PineBridge Investments L.P. Has $331,000 Position in RLI Corp. (RLI)
PineBridge Investments L.P. increased its position in shares of RLI Corp. (NYSE:RLI) by 4.0% during the second quarter, Holdings Channel reports. The fund owned 4,819 shares of the company’s stock after buying an additional 187 shares during the period. PineBridge Investments L.P.’s holdings in RLI Corp. were worth $331,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its stake in RLI Corp. by 24.3% in the first quarter. State Street Corp now owns 5,555,070 shares of the company’s stock worth $371,410,000 after buying an additional 1,085,597 shares during the last quarter. Norges Bank acquired a new position in RLI Corp. during the fourth quarter valued at approximately $21,440,000. PNC Financial Services Group Inc. boosted its position in RLI Corp. by 19.8% in the second quarter. PNC Financial Services Group Inc. now owns 862,817 shares of the company’s stock valued at $59,345,000 after buying an additional 142,890 shares during the last quarter. Vanguard Group Inc. boosted its position in RLI Corp. by 4.2% in the second quarter. Vanguard Group Inc. now owns 3,550,335 shares of the company’s stock valued at $244,192,000 after buying an additional 142,262 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in RLI Corp. by 21.0% in the first quarter. Goldman Sachs Group Inc. now owns 819,554 shares of the company’s stock valued at $54,796,000 after buying an additional 142,244 shares during the last quarter. Institutional investors own 79.93% of the company’s stock.
RLI Corp. (NYSE:RLI) opened at 67.66 on Wednesday. RLI Corp. has a 12-month low of $52.12 and a 12-month high of $71.46. The stock has a market capitalization of $2.96 billion, a PE ratio of 23.01 and a beta of 0.82. The stock has a 50 day moving average price of $69.08 and a 200-day moving average price of $66.74.
RLI Corp. (NYSE:RLI) last released its quarterly earnings results on Tuesday, July 19th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.01. The firm had revenue of $196 million for the quarter, compared to the consensus estimate of $208.20 million. RLI Corp. had a return on equity of 12.24% and a net margin of 16.16%. During the same period last year, the business posted $0.77 EPS. On average, equities analysts anticipate that RLI Corp. will post $2.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 19th. Stockholders of record on Wednesday, August 31st were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.18%. RLI Corp.’s dividend payout ratio (DPR) is currently 27.30%.
Separately, Zacks Investment Research cut RLI Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, June 21st. Five analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and an average target price of $59.75.
In related news, Director Michael J. Stone sold 903 shares of the firm’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $68.16, for a total value of $61,548.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert P. Restrepo, Jr. bought 600 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The stock was bought at an average cost of $70.63 per share, for a total transaction of $42,378.00. Following the completion of the acquisition, the director now owns 900 shares in the company, valued at approximately $63,567. The disclosure for this purchase can be found here. 6.30% of the stock is owned by insiders.
RLI Corp. Company Profile
RLI Corp. is a specialty insurance company. The Company operates through three segments: Casualty, Property and Surety. The Casualty segment consists of general liability, personal umbrella, transportation, executive products and commercial umbrella coverages, as well as package business and other specialty coverages.
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