Zions Bancorporation acquired a new stake in shares of RLI Corp. (NYSE:RLI) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,628 shares of the insurance provider’s stock, valued at approximately $207,000.
Several other large investors also recently made changes to their positions in the company. Xact Kapitalforvaltning AB lifted its holdings in shares of RLI by 54.8% in the first quarter. Xact Kapitalforvaltning AB now owns 5,930 shares of the insurance provider’s stock valued at $376,000 after purchasing an additional 2,100 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of RLI by 3.2% in the first quarter. Principal Financial Group Inc. now owns 304,072 shares of the insurance provider’s stock valued at $19,275,000 after purchasing an additional 9,483 shares in the last quarter. Port Capital LLC lifted its holdings in shares of RLI by 0.8% in the second quarter. Port Capital LLC now owns 325,919 shares of the insurance provider’s stock valued at $21,573,000 after purchasing an additional 2,500 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of RLI by 13.3% in the second quarter. Amalgamated Bank now owns 6,284 shares of the insurance provider’s stock valued at $416,000 after purchasing an additional 739 shares in the last quarter. Finally, Cornerstone Wealth Management LLC purchased a new stake in shares of RLI in the second quarter valued at $3,068,000. Institutional investors own 85.49% of the company’s stock.
In related news, Director Michael J. Stone sold 5,000 shares of RLI stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $77.84, for a total transaction of $389,200.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael J. Stone sold 1,422 shares of RLI stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $77.63, for a total value of $110,389.86. The disclosure for this sale can be found here. Company insiders own 5.54% of the company’s stock.
A number of analysts have recently issued reports on RLI shares. Royal Bank of Canada upgraded RLI from an “underperform” rating to a “sector perform” rating in a report on Friday, July 20th. B. Riley increased their target price on RLI from $55.00 to $63.00 and gave the company a “neutral” rating in a report on Monday, July 16th. Zacks Investment Research upgraded RLI from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a report on Monday, July 23rd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $57.00 target price on shares of RLI in a report on Friday, July 20th. Finally, ValuEngine upgraded RLI from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $69.33.
RLI stock opened at $74.34 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.37 and a current ratio of 0.37. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of 46.17 and a beta of 1.17. RLI Corp. has a one year low of $56.94 and a one year high of $79.98.
RLI (NYSE:RLI) last issued its quarterly earnings results on Wednesday, October 17th. The insurance provider reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). The business had revenue of $217.13 million during the quarter, compared to analyst estimates of $214.55 million. RLI had a net margin of 16.64% and a return on equity of 11.39%. On average, sell-side analysts predict that RLI Corp. will post 2.17 EPS for the current fiscal year.
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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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