Bridges Investment Management Inc. Makes New Investment in RLI Corp. (NYSE:RLI)

Bridges Investment Management Inc. bought a new position in RLI Corp. (NYSE:RLI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,778 shares of the insurance provider’s stock, valued at approximately $954,000.

Several other institutional investors have also made changes to their positions in RLI. BNP Paribas Financial Markets grew its position in RLI by 14.3% during the 4th quarter. BNP Paribas Financial Markets now owns 7,652 shares of the insurance provider’s stock worth $1,019,000 after purchasing an additional 959 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in RLI by 3.1% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 3,259 shares of the insurance provider’s stock valued at $434,000 after buying an additional 99 shares during the period. Norges Bank purchased a new stake in RLI in the 4th quarter worth about $52,592,000. Corient Private Wealth LLC boosted its position in RLI by 63.8% during the 4th quarter. Corient Private Wealth LLC now owns 20,500 shares of the insurance provider’s stock worth $2,729,000 after acquiring an additional 7,982 shares during the period. Finally, Aigen Investment Management LP purchased a new position in RLI during the 4th quarter valued at about $369,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

RLI Trading Down 0.5 %

Shares of NYSE:RLI opened at $152.66 on Friday. RLI Corp. has a 1 year low of $125.77 and a 1 year high of $155.59. The firm has a fifty day moving average price of $148.86 and a 200 day moving average price of $145.35. The stock has a market capitalization of $6.98 billion, a PE ratio of 21.09 and a beta of 0.41.

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

RLI Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s payout ratio is 16.02%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. JMP Securities restated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Jefferies Financial Group lowered their price target on shares of 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 reiterated a “sector perform” rating and set a $155.00 price objective on shares of RLI in a report on Wednesday, July 24th. Compass Point lowered their target price on RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods raised their price target on RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, RLI has a consensus rating of “Moderate Buy” and an average target price of $166.25.

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.