AXQ Capital LP Trims Stock Position in RLI Corp. $RLI

AXQ Capital LP trimmed its holdings in shares of RLI Corp. (NYSE:RLI) by 42.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,309 shares of the insurance provider’s stock after selling 3,182 shares during the period. AXQ Capital LP’s holdings in RLI were worth $311,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Franklin Resources Inc. grew its holdings in RLI by 6.1% during the 2nd quarter. Franklin Resources Inc. now owns 4,491 shares of the insurance provider’s stock valued at $324,000 after buying an additional 257 shares during the last quarter. Legal & General Group Plc lifted its position in shares of RLI by 4.7% in the second quarter. Legal & General Group Plc now owns 174,046 shares of the insurance provider’s stock valued at $12,570,000 after acquiring an additional 7,842 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of RLI in the second quarter valued at $274,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of RLI during the second quarter valued at $960,000. Finally, Ontario Teachers Pension Plan Board purchased a new stake in RLI during the 2nd quarter worth about $1,036,000. 77.89% of the stock is currently owned by institutional investors and hedge funds.

RLI Stock Down 1.0%

Shares of RLI opened at $63.53 on Tuesday. RLI Corp. has a fifty-two week low of $57.75 and a fifty-two week high of $91.14. The company’s fifty day moving average is $62.68 and its two-hundred day moving average is $67.82. The firm has a market cap of $5.83 billion, a PE ratio of 16.67 and a beta of 0.61. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.05.

RLI (NYSE:RLI) last released its quarterly earnings data on Monday, October 20th. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.21. The business had revenue of $509.26 million during the quarter, compared to the consensus estimate of $444.75 million. RLI had a return on equity of 16.51% and a net margin of 19.02%.During the same period in the prior year, the firm posted $1.31 EPS. 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 will be paid on Friday, December 19th. Stockholders of record on Friday, November 28th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, November 28th. RLI’s dividend payout ratio (DPR) is 16.80%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Truist Financial set a $62.00 target price on shares of RLI and gave the company a “hold” rating in a report on Friday, October 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of RLI in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus 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.