Citigroup Inc. raised its position in shares of RLI Corp. (NYSE:RLI – Free Report) by 96.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,424 shares of the insurance provider’s stock after purchasing an additional 9,026 shares during the period. Citigroup Inc.’s holdings in RLI were worth $2,449,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. Morgan Stanley grew its stake in shares of RLI by 524.0% during the fourth quarter. Morgan Stanley now owns 1,364,598 shares of the insurance provider’s stock valued at $179,131,000 after buying an additional 1,145,896 shares during the last quarter. Norges Bank bought a new stake in shares of RLI in the fourth quarter worth about $32,847,000. Geode Capital Management LLC grew its stake in shares of RLI by 26.9% in the fourth quarter. Geode Capital Management LLC now owns 924,471 shares of the insurance provider’s stock worth $121,355,000 after purchasing an additional 196,123 shares during the last quarter. Eaton Vance Management grew 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. Finally, Vanguard Group Inc. grew its stake in shares of RLI by 2.1% in the third quarter. Vanguard Group Inc. now owns 4,659,752 shares of the insurance provider’s stock worth $477,065,000 after purchasing an additional 96,189 shares during the last quarter. Hedge funds and other institutional investors own 79.23% of the company’s stock.
Wall Street Analysts Forecast Growth
RLI has been the topic of several recent analyst reports. StockNews.com initiated coverage on RLI in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Compass Point lifted their price objective on RLI from $165.00 to $170.00 in a research report on Thursday, July 27th.
RLI Stock Down 1.9 %
Shares of RLI opened at $130.76 on Wednesday. The business’s 50 day moving average price is $134.29 and its 200-day moving average price is $133.16. RLI Corp. has a 52 week low of $100.96 and a 52 week high of $149.65. The stock has a market cap of $5.96 billion, a P/E ratio of 8.39 and a beta of 0.42.
RLI (NYSE:RLI – Get Free Report) last issued its quarterly earnings results on Monday, July 24th. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.03). The company had revenue of $381.86 million during the quarter, compared to the consensus estimate of $358.35 million. RLI had a return on equity of 16.97% and a net margin of 36.31%. During the same period in the prior year, the firm earned $1.49 earnings per share. On average, equities analysts anticipate that RLI Corp. will post 4.51 EPS for the current year.
RLI Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Thursday, August 31st will be given a $0.27 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $1.08 annualized dividend and a yield of 0.83%. RLI’s dividend payout ratio (DPR) is presently 6.93%.
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, and mercantile.
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