Russell Investments Group Ltd. Sells 1,498 Shares of RLI Corp. (RLI)
Russell Investments Group Ltd. lessened its holdings in shares of RLI Corp. (NYSE:RLI) by 5.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,228 shares of the insurance provider’s stock after selling 1,498 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.06% of RLI worth $1,803,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in RLI. JPMorgan Chase & Co. boosted its stake in RLI by 55.3% during the 1st quarter. JPMorgan Chase & Co. now owns 795,049 shares of the insurance provider’s stock worth $50,398,000 after purchasing an additional 283,161 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new stake in RLI during the 2nd quarter worth $3,068,000. BlackRock Inc. boosted its stake in RLI by 1.7% during the 1st quarter. BlackRock Inc. now owns 5,011,029 shares of the insurance provider’s stock worth $317,648,000 after purchasing an additional 85,133 shares during the last quarter. Victory Capital Management Inc. boosted its stake in RLI by 6.1% during the 2nd quarter. Victory Capital Management Inc. now owns 454,089 shares of the insurance provider’s stock worth $30,056,000 after purchasing an additional 26,117 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its stake in RLI by 543.5% during the 1st quarter. Hsbc Holdings PLC now owns 23,322 shares of the insurance provider’s stock worth $1,481,000 after purchasing an additional 19,698 shares during the last quarter. 85.81% of the stock is currently owned by institutional investors.
In other news, Director Michael J. Stone sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $77.84, for a total transaction of $389,200.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael J. Stone sold 1,423 shares of the business’s stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $65.74, for a total transaction of $93,548.02. The disclosure for this sale can be found here. Insiders own 5.54% of the company’s stock.
RLI (NYSE:RLI) last announced its quarterly earnings results on Wednesday, July 18th. The insurance provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.05. The firm had revenue of $211.10 million for the quarter, compared to analysts’ expectations of $208.39 million. RLI had a net margin of 12.91% and a return on equity of 9.13%. During the same quarter in the previous year, the company posted $0.61 EPS. analysts forecast that RLI Corp. will post 2.28 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Stockholders of record on Friday, August 31st were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $0.88 annualized dividend and a dividend yield of 1.11%. RLI’s payout ratio is 54.66%.
RLI has been the topic of several recent research reports. Royal Bank of Canada raised shares of RLI from an “underperform” rating to a “sector perform” rating in a research note on Friday, July 20th. B. Riley boosted their price target on shares of RLI from $55.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday, July 16th. Zacks Investment Research raised shares of RLI from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a research report on Monday, July 23rd. Keefe, Bruyette & Woods reissued a “hold” rating and set a $57.00 price target on shares of RLI in a research report on Friday, July 20th. Finally, ValuEngine cut shares of RLI from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. RLI presently has a consensus rating of “Hold” and a consensus target price of $63.25.
RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. 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, real estate investment trusts, and mercantile.
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