Envestnet Asset Management Inc. Acquires 75,673 Shares of RLI Corp. (NYSE:RLI)

Envestnet Asset Management Inc. lifted its holdings in shares of RLI Corp. (NYSE:RLI) by 74.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 177,477 shares of the insurance provider’s stock after acquiring an additional 75,673 shares during the period. Envestnet Asset Management Inc. owned approximately 0.19% of RLI worth $14,257,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC boosted its holdings in RLI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 186 shares during the last quarter. Alpha DNA Investment Management LLC boosted its holdings in RLI by 7.8% during the fourth 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 last quarter. Corient Private Wealth LLC boosted its holdings in RLI by 1.2% during the fourth quarter. Corient Private Wealth LLC now owns 17,265 shares of the insurance provider’s stock worth $2,846,000 after purchasing an additional 197 shares during the last quarter. Versant Capital Management Inc boosted its holdings in RLI by 100.0% during the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 203 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in RLI by 0.7% during the fourth quarter. Commonwealth Equity Services LLC now owns 33,154 shares of the insurance provider’s stock worth $5,465,000 after purchasing an additional 223 shares during the last quarter. 77.89% of the stock is owned by institutional investors.

RLI Stock Performance

Shares of RLI stock opened at $70.20 on Friday. The stock has a market capitalization of $6.44 billion, a P/E ratio of 23.09 and a beta of 0.67. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. The firm’s 50 day moving average is $73.21 and its 200 day moving average is $75.11. RLI Corp. has a 12 month low of $69.16 and a 12 month high of $91.15.

RLI (NYSE:RLI) last announced its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $36.73 million for the quarter, compared to analysts’ expectations of $442.20 million. RLI had a net margin of 16.22% and a return on equity of 16.26%. RLI’s revenue was down 8.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. On average, sell-side 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 was paid on Friday, June 20th. Investors of record on Friday, May 30th were paid a dividend of $0.16 per share. This is a boost from RLI’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend was Friday, May 30th. RLI’s dividend payout ratio is presently 21.05%.

Wall Street Analysts Forecast Growth

RLI has been the topic of several analyst reports. Keefe, Bruyette & Woods cut their price target on shares of RLI from $95.00 to $85.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. JMP Securities reiterated a “market perform” rating on shares of RLI in a research note on Thursday, April 24th. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a research note on Tuesday, May 6th. Finally, Compass Point cut shares of RLI from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, RLI has a consensus rating of “Hold” and a consensus price target of $78.60.

About RLI

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.