Bank of Nova Scotia Has $232,000 Stake in RLI Corp. (NYSE:RLI)

Bank of Nova Scotia decreased its holdings in shares of RLI Corp. (NYSE:RLIFree Report) by 49.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,743 shares of the insurance provider’s stock after selling 1,681 shares during the quarter. Bank of Nova Scotia’s holdings in RLI were worth $232,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. acquired a new stake in shares of RLI during the 4th quarter worth approximately $25,000. Gladius Capital Management LP grew its position in shares of RLI by 129.7% during the 3rd quarter. Gladius Capital Management LP now owns 271 shares of the insurance provider’s stock worth $37,000 after buying an additional 153 shares during the period. GAMMA Investing LLC acquired a new stake in shares of RLI during the 4th quarter worth approximately $41,000. Quantbot Technologies LP acquired a new stake in shares of RLI during the 3rd quarter worth approximately $60,000. Finally, TFO Wealth Partners LLC grew its position in shares of RLI by 31,950.0% during the 4th quarter. TFO Wealth Partners LLC now owns 641 shares of the insurance provider’s stock worth $85,000 after buying an additional 639 shares during the period. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Stock Performance

Shares of RLI opened at $142.29 on Monday. RLI Corp. has a twelve month low of $125.77 and a twelve month high of $149.20. The firm’s 50 day moving average price is $143.86 and its two-hundred day moving average price is $141.23. The firm has a market cap of $6.50 billion, a P/E ratio of 19.65 and a beta of 0.41.

RLI (NYSE:RLIGet Free Report) last announced its quarterly earnings results on Monday, April 22nd. The insurance provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.26. RLI had a net margin of 20.96% and a return on equity of 17.24%. The firm had revenue of $444.80 million for the quarter, compared to analyst estimates of $460.05 million. During the same quarter in the previous year, the firm posted $1.63 earnings per share. The business’s revenue was up 21.9% on a year-over-year basis. On average, sell-side analysts anticipate that RLI Corp. will post 5.84 earnings per share for the current fiscal year.

RLI Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, May 31st will be paid a $0.29 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.16 dividend on an annualized basis and a yield of 0.82%. This is a positive change from RLI’s previous quarterly dividend of $0.27. RLI’s payout ratio is presently 16.02%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RLI shares. Compass Point lifted their price target on shares of RLI from $158.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods lifted their price objective on shares of RLI from $160.00 to $168.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Royal Bank of Canada lifted their price objective on shares of RLI from $148.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 24th. Finally, JMP Securities reissued a “market perform” rating on shares of RLI in a research note on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $163.25.

Get Our Latest Stock Report on RLI

About RLI

(Free Report)

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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Institutional Ownership by Quarter for RLI (NYSE:RLI)

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