RLI Corp. $RLI Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC trimmed its holdings in RLI Corp. (NYSE:RLI) by 0.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,222 shares of the insurance provider’s stock after selling 185 shares during the quarter. DAVENPORT & Co LLC’s holdings in RLI were worth $1,966,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Ameritas Advisory Services LLC purchased a new position in RLI in the 2nd quarter worth approximately $37,000. Tower View Wealth Management LLC acquired a new position in shares of RLI in the second quarter worth $298,000. Impact Capital Partners LLC grew its stake in shares of RLI by 30.6% in the second quarter. Impact Capital Partners LLC now owns 7,505 shares of the insurance provider’s stock worth $542,000 after acquiring an additional 1,758 shares in the last quarter. Ausbil Investment Management Ltd grew its stake in shares of RLI by 96.3% in the second quarter. Ausbil Investment Management Ltd now owns 21,283 shares of the insurance provider’s stock worth $1,537,000 after acquiring an additional 10,441 shares in the last quarter. Finally, Signaturefd LLC grew its stake in shares of RLI by 16.0% in the second quarter. Signaturefd LLC now owns 1,240 shares of the insurance provider’s stock worth $90,000 after acquiring an additional 171 shares in the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at RLI

In other RLI news, COO Jennifer L. Klobnak bought 3,000 shares of RLI stock in a transaction that occurred on Thursday, July 24th. The shares were acquired at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the acquisition, the chief operating officer owned 98,450 shares of the company’s stock, valued at $6,807,817.50. The trade was a 3.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.16% of the company’s stock.

RLI Trading Down 2.7%

Shares of RLI opened at $63.58 on Friday. The stock has a market cap of $5.84 billion, a price-to-earnings ratio of 18.22 and a beta of 0.60. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. RLI Corp. has a 1-year low of $62.04 and a 1-year high of $91.14. The firm has a 50 day simple moving average of $66.30 and a 200-day simple moving average of $71.26.

RLI (NYSE:RLI) last released its earnings results on Monday, July 21st. The insurance provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. The firm had revenue of $562.28 million during the quarter, compared to analysts’ expectations of $445.55 million. RLI had a net margin of 17.81% and a return on equity of 15.82%. RLI’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.72 EPS. Equities analysts forecast that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, August 29th were issued a dividend of $0.16 per share. The ex-dividend date was Friday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 1.0%. RLI’s payout ratio is presently 18.34%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RLI shares. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Truist Financial set a $62.00 target price on RLI and gave the company a “hold” rating in a report on Friday, October 3rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of RLI in a report on Wednesday. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $72.80.

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.