Confluence Investment Management LLC Has $2.52 Million Stock Position in RLI Corp. $RLI

Key Points

• Confluence Investment Management LLC increased its stake in RLI Corp. by 150.3% during Q2, now holding 34,913 shares valued at approximately $2.52 million.
• RLI Corp. has received an upgraded rating from Wall Street Zen, moving from a "sell" to a "hold," with a consensus target price of $78.60.
• The company reported $562.28 million in revenue for the last quarter, exceeding estimates and showing a 20.0% increase year-over-year.

Confluence Investment Management LLC boosted its position in RLI Corp. (NYSE:RLI - Free Report) by 150.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 34,913 shares of the insurance provider's stock after purchasing an additional 20,967 shares during the period. Confluence Investment Management LLC's holdings in RLI were worth $2,521,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of RLI. Golden State Wealth Management LLC lifted its stake 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in RLI by 100.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock worth $32,000 after acquiring an additional 198 shares during the last quarter. Versant Capital Management Inc lifted its position in RLI by 100.0% during the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock worth $33,000 after acquiring an additional 203 shares during the last quarter. Farther Finance Advisors LLC lifted its position in RLI by 88.5% during the first quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock worth $38,000 after acquiring an additional 224 shares during the last quarter. Finally, Compass Wealth Management LLC lifted its position in RLI by 100.0% during the first quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock worth $39,000 after acquiring an additional 240 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of 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 assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $78.60.

RLI Stock Down 0.0%

Shares of RLI opened at $66.92 on Friday. RLI Corp. has a 12 month low of $65.14 and a 12 month high of $91.14. The firm's 50 day moving average is $68.02 and its 200-day moving average is $72.69. The stock has a market capitalization of $6.15 billion, a PE ratio of 19.17 and a beta of 0.65. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06.

RLI (NYSE:RLI - Get Free Report) last announced its earnings results on Monday, July 21st. The insurance provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. RLI had a net margin of 17.81% and a return on equity of 15.82%. The company had revenue of $562.28 million for the quarter, compared to analysts' expectations of $445.55 million. During the same period last year, the firm earned $1.72 earnings per share. The business's revenue for the quarter was up 20.0% on a year-over-year basis. Equities research analysts forecast that RLI Corp. will post 3.08 EPS for the current year.

RLI Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 1.0%. RLI's dividend payout ratio (DPR) is currently 18.34%.

Insider Activity at RLI

In other RLI news, COO Jennifer L. Klobnak bought 3,000 shares of the stock in a transaction dated Thursday, July 24th. The shares were bought at an average cost of $69.15 per share, with a total value of $207,450.00. Following the completion of the acquisition, the chief operating officer owned 98,450 shares of the company's stock, valued at $6,807,817.50. This trade represents a 3.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.16% of the company's stock.

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.

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