Truist Financial Corp Sells 483 Shares of RLI Corp. $RLI

Truist Financial Corp reduced its position in shares of RLI Corp. (NYSE:RLI) by 6.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,475 shares of the insurance provider’s stock after selling 483 shares during the period. Truist Financial Corp’s holdings in RLI were worth $540,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Ausbil Investment Management Ltd lifted its holdings in RLI by 96.3% during the 2nd quarter. Ausbil Investment Management Ltd now owns 21,283 shares of the insurance provider’s stock valued at $1,537,000 after purchasing an additional 10,441 shares during the last quarter. Signaturefd LLC lifted its holdings in RLI by 16.0% during the 2nd quarter. Signaturefd LLC now owns 1,240 shares of the insurance provider’s stock valued at $90,000 after purchasing an additional 171 shares during the last quarter. Argent Capital Management LLC lifted its holdings in RLI by 52.7% during the 2nd quarter. Argent Capital Management LLC now owns 385,306 shares of the insurance provider’s stock valued at $27,827,000 after purchasing an additional 132,975 shares during the last quarter. UMB Bank n.a. lifted its holdings in RLI by 23.1% during the 2nd quarter. UMB Bank n.a. now owns 1,907 shares of the insurance provider’s stock valued at $138,000 after purchasing an additional 358 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in RLI during the 2nd quarter valued at about $221,000. 77.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLI in a research note on Wednesday, October 8th. Truist Financial set a $62.00 target price on shares of RLI and gave the stock a “hold” rating in a research note on Friday, October 3rd. Finally, Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $72.80.

Insider Transactions at RLI

In other news, COO Jennifer L. Klobnak acquired 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The stock was purchased at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the completion of the acquisition, the chief operating officer owned 98,450 shares in the company, valued at $6,807,817.50. This trade represents a 3.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 2.16% of the company’s stock.

RLI Stock Down 3.1%

Shares of NYSE:RLI opened at $62.25 on Thursday. RLI Corp. has a one year low of $62.04 and a one year high of $91.14. The company has a 50 day moving average of $66.02 and a 200-day moving average of $70.83. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 17.84 and a beta of 0.60.

RLI (NYSE:RLI) last issued its quarterly earnings data on Monday, July 21st. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.72 earnings per share. On average, sell-side analysts forecast that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.0%. RLI’s payout ratio is currently 18.34%.

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.