Truist Financial Corp Reduces Stock Position in RLI Corp. (NYSE:RLI)

Truist Financial Corp lowered its stake in RLI Corp. (NYSE:RLI) by 38.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,124 shares of the insurance provider’s stock after selling 2,630 shares during the quarter. Truist Financial Corp’s holdings in RLI were worth $580,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. raised its position in RLI by 237.7% in 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. Maren Capital LLC raised its position in shares of RLI by 21.3% during the 1st quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider’s stock valued at $90,876,000 after purchasing an additional 107,655 shares during the period. Russell Investments Group Ltd. raised its position in shares of RLI by 585.0% during the 1st quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock valued at $6,184,000 after purchasing an additional 35,569 shares during the period. Cubist Systematic Strategies LLC raised its position in shares of RLI by 2,611.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 34,838 shares of the insurance provider’s stock valued at $4,901,000 after purchasing an additional 33,553 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in RLI by 14.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 265,365 shares of the insurance provider’s stock valued at $39,400,000 after acquiring an additional 33,435 shares during the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

RLI Stock Up 0.3 %

Shares of NYSE:RLI opened at $160.23 on Wednesday. RLI Corp. has a 52 week low of $125.77 and a 52 week high of $162.72. The stock has a market capitalization of $7.33 billion, a P/E ratio of 21.86 and a beta of 0.41. The firm has a fifty day simple moving average of $152.61 and a two-hundred day simple moving average of $146.40.

RLI (NYSE:RLI) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.37. The firm had revenue of $416.44 million during the quarter, compared to analysts’ expectations of $561.60 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 EPS. On average, analysts expect that RLI Corp. will post 6.14 earnings per share for the current year.

RLI Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.16 annualized dividend and a dividend yield of 0.72%. RLI’s dividend payout ratio is currently 15.83%.

Analyst Upgrades and Downgrades

RLI has been the topic of a number of research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $162.00 price target on shares of RLI in a report on Tuesday, October 8th. Wolfe Research initiated coverage on shares of RLI in a report on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 price target on the stock. Jefferies Financial Group lifted their price target on shares of RLI from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JMP Securities reiterated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $173.80.

About RLI

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.