Bank of New York Mellon Corp Has $52.26 Million Stake in RLI Corp. (NYSE:RLI)

Bank of New York Mellon Corp lifted its holdings in RLI Corp. (NYSE:RLI - Free Report) by 90.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 650,583 shares of the insurance provider's stock after purchasing an additional 308,154 shares during the period. Bank of New York Mellon Corp owned 0.71% of RLI worth $52,261,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of RLI. Proficio Capital Partners LLC acquired a new stake in shares of RLI in the 4th quarter valued at $2,146,000. Raymond James Financial Inc. acquired a new stake in shares of RLI in the 4th quarter valued at $17,854,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of RLI by 17.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,114 shares of the insurance provider's stock valued at $1,832,000 after purchasing an additional 1,629 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of RLI by 47.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 497 shares of the insurance provider's stock valued at $82,000 after purchasing an additional 159 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of RLI by 0.7% in the 4th quarter. Swiss National Bank now owns 80,900 shares of the insurance provider's stock valued at $13,335,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 77.89% of the company's stock.

Analyst Ratings Changes

RLI has been the topic of several recent analyst reports. Keefe, Bruyette & Woods dropped their target price on shares of RLI from $95.00 to $85.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. JMP Securities reiterated a "market perform" rating on shares of RLI in a report on Thursday, April 24th. Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a report on Tuesday, May 6th. Finally, Compass Point downgraded shares of RLI from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued 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

Shares of NYSE:RLI traded down $0.60 on Tuesday, hitting $70.23. 129,683 shares of the company were exchanged, compared to its average volume of 391,616. The company's 50 day moving average price is $73.55 and its two-hundred day moving average price is $75.35. RLI Corp. has a one year low of $69.16 and a one year high of $91.15. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.35 and a current ratio of 0.35. The firm has a market capitalization of $6.44 billion, a price-to-earnings ratio of 23.12 and a beta of 0.67.

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

RLI Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, May 30th were given a $0.16 dividend. The ex-dividend date was Friday, May 30th. This is a positive change from RLI's previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 0.91%. RLI's payout ratio is 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.