RLI Corp. (NYSE:RLI) Shares Sold by SkyOak Wealth LLC

SkyOak Wealth LLC trimmed its position in shares of RLI Corp. (NYSE:RLI) by 4.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,837 shares of the insurance provider’s stock after selling 85 shares during the period. SkyOak Wealth LLC’s holdings in RLI were worth $258,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of RLI. Maren Capital LLC acquired a new position in shares of RLI in the fourth quarter valued at approximately $67,149,000. Norges Bank acquired a new position in shares of RLI in the fourth quarter worth $52,592,000. Jacobs Levy Equity Management Inc. increased its position in shares of RLI by 237.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock worth $30,864,000 after acquiring an additional 146,324 shares during the period. Russell Investments Group Ltd. raised its stake in shares of RLI by 585.0% in the first quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock valued at $6,184,000 after acquiring an additional 35,569 shares in the last quarter. Finally, Verition Fund Management LLC boosted its holdings in RLI by 237.8% in the fourth quarter. Verition Fund Management LLC now owns 47,657 shares of the insurance provider’s stock valued at $6,344,000 after purchasing an additional 33,550 shares during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Jefferies Financial Group cut their price target on RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $155.00 target price on shares of RLI in a report on Wednesday, July 24th. JMP Securities reiterated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods increased their price objective on shares of RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Compass Point decreased their price objective on shares of RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, RLI presently has an average rating of “Moderate Buy” and a consensus price target of $166.25.

RLI Stock Down 0.3 %

Shares of RLI opened at $152.81 on Thursday. The company has a market capitalization of $6.98 billion, a price-to-earnings ratio of 21.11 and a beta of 0.41. RLI Corp. has a 52-week low of $125.77 and a 52-week high of $155.59. The stock has a 50 day moving average price of $148.33 and a 200 day moving average price of $145.25.

RLI (NYSE:RLI) last issued its earnings results on Monday, July 22nd. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.37. RLI had a net margin of 20.78% and a return on equity of 18.33%. The business had revenue of $416.44 million during the quarter, compared to analysts’ expectations of $561.60 million. During the same quarter in the prior year, the business posted $1.16 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities analysts anticipate that RLI Corp. will post 6.14 EPS for the current fiscal year.

RLI Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend is Friday, August 30th. RLI’s dividend payout ratio (DPR) is currently 16.02%.

RLI Company Profile

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.