Bank of America Corp DE Cuts Stock Holdings in RLI Corp. (NYSE:RLI)

Bank of America Corp DE lessened its holdings in RLI Corp. (NYSE:RLI) by 42.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 47,259 shares of the insurance provider’s stock after selling 35,103 shares during the period. Bank of America Corp DE owned about 0.05% of RLI worth $7,790,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Everhart Financial Group Inc. boosted its stake in shares of RLI by 10.0% during the 4th quarter. Everhart Financial Group Inc. now owns 1,633 shares of the insurance provider’s stock valued at $269,000 after buying an additional 148 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of RLI by 47.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 497 shares of the insurance provider’s stock worth $82,000 after purchasing an additional 159 shares in the last quarter. Atomi Financial Group Inc. boosted its holdings in shares of RLI by 9.5% in the fourth quarter. Atomi Financial Group Inc. now owns 1,875 shares of the insurance provider’s stock valued at $309,000 after acquiring an additional 162 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of RLI in the 4th quarter worth approximately $31,000. Finally, Alpha DNA Investment Management LLC lifted its position in shares of RLI by 7.8% during the 4th quarter. Alpha DNA Investment Management LLC now owns 2,622 shares of the insurance provider’s stock valued at $432,000 after acquiring an additional 189 shares during the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

Insiders Place Their Bets

In related news, Director Jordan W. Graham sold 1,500 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $74.77, for a total value of $112,155.00. Following the transaction, the director now directly owns 12,854 shares in the company, valued at approximately $961,093.58. This represents a 10.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert P. Restrepo, Jr. sold 2,864 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $74.89, for a total value of $214,484.96. Following the completion of the sale, the director now owns 23,312 shares of the company’s stock, valued at approximately $1,745,835.68. This trade represents a 10.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.16% of the company’s stock.

RLI Price Performance

RLI opened at $74.86 on Monday. The firm has a market capitalization of $6.87 billion, a PE ratio of 19.99 and a beta of 0.72. RLI Corp. has a 52 week low of $68.50 and a 52 week high of $91.15. The company has a fifty day moving average price of $76.04 and a two-hundred day moving average price of $78.63. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.38 and a current ratio of 0.34.

RLI (NYSE:RLI) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. RLI had a return on equity of 16.63% and a net margin of 19.53%. The company had revenue of $36.73 million for the quarter, compared to analyst estimates of $442.20 million. During the same quarter last year, the firm posted $0.95 earnings per share. RLI’s revenue was down 8.3% compared to the same quarter last year. As a group, analysts anticipate that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, May 30th will be paid a $0.16 dividend. This is a positive change from RLI’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Friday, May 30th. RLI’s payout ratio is presently 21.05%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RLI shares. Compass Point lowered RLI from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a research note on Tuesday, May 6th. Jefferies Financial Group downgraded RLI from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $95.00 to $61.00 in a research report on Monday, January 27th. JMP Securities restated a “market perform” rating on shares of RLI in a research note on Thursday, April 24th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of RLI from $95.00 to $85.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, RLI presently has an average rating of “Hold” and an average price target of $78.60.

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.