Everhart Financial Group Inc. Has $278,000 Stock Holdings in RLI Corp. (NYSE:RLI)

Everhart Financial Group Inc. lifted its position in RLI Corp. (NYSE:RLI) by 111.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,457 shares of the insurance provider’s stock after acquiring an additional 1,824 shares during the period. Everhart Financial Group Inc.’s holdings in RLI were worth $278,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RLI. Empowered Funds LLC acquired a new stake in shares of RLI in the 4th quarter valued at approximately $840,000. Van ECK Associates Corp raised its position in shares of RLI by 34.1% in the 4th quarter. Van ECK Associates Corp now owns 36,613 shares of the insurance provider’s stock valued at $6,035,000 after acquiring an additional 9,320 shares during the period. Vista Finance LLC acquired a new stake in shares of RLI in the 4th quarter valued at approximately $345,000. Allworth Financial LP raised its position in shares of RLI by 378.2% in the 4th quarter. Allworth Financial LP now owns 2,616 shares of the insurance provider’s stock valued at $431,000 after acquiring an additional 2,069 shares during the period. Finally, Sanctuary Advisors LLC raised its position in shares of RLI by 147.2% in the 4th quarter. Sanctuary Advisors LLC now owns 14,917 shares of the insurance provider’s stock valued at $2,459,000 after acquiring an additional 8,883 shares during the period. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RLI has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a research report on Tuesday, May 6th. Keefe, Bruyette & Woods lowered their target price on RLI from $95.00 to $85.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Compass Point cut RLI from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Finally, JMP Securities reissued a “market perform” rating on shares of RLI in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $78.60.

RLI Price Performance

Shares of RLI opened at $73.03 on Friday. The stock has a market capitalization of $6.70 billion, a P/E ratio of 19.50 and a beta of 0.70. RLI Corp. has a twelve month low of $68.50 and a twelve month high of $91.15. The company has a 50 day moving average of $75.27 and a 200-day moving average of $77.33. The company has a quick ratio of 0.38, a current ratio of 0.34 and a debt-to-equity ratio of 0.07.

RLI (NYSE:RLI) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. The company had revenue of $36.73 million during the quarter, compared to analysts’ expectations of $442.20 million. RLI had a net margin of 19.53% and a return on equity of 16.63%. The business’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period last year, the business earned $0.95 EPS. As a group, equities research analysts forecast that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.16 per share. This is a boost from RLI’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend is Friday, May 30th. RLI’s dividend payout ratio (DPR) is currently 21.05%.

About RLI

RLI Corp., an insurance holding company, underwrites property and casualty insurance. 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, and mercantile.