Bank of Nova Scotia reduced its stake in RLI Corp. (NYSE:RLI – Get Rating) by 41.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,785 shares of the insurance provider’s stock after selling 3,340 shares during the quarter. Bank of Nova Scotia’s holdings in RLI were worth $628,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Thrivent Financial for Lutherans boosted its stake in RLI by 46.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 591,714 shares of the insurance provider’s stock worth $60,607,000 after purchasing an additional 188,160 shares in the last quarter. Eaton Vance Management raised its stake in shares of RLI by 24.4% in the first quarter. Eaton Vance Management now owns 594,479 shares of the insurance provider’s stock worth $65,767,000 after purchasing an additional 116,705 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of RLI by 2.1% during the third quarter. Vanguard Group Inc. now owns 4,659,752 shares of the insurance provider’s stock valued at $477,065,000 after purchasing an additional 96,189 shares in the last quarter. State Street Corp increased its holdings in RLI by 1.9% in the 1st quarter. State Street Corp now owns 4,723,116 shares of the insurance provider’s stock worth $522,518,000 after buying an additional 89,655 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in RLI in the 3rd quarter worth about $8,702,000. Hedge funds and other institutional investors own 80.24% of the company’s stock.
Insider Activity at RLI
In related news, Director Michael J. Stone sold 4,239 shares of RLI stock in a transaction dated Monday, April 24th. The shares were sold at an average price of $146.00, for a total transaction of $618,894.00. Following the completion of the sale, the director now owns 215,779 shares in the company, valued at approximately $31,503,734. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Michael J. Stone sold 4,239 shares of the firm’s stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $146.00, for a total transaction of $618,894.00. Following the transaction, the director now directly owns 215,779 shares of the company’s stock, valued at $31,503,734. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael E. Angelina purchased 213 shares of the firm’s stock in a transaction dated Friday, February 24th. The shares were bought at an average cost of $131.41 per share, with a total value of $27,990.33. Following the purchase, the director now directly owns 12,397 shares of the company’s stock, valued at approximately $1,629,089.77. The disclosure for this purchase can be found here. 5.00% of the stock is owned by company insiders.
RLI Stock Down 1.3 %
RLI (NYSE:RLI – Get Rating) last released its quarterly earnings results on Thursday, April 20th. The insurance provider reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.42. RLI had a return on equity of 19.18% and a net margin of 35.28%. The business had revenue of $364.92 million during the quarter, compared to analysts’ expectations of $340.12 million. During the same quarter last year, the business posted $1.43 EPS. The firm’s revenue for the quarter was up 37.8% compared to the same quarter last year. On average, equities analysts anticipate that RLI Corp. will post 4.88 earnings per share for the current fiscal year.
RLI Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Wednesday, May 31st will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend is Tuesday, May 30th. This is a positive change from RLI’s previous quarterly dividend of $0.26. RLI’s payout ratio is 7.51%.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on RLI. StockNews.com began coverage on shares of RLI in a report on Thursday, May 18th. They set a “hold” rating for the company. Royal Bank of Canada boosted their price target on RLI from $136.00 to $151.00 and gave the company a “sector perform” rating in a research note on Friday, April 21st.
About RLI
RLI Corp. operates as a holding company, which engages in the provision of insurance and underwriting services. It operates through the following segments: Casualty, Property and Surety. The Casualty segment offers healthcare and transportation insurance. The Property segment consists of commercial fire, earthquake, difference in conditions, marine, facultative and treaty reinsurance, including crop and select personal lines policies, including pet insurance and homeowners reinsurance services.
Read More
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