Squarepoint Ops LLC Sells 5,052 Shares of RLI Corp. (NYSE:RLI)

Squarepoint Ops LLC cut its holdings in shares of RLI Corp. (NYSE:RLI) by 64.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,810 shares of the insurance provider’s stock after selling 5,052 shares during the quarter. Squarepoint Ops LLC’s holdings in RLI were worth $463,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in RLI. Everhart Financial Group Inc. increased its holdings in RLI by 10.0% during the fourth quarter. Everhart Financial Group Inc. now owns 1,633 shares of the insurance provider’s stock worth $269,000 after buying an additional 148 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of RLI by 47.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 497 shares of the insurance provider’s stock worth $82,000 after purchasing an additional 159 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of RLI during the 4th quarter worth approximately $31,000. Alpha DNA Investment Management LLC raised its holdings in shares of RLI by 7.8% in the 4th quarter. Alpha DNA Investment Management LLC now owns 2,622 shares of the insurance provider’s stock worth $432,000 after purchasing an additional 189 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in RLI by 1.2% in the fourth quarter. Corient Private Wealth LLC now owns 17,265 shares of the insurance provider’s stock valued at $2,846,000 after purchasing an additional 197 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

Insider Activity at RLI

In other RLI news, Director Robert P. Restrepo, Jr. sold 2,864 shares of RLI stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $74.89, for a total transaction of $214,484.96. Following the completion of the sale, the director now directly owns 23,312 shares in the company, valued at $1,745,835.68. The trade was a 10.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jordan W. Graham sold 1,500 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $74.77, for a total transaction of $112,155.00. Following the completion of the transaction, the director now directly owns 12,854 shares in the company, valued at $961,093.58. The trade was a 10.45% decrease in their position. The disclosure for this sale can be found here. 2.16% of the stock is owned by corporate insiders.

RLI Stock Down 1.7%

Shares of NYSE RLI opened at $75.27 on Thursday. The business has a 50-day simple moving average of $75.79 and a two-hundred day simple moving average of $78.13. RLI Corp. has a 52 week low of $68.50 and a 52 week high of $91.15. The company has a market cap of $6.91 billion, a P/E ratio of 20.10 and a beta of 0.72. The company has a quick ratio of 0.38, a current ratio of 0.34 and a debt-to-equity ratio of 0.07.

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

RLI Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, May 30th will be paid a dividend of $0.16 per share. This is a positive change from RLI’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, May 30th. This represents a $0.64 annualized dividend and a yield of 0.85%. RLI’s dividend payout ratio (DPR) is currently 21.05%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a research report on Tuesday, May 6th. JMP Securities reissued a “market perform” rating on shares of RLI in a report on Thursday, April 24th. Compass Point cut RLI from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Finally, Keefe, Bruyette & Woods cut their target price on shares of RLI from $95.00 to $85.00 and set an “outperform” rating for the company in a research 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 assigned a buy rating to the company. According to data from MarketBeat, RLI presently has an average rating of “Hold” and a consensus target price 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.