Allworth Financial LP Purchases 1,137 Shares of RLI Corp. $RLI

Allworth Financial LP raised its holdings in shares of RLI Corp. (NYSE:RLI) by 46.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,571 shares of the insurance provider’s stock after acquiring an additional 1,137 shares during the quarter. Allworth Financial LP’s holdings in RLI were worth $258,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of RLI. Vanguard Group Inc. grew its holdings in RLI by 95.2% during the 1st quarter. Vanguard Group Inc. now owns 8,996,643 shares of the insurance provider’s stock valued at $722,700,000 after buying an additional 4,388,400 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of RLI by 117.0% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,226,797 shares of the insurance provider’s stock valued at $419,869,000 after purchasing an additional 2,817,616 shares during the period. Neuberger Berman Group LLC grew its stake in RLI by 106.6% in the 1st quarter. Neuberger Berman Group LLC now owns 2,750,738 shares of the insurance provider’s stock worth $220,967,000 after acquiring an additional 1,419,212 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in RLI by 97.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,861,984 shares of the insurance provider’s stock worth $149,569,000 after purchasing an additional 920,799 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its position in RLI by 155.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,488,514 shares of the insurance provider’s stock valued at $119,573,000 after acquiring an additional 906,375 shares in the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Wall Street Analyst Weigh In

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

RLI Trading Down 0.1%

Shares of RLI stock opened at $63.19 on Tuesday. The firm has a 50-day simple moving average of $62.97 and a two-hundred day simple moving average of $68.19. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.35 and a current ratio of 0.35. RLI Corp. has a fifty-two week low of $57.75 and a fifty-two week high of $91.14. The company has a market cap of $5.80 billion, a P/E ratio of 16.59 and a beta of 0.61.

RLI (NYSE:RLI) last announced its quarterly earnings results on Monday, October 20th. The insurance provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.21. The firm had revenue of $509.26 million during the quarter, compared to analyst estimates of $444.75 million. RLI had a return on equity of 16.51% and a net margin of 19.02%.During the same quarter in the previous year, the business earned $1.31 EPS. As a group, equities analysts predict that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, November 28th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 28th. This represents a $0.64 dividend on an annualized basis and a yield of 1.0%. RLI’s dividend payout ratio is currently 16.80%.

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.