Amalgamated Bank Increases Stock Holdings in RLI Corp. (NYSE:RLI)

Amalgamated Bank raised its stake in RLI Corp. (NYSE:RLI - Free Report) by 91.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,388 shares of the insurance provider's stock after buying an additional 18,808 shares during the quarter. Amalgamated Bank's holdings in RLI were worth $3,164,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in RLI by 47.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 497 shares of the insurance provider's stock worth $82,000 after acquiring an additional 159 shares in the last quarter. Golden State Wealth Management LLC raised its position in RLI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 186 shares in the last quarter. Alpha DNA Investment Management LLC raised its position in RLI by 7.8% in the 4th quarter. Alpha DNA Investment Management LLC now owns 2,622 shares of the insurance provider's stock valued at $432,000 after purchasing an additional 189 shares in the last quarter. Corient Private Wealth LLC raised its position in RLI by 1.2% in the 4th quarter. Corient Private Wealth LLC now owns 17,265 shares of the insurance provider's stock valued at $2,846,000 after purchasing an additional 197 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in RLI by 100.0% in the 1st quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 203 shares in the last quarter. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RLI shares. Compass Point lowered RLI from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. JMP Securities reiterated a "market perform" rating on shares of RLI in a report on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price objective on RLI from $95.00 to $85.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Finally, Wall Street Zen upgraded RLI from a "sell" rating to a "hold" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $78.60.

RLI Stock Performance

NYSE:RLI traded up $0.29 during mid-day trading on Tuesday, reaching $71.48. 639,512 shares of the stock were exchanged, compared to its average volume of 389,943. The company has a 50 day simple moving average of $73.81 and a 200-day simple moving average of $75.75. The stock has a market capitalization of $6.56 billion, a P/E ratio of 23.51 and a beta of 0.67. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI Corp. has a 1 year low of $68.50 and a 1 year high of $91.15.

RLI (NYSE:RLI - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.04. The firm had revenue of $36.73 million for the quarter, compared to the consensus estimate of $442.20 million. RLI had a return on equity of 16.26% and a net margin of 16.22%. The firm's quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 EPS. Analysts anticipate that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, May 30th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date was Friday, May 30th. This is an increase from RLI's previous quarterly dividend of $0.15. RLI's dividend payout ratio (DPR) is currently 21.05%.

RLI Company 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.