Argent Capital Management LLC Grows Stock Position in RLI Corp. $RLI

Key Points

• Argent Capital Management LLC increased its stake in RLI Corp. by 52.7%, owning 385,306 shares valued at approximately $27.8 million by the end of the second quarter.
• Wall Street analysts have raised RLI's rating from "sell" to "hold", with a consensus target price of $78.60.
• RLI Corp. reported earnings of $0.84 EPS for the last quarter, exceeding estimates, with revenues of $562.28 million, reflecting a 20% year-over-year increase.

Argent Capital Management LLC boosted its holdings in RLI Corp. (NYSE:RLI - Free Report) by 52.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 385,306 shares of the insurance provider's stock after buying an additional 132,975 shares during the period. Argent Capital Management LLC owned 0.42% of RLI worth $27,827,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Golden State Wealth Management LLC grew its holdings in RLI by 100.0% in the first 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 during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of RLI by 100.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 198 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of RLI by 100.0% during the 1st quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock valued at $33,000 after buying an additional 203 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of RLI by 88.5% during the 1st quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock worth $38,000 after buying an additional 224 shares during the last quarter. Finally, Compass Wealth Management LLC raised its position in shares of RLI by 100.0% in the 1st quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock worth $39,000 after buying an additional 240 shares during the period. Institutional investors and hedge funds own 77.89% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $78.60.

RLI Price Performance

Shares of NYSE RLI opened at $64.94 on Tuesday. 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 fifty-two week low of $64.59 and a fifty-two week high of $91.14. The business has a 50 day moving average price of $67.35 and a two-hundred day moving average price of $72.22. The firm has a market cap of $5.96 billion, a PE ratio of 18.61 and a beta of 0.65.

RLI (NYSE:RLI - Get Free Report) last announced its earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.09. The company had revenue of $562.28 million for the quarter, compared to analyst estimates of $445.55 million. RLI had a return on equity of 15.82% and a net margin of 17.81%.RLI's quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.72 EPS. Sell-side analysts expect that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, August 29th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, August 29th. RLI's dividend payout ratio is 18.34%.

Insider Buying and Selling

In related news, COO Jennifer L. Klobnak acquired 3,000 shares of RLI stock in a transaction on Thursday, July 24th. The shares were purchased at an average cost of $69.15 per share, for a total transaction of $207,450.00. Following the purchase, the chief operating officer directly owned 98,450 shares of the company's stock, valued at $6,807,817.50. The trade was a 3.14% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.16% of the stock is owned by company insiders.

About RLI

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.

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