Cresset Asset Management LLC Makes New Investment in RLI Corp. $RLI

Cresset Asset Management LLC acquired a new stake in shares of RLI Corp. (NYSE:RLI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,162 shares of the insurance provider’s stock, valued at approximately $1,528,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH raised its stake in shares of RLI by 2.3% in the second quarter. Allianz Asset Management GmbH now owns 7,104 shares of the insurance provider’s stock worth $513,000 after purchasing an additional 163 shares during the last quarter. Signaturefd LLC raised its position in RLI by 16.0% during the 2nd quarter. Signaturefd LLC now owns 1,240 shares of the insurance provider’s stock worth $90,000 after buying an additional 171 shares during the last quarter. Vista Finance LLC boosted its holdings in shares of RLI by 4.0% in the 2nd quarter. Vista Finance LLC now owns 4,655 shares of the insurance provider’s stock valued at $336,000 after acquiring an additional 181 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of RLI by 6.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,341 shares of the insurance provider’s stock worth $241,000 after acquiring an additional 195 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of RLI by 100.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 198 shares during the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on RLI. Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLI in a report on Wednesday, October 8th. Truist Financial set a $62.00 price objective on RLI and gave the company a “hold” rating in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $72.80.

RLI Stock Up 1.3%

Shares of RLI opened at $62.88 on Wednesday. The firm has a market cap of $5.78 billion, a P/E ratio of 16.50 and a beta of 0.56. RLI Corp. has a 12 month low of $57.75 and a 12 month high of $86.05. The stock’s 50 day moving average is $62.21 and its two-hundred day moving average is $66.88. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.05.

RLI (NYSE:RLI) last announced its earnings results on Monday, October 20th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.21. The firm had revenue of $509.26 million for 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 last year, the firm posted $1.31 EPS. Analysts predict that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

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

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.