DAVENPORT & Co LLC Buys 13,630 Shares of RLI Corp. (NYSE:RLI)

DAVENPORT & Co LLC grew its position in RLI Corp. (NYSE:RLI - Free Report) by 98.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,407 shares of the insurance provider's stock after purchasing an additional 13,630 shares during the quarter. DAVENPORT & Co LLC's holdings in RLI were worth $2,202,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake in 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 buying an additional 159 shares during the last quarter. Golden State Wealth Management LLC grew its position in shares of 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 last quarter. Alpha DNA Investment Management LLC grew its position in shares of RLI by 7.8% in the fourth 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 during the last quarter. Corient Private Wealth LLC increased its stake in shares of RLI by 1.2% in the fourth quarter. Corient Private Wealth LLC now owns 17,265 shares of the insurance provider's stock worth $2,846,000 after purchasing an additional 197 shares during the period. Finally, Versant Capital Management Inc lifted its position 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 worth $33,000 after purchasing an additional 203 shares during the last quarter. Institutional investors own 77.89% of the company's stock.

Wall Street Analysts Forecast Growth

RLI has been the topic of several recent analyst reports. Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a research report on Tuesday, May 6th. Compass Point lowered shares of RLI from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. JMP Securities reissued a "market perform" rating on shares of RLI in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of RLI from $95.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, RLI presently has an average rating of "Hold" and an average price target of $78.60.

RLI Stock Up 1.8%

Shares of RLI stock opened at $71.70 on Friday. RLI Corp. has a one year low of $68.50 and a one year high of $91.15. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. The stock has a fifty day moving average price of $73.91 and a 200 day moving average price of $75.96. The stock has a market cap of $6.58 billion, a P/E ratio of 23.59 and a beta of 0.67.

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

RLI Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, May 30th were paid a $0.16 dividend. This is a positive change from RLI's previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend was Friday, May 30th. RLI's dividend payout ratio 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.

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