Raymond James Financial Inc. acquired a new position in shares of RLI Corp. (NYSE:RLI – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 108,318 shares of the insurance provider’s stock, valued at approximately $17,854,000. Raymond James Financial Inc. owned 0.12% of RLI as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Proficio Capital Partners LLC acquired a new stake in shares of RLI in the fourth quarter valued at $2,146,000. Atria Investments Inc grew its stake in shares of RLI by 3.6% in the fourth quarter. Atria Investments Inc now owns 9,722 shares of the insurance provider’s stock valued at $1,602,000 after buying an additional 342 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of RLI by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 471,752 shares of the insurance provider’s stock valued at $77,759,000 after buying an additional 9,131 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of RLI in the fourth quarter valued at $56,000. Finally, Jones Financial Companies Lllp grew its stake in shares of RLI by 104.9% in the fourth quarter. Jones Financial Companies Lllp now owns 1,162 shares of the insurance provider’s stock valued at $191,000 after buying an additional 595 shares in the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.
RLI Stock Up 1.3 %
RLI stock opened at $76.67 on Tuesday. RLI Corp. has a fifty-two week low of $67.53 and a fifty-two week high of $91.15. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.38 and a current ratio of 0.34. The company has a market capitalization of $7.04 billion, a P/E ratio of 20.47 and a beta of 0.39. The stock has a 50-day simple moving average of $75.50 and a 200-day simple moving average of $79.38.
RLI Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, February 28th. This is an increase from RLI’s previous quarterly dividend of $0.15. This represents a $0.60 annualized dividend and a yield of 0.78%. RLI’s dividend payout ratio is currently 16.00%.
Insider Buying and Selling at RLI
In other RLI news, insider Jeffrey D. Fick bought 2,000 shares of the company’s stock in a transaction on Friday, January 24th. The shares were bought at an average price of $72.13 per share, for a total transaction of $144,260.00. Following the transaction, the insider now owns 142,061 shares of the company’s stock, valued at approximately $10,246,859.93. This trade represents a 1.43 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Craig W. Kliethermes bought 5,000 shares of the company’s stock in a transaction on Friday, January 24th. The shares were acquired at an average price of $71.35 per share, for a total transaction of $356,750.00. Following the transaction, the chief executive officer now directly owns 139,190 shares in the company, valued at $9,931,206.50. This trade represents a 3.73 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 11,200 shares of company stock valued at $805,774 in the last ninety days. Insiders own 5.09% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the company. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research note on Thursday, January 23rd. StockNews.com raised RLI from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. Jefferies Financial Group cut RLI from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $95.00 to $61.00 in a research note on Monday, January 27th. Compass Point lowered their target price on RLI from $185.00 to $82.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Finally, Keefe, Bruyette & Woods lowered their target price on RLI from $100.50 to $100.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $82.80.
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.
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