Eventide Asset Management LLC Grows Stock Position in RLI Corp. $RLI

Key Points

• Eventide Asset Management LLC increased its holdings in RLI Corp. by 57.9% during the first quarter, now owning approximately 0.14% of the company valued at $10.34 million.
• RLI Corp. recently reported earnings of $0.84 EPS for the quarter, exceeding expectations and showing a 20% year-over-year revenue increase to $562.28 million.
• A quarterly dividend of $0.16 per share has been declared, representing an annual yield of 0.9%, with the payment scheduled for September 19th.

Eventide Asset Management LLC boosted its position in shares of RLI Corp. (NYSE:RLI - Free Report) by 57.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 128,776 shares of the insurance provider's stock after acquiring an additional 47,199 shares during the quarter. Eventide Asset Management LLC owned about 0.14% of RLI worth $10,343,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in RLI. Golden State Wealth Management LLC raised its stake 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 worth $30,000 after purchasing an additional 186 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in RLI by 56.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 530 shares of the insurance provider's stock worth $43,000 after buying an additional 192 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in RLI by 100.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock worth $32,000 after buying an additional 198 shares during the period. Versant Capital Management Inc raised its position in 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 buying an additional 203 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in RLI by 88.5% during the 1st quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock valued at $38,000 after acquiring an additional 224 shares during the period. Hedge funds and other institutional investors own 77.89% of the company's stock.

Insiders Place Their Bets

In related news, COO Jennifer L. Klobnak acquired 3,000 shares of the firm's stock in a transaction on Thursday, July 24th. The shares were acquired 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 directly owned 98,450 shares in the company, valued at approximately $6,807,817.50. This trade represents a 3.14% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.16% of the company's stock.

RLI Price Performance

Shares of RLI stock traded down $1.19 during trading hours on Tuesday, reaching $67.04. The stock had a trading volume of 491,311 shares, compared to its average volume of 515,650. The stock's 50 day moving average is $68.39 and its 200 day moving average is $72.91. 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 Corp. has a twelve month low of $65.14 and a twelve month high of $91.14. The firm has a market capitalization of $6.16 billion, a PE ratio of 19.21 and a beta of 0.65.

RLI (NYSE:RLI - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.09. The firm had revenue of $562.28 million during 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 revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.72 EPS. Equities analysts expect that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

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

Wall Street Analyst Weigh In

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

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.