RLI Corp. (NYSE:RLI) Shares Sold by Amalgamated Bank

Amalgamated Bank trimmed its holdings in shares of RLI Corp. (NYSE:RLI) by 7.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,513 shares of the insurance provider’s stock after selling 1,721 shares during the period. Amalgamated Bank’s holdings in RLI were worth $3,167,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Maren Capital LLC acquired a new stake in RLI during the fourth quarter worth about $67,149,000. Norges Bank bought a new stake in shares of RLI in the 4th quarter worth approximately $52,592,000. Jacobs Levy Equity Management Inc. boosted its position in RLI by 237.7% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock valued at $30,864,000 after purchasing an additional 146,324 shares during the period. Russell Investments Group Ltd. grew its stake in RLI by 585.0% during the 1st quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock worth $6,184,000 after buying an additional 35,569 shares during the last quarter. Finally, Verition Fund Management LLC increased its position in RLI by 237.8% in the fourth quarter. Verition Fund Management LLC now owns 47,657 shares of the insurance provider’s stock worth $6,344,000 after buying an additional 33,550 shares during the period. 77.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

RLI Stock Up 0.9 %

Shares of NYSE RLI opened at $154.06 on Tuesday. RLI Corp. has a fifty-two week low of $125.77 and a fifty-two week high of $155.59. The firm’s 50-day simple moving average is $149.10 and its 200 day simple moving average is $145.37. The stock has a market cap of $7.04 billion, a P/E ratio of 21.28 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 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $561.60 million. During the same period in the previous year, the business earned $1.16 earnings per share. The company’s revenue was up 9.1% on a year-over-year basis. On average, sell-side analysts anticipate that RLI Corp. will post 6.14 earnings per share for the current fiscal year.

RLI Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s payout ratio is currently 16.02%.

RLI 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.