State of Alaska Department of Revenue Sells 550 Shares of RLI Corp. (NYSE:RLI)

Posted by on Oct 20th, 2023

State of Alaska Department of Revenue reduced its stake in shares of RLI Corp. (NYSE:RLI – Free Report) by 9.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,027 shares of the insurance provider’s stock after selling 550 shares during the period. State of Alaska Department of Revenue’s holdings in RLI were worth $686,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RLI. Eagle Bay Advisors LLC bought a new position in shares of RLI during the 2nd quarter valued at approximately $25,000. Compass Wealth Management LLC bought a new position in shares of RLI during the 4th quarter valued at approximately $32,000. HM Payson & Co. bought a new position in shares of RLI during the 1st quarter valued at approximately $48,000. Bessemer Group Inc. grew its position in shares of RLI by 47.5% during the 1st quarter. Bessemer Group Inc. now owns 376 shares of the insurance provider’s stock valued at $50,000 after acquiring an additional 121 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of RLI during the 2nd quarter valued at approximately $65,000. 79.23% of the stock is owned by institutional investors.

RLI Price Performance

Shares of NYSE:RLI opened at $134.78 on Friday. The firm has a fifty day moving average price of $134.67 and a two-hundred day moving average price of $134.08. RLI Corp. has a one year low of $109.06 and a one year high of $149.65. The company has a market cap of $6.15 billion, a price-to-earnings ratio of 8.65 and a beta of 0.41.

RLI (NYSE:RLI – Get Free Report) last announced its quarterly 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 firm had revenue of $381.86 million during the quarter, compared to the consensus estimate of $358.35 million. During the same period in the previous year, the business earned $1.49 earnings per share. Equities research analysts expect that RLI Corp. will post 4.46 EPS for the current fiscal year.

RLI Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Thursday, August 31st were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.80%. The ex-dividend date was Wednesday, August 30th. RLI’s payout ratio is 6.93%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Compass Point raised their price objective on shares of RLI from $165.00 to $170.00 in a report on Thursday, July 27th. Jefferies Financial Group assumed coverage on shares of RLI in a report on Thursday, September 7th. They issued a “buy” rating and a $155.00 price objective for the company. Finally, StockNews.com assumed coverage on shares of RLI in a report on Thursday, October 5th. They issued a “hold” rating for the company.

Get Our Latest Analysis on RLI

RLI Company Profile

(Free Report)

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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Institutional Ownership by Quarter for RLI (NYSE:RLI)

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