Comerica Bank Acquires 1,168 Shares of RLI Corp. (RLI)

Comerica Bank lifted its holdings in RLI Corp. (NYSE:RLI) by 2.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,402 shares of the insurance provider’s stock after acquiring an additional 1,168 shares during the period. Comerica Bank owned approximately 0.09% of RLI worth $2,656,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vident Investment Advisory LLC acquired a new stake in shares of RLI in the fourth quarter worth $214,000. CIBC Asset Management Inc acquired a new stake in shares of RLI in the fourth quarter worth $225,000. Xact Kapitalforvaltning AB acquired a new stake in shares of RLI in the fourth quarter worth $232,000. Centiva Capital LP acquired a new stake in shares of RLI in the fourth quarter worth $244,000. Finally, Meadow Creek Investment Management LLC increased its position in shares of RLI by 32.6% in the fourth quarter. Meadow Creek Investment Management LLC now owns 4,202 shares of the insurance provider’s stock worth $255,000 after acquiring an additional 1,034 shares in the last quarter. 85.41% of the stock is owned by institutional investors.

RLI has been the subject of several recent research reports. Zacks Investment Research raised shares of RLI from a “sell” rating to a “buy” rating and set a $72.00 price objective for the company in a research report on Tuesday, April 17th. ValuEngine raised shares of RLI from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $59.33.

RLI opened at $67.61 on Wednesday. The firm has a market cap of $2.97 billion, a P/E ratio of 41.99 and a beta of 1.23. RLI Corp. has a twelve month low of $50.34 and a twelve month high of $67.98. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.18.

RLI (NYSE:RLI) last released its quarterly earnings results on Wednesday, April 18th. The insurance provider reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.07. The business had revenue of $204.26 million during the quarter, compared to analyst estimates of $203.31 million. RLI had a net margin of 12.39% and a return on equity of 9.10%. equities analysts forecast that RLI Corp. will post 2.25 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Thursday, May 31st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.30%. This is a positive change from RLI’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Wednesday, May 30th. RLI’s dividend payout ratio (DPR) is presently 52.17%.

In related news, Director Kaj Ahlmann sold 1,005 shares of the firm’s stock in a transaction on Monday, April 30th. The shares were sold at an average price of $63.79, for a total transaction of $64,108.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Stone sold 1,013 shares of the firm’s stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $61.52, for a total transaction of $62,319.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,588 shares of company stock valued at $1,184,695. Company insiders own 5.54% of the company’s stock.

About RLI

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, real estate investment trusts, and mercantile.

Institutional Ownership by Quarter for RLI (NYSE:RLI)

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