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.
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.
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