BlackRock Inc. Acquires 481,588 Shares of RLI Corp. (RLI)

BlackRock Inc. grew its holdings in RLI Corp. (NYSE:RLI) by 9.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,492,617 shares of the insurance provider’s stock after buying an additional 481,588 shares during the period. BlackRock Inc. owned 12.39% of RLI worth $363,557,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of RLI. Wells Fargo & Company MN raised its position in shares of RLI by 2.6% in the first quarter. Wells Fargo & Company MN now owns 397,966 shares of the insurance provider’s stock valued at $25,227,000 after buying an additional 10,049 shares during the last quarter. Rhumbline Advisers raised its position in shares of RLI by 1.2% in the first quarter. Rhumbline Advisers now owns 101,161 shares of the insurance provider’s stock valued at $6,413,000 after buying an additional 1,230 shares during the last quarter. Comerica Bank raised its position in shares of RLI by 2.9% in the first quarter. Comerica Bank now owns 41,402 shares of the insurance provider’s stock valued at $2,656,000 after buying an additional 1,168 shares during the last quarter. SG Americas Securities LLC raised its position in shares of RLI by 50.3% in the first quarter. SG Americas Securities LLC now owns 8,454 shares of the insurance provider’s stock valued at $536,000 after buying an additional 2,831 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of RLI by 0.4% in the first quarter. Victory Capital Management Inc. now owns 427,972 shares of the insurance provider’s stock valued at $27,129,000 after buying an additional 1,912 shares during the last quarter. Institutional investors and hedge funds own 85.81% of the company’s stock.

In other RLI news, Director Michael J. Stone sold 1,422 shares of RLI stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $77.63, for a total transaction of $110,389.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael J. Stone sold 5,000 shares of RLI stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $77.84, for a total transaction of $389,200.00. The disclosure for this sale can be found here. 5.54% of the stock is owned by company insiders.

A number of brokerages have recently commented on RLI. B. Riley increased their target price on shares of RLI from $66.00 to $72.00 and gave the company a “neutral” rating in a research report on Wednesday. Zacks Investment Research cut shares of RLI from a “buy” rating to a “hold” rating in a research report on Tuesday, September 18th. ValuEngine upgraded shares of RLI from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. Royal Bank of Canada upgraded shares of RLI from an “underperform” rating to a “sector perform” rating in a research report on Friday, July 20th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $57.00 price objective on shares of RLI in a research report on Friday, July 20th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $64.75.

RLI stock traded down $0.30 during midday trading on Friday, hitting $75.50. 80,243 shares of the stock were exchanged, compared to its average volume of 149,888. RLI Corp. has a fifty-two week low of $56.72 and a fifty-two week high of $79.98. The stock has a market cap of $3.48 billion, a P/E ratio of 46.89 and a beta of 1.22. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.18.

RLI (NYSE:RLI) last released its quarterly earnings data on Wednesday, July 18th. The insurance provider reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.05. RLI had a net margin of 12.91% and a return on equity of 9.13%. The firm had revenue of $211.10 million during the quarter, compared to analysts’ expectations of $208.39 million. During the same period last year, the business earned $0.61 earnings per share. As a group, analysts forecast that RLI Corp. will post 2.28 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Shareholders of record on Friday, August 31st were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Thursday, August 30th. RLI’s dividend payout ratio is presently 54.66%.

RLI Company Profile

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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Institutional Ownership by Quarter for RLI (NYSE:RLI)

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