Citigroup Inc. Sells 8,173 Shares of RLI Corp. (RLI)
Citigroup Inc. trimmed its position in RLI Corp. (NYSE:RLI) by 20.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,029 shares of the insurance provider’s stock after selling 8,173 shares during the period. Citigroup Inc. owned about 0.07% of RLI Corp. worth $1,749,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in RLI. BlackRock Inc. lifted its holdings in shares of RLI Corp. by 11,386.7% during the 1st quarter. BlackRock Inc. now owns 4,695,862 shares of the insurance provider’s stock worth $281,845,000 after acquiring an additional 4,654,981 shares during the period. State Street Corp lifted its holdings in shares of RLI Corp. by 9.1% during the 1st quarter. State Street Corp now owns 6,152,020 shares of the insurance provider’s stock worth $369,239,000 after acquiring an additional 514,755 shares during the period. Royce & Associates LP lifted its holdings in shares of RLI Corp. by 220.7% during the 2nd quarter. Royce & Associates LP now owns 437,080 shares of the insurance provider’s stock worth $23,873,000 after acquiring an additional 300,800 shares during the period. Vanguard Group Inc. lifted its holdings in shares of RLI Corp. by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 4,163,098 shares of the insurance provider’s stock worth $249,869,000 after acquiring an additional 284,228 shares during the period. Finally, Van Berkom & Associates Inc. lifted its holdings in shares of RLI Corp. by 23.5% during the 2nd quarter. Van Berkom & Associates Inc. now owns 834,074 shares of the insurance provider’s stock worth $45,557,000 after acquiring an additional 158,744 shares during the period. Institutional investors own 82.91% of the company’s stock.
RLI Corp. (NYSE:RLI) opened at 57.36 on Friday. RLI Corp. has a one year low of $50.34 and a one year high of $69.39. The stock’s 50 day moving average is $54.39 and its 200 day moving average is $56.02. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 25.38 and a beta of 1.24.
RLI Corp. (NYSE:RLI) last announced its quarterly earnings results on Wednesday, July 19th. The insurance provider reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.09. The business had revenue of $196.20 million during the quarter, compared to analyst estimates of $198.09 million. RLI Corp. had a return on equity of 10.10% and a net margin of 12.38%. The firm’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company earned $0.61 EPS. On average, equities analysts forecast that RLI Corp. will post $2.02 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Thursday, August 31st were issued a dividend of $0.21 per share. The ex-dividend date was Tuesday, August 29th. This represents a $0.84 annualized dividend and a dividend yield of 1.46%. RLI Corp.’s dividend payout ratio is 37.17%.
Several research analysts have recently weighed in on RLI shares. Zacks Investment Research lowered shares of RLI Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, August 29th. BidaskClub lowered shares of RLI Corp. from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Finally, FBR & Co reiterated a “hold” rating on shares of RLI Corp. in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. RLI Corp. currently has a consensus rating of “Hold” and an average price target of $46.50.
In other news, Director Michael E. Angelina purchased 1,000 shares of RLI Corp. stock in a transaction dated Tuesday, August 22nd. The stock was acquired at an average cost of $54.41 per share, for a total transaction of $54,410.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael J. Stone sold 947 shares of RLI Corp. stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $54.76, for a total value of $51,857.72. The disclosure for this sale can be found here. 6.09% of the stock is owned by insiders.
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RLI Corp. Profile
RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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