividend date was Tuesday, August 29th. RLI Corp.’s payout ratio is presently 37.17%.
In related news, Director Michael J. Stone sold 3,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $57.95, for a total transaction of $173,850.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael J. Stone sold 991 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $57.40, for a total transaction of $56,883.40. The disclosure for this sale can be found here. 6.09% of the stock is owned by corporate insiders.
RLI Corp. Profile
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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