Victory Capital Management Inc. cut its position in RLI Corp. (NYSE:RLI – Free Report) by 2.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,598 shares of the insurance provider’s stock after selling 3,649 shares during the quarter. Victory Capital Management Inc. owned about 0.32% of RLI worth $19,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also bought and sold shares of RLI. Eagle Bay Advisors LLC purchased a new stake in RLI in the 2nd quarter worth approximately $25,000. Compass Wealth Management LLC purchased a new stake in shares of RLI during the 4th quarter valued at $32,000. HM Payson & Co. purchased a new stake in shares of RLI during the 1st quarter valued at $48,000. Point72 Hong Kong Ltd purchased a new stake in shares of RLI during the 2nd quarter valued at $65,000. Finally, Signaturefd LLC raised its position in shares of RLI by 15.4% during the 1st quarter. Signaturefd LLC now owns 578 shares of the insurance provider’s stock valued at $77,000 after buying an additional 77 shares in the last quarter. 82.25% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
RLI has been the topic of several research reports. Royal Bank of Canada raised their price objective on shares of RLI from $136.00 to $151.00 and gave the company a “sector perform” rating in a research report on Friday, April 21st. StockNews.com initiated coverage on shares of RLI in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Compass Point raised their price objective on shares of RLI from $165.00 to $170.00 in a research report on Thursday.
RLI Stock Performance
RLI (NYSE:RLI – Get Free Report) last released its earnings results on Monday, July 24th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.03). RLI had a net margin of 36.31% and a return on equity of 16.97%. The business had revenue of $381.86 million for the quarter, compared to the consensus estimate of $358.35 million. During the same period in the prior year, the business posted $1.49 EPS. As a group, analysts forecast that RLI Corp. will post 5.01 EPS for the current year.
RLI Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 20th. Investors of record on Wednesday, May 31st were issued a dividend of $0.27 per share. The ex-dividend date was Tuesday, May 30th. This represents a $1.08 annualized dividend and a dividend yield of 0.79%. This is a positive change from RLI’s previous quarterly dividend of $0.26. RLI’s dividend payout ratio (DPR) is currently 6.93%.
About RLI
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, and mercantile.
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