Piedmont Investment Advisors LLC Buys Shares of 8,271 RLI Corp. (RLI)
Piedmont Investment Advisors LLC bought a new stake in shares of RLI Corp. (NYSE:RLI) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 8,271 shares of the insurance provider’s stock, valued at approximately $452,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Atlanta Capital Management Co. L L C boosted its position in shares of RLI Corp. by 3.4% during the 2nd quarter. Atlanta Capital Management Co. L L C now owns 420,855 shares of the insurance provider’s stock valued at $22,987,000 after acquiring an additional 13,709 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of RLI Corp. by 155.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 10,423 shares of the insurance provider’s stock valued at $569,000 after acquiring an additional 6,338 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of RLI Corp. by 1.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,117 shares of the insurance provider’s stock valued at $1,646,000 after acquiring an additional 563 shares during the last quarter. State Street Corp boosted its position in shares of RLI Corp. by 2.4% during the 2nd quarter. State Street Corp now owns 6,297,222 shares of the insurance provider’s stock valued at $343,954,000 after acquiring an additional 145,202 shares during the last quarter. Finally, Janus Henderson Group PLC bought a new position in shares of RLI Corp. during the 2nd quarter valued at approximately $24,542,000. Hedge funds and other institutional investors own 82.92% of the company’s stock.
RLI has been the subject of a number of analyst reports. Zacks Investment Research downgraded RLI Corp. from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. BidaskClub downgraded RLI Corp. from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Keefe, Bruyette & Woods set a $51.00 price target on RLI Corp. and gave the stock a “hold” rating in a research report on Wednesday. FBR & Co restated a “hold” rating on shares of RLI Corp. in a research report on Friday, July 21st. Finally, Royal Bank Of Canada raised their price target on RLI Corp. from $50.00 to $51.00 and gave the stock an “underperform” rating in a research report on Friday. Three equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $46.75.
Shares of RLI Corp. (NYSE RLI) opened at 59.71 on Friday. The company has a 50-day moving average price of $55.73 and a 200-day moving average price of $55.85. RLI Corp. has a 12 month low of $50.34 and a 12 month high of $64.66. The company has a market capitalization of $2.63 billion, a P/E ratio of 26.42 and a beta of 1.24.
RLI Corp. (NYSE:RLI) last announced its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.44). RLI Corp. had a net margin of 9.97% and a return on equity of 8.60%. The business had revenue of $196.20 million during the quarter, compared to analyst estimates of $195.89 million. During the same period last year, the company earned $0.37 EPS. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, analysts forecast that RLI Corp. will post $1.54 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Thursday, August 31st were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Tuesday, August 29th. RLI Corp.’s dividend payout ratio (DPR) is presently 46.67%.
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In other RLI Corp. news, Director Robert P. Restrepo, Jr. purchased 1,200 shares of the firm’s stock in a transaction dated Monday, July 24th. The shares were acquired at an average price of $57.58 per share, with a total value of $69,096.00. Following the purchase, the director now directly owns 7,000 shares in the company, valued at approximately $403,060. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael J. Stone sold 3,000 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $57.95, for a total value of $173,850.00. The disclosure for this sale can be found here. Corporate insiders own 6.09% of the company’s stock.
RLI Corp. Company 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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