Redmond Asset Management LLC Sells 27,878 Shares of RLI Corp. $RLI

Key Points

• Redmond Asset Management cut its RLI Corp. stake by 70.8% in the third quarter, selling 27,878 shares and retaining 11,515 shares valued at approximately $637,000.
• RLI reported quarterly EPS of $0.86, beating the $0.54 analyst consensus, although revenue of $476.96 million fell short of the $533.51 million estimate.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $62.40, below the reported share price of $63.67. RLI also pays a quarterly dividend of $0.18 per share, yielding about 1.1%.

Redmond Asset Management LLC decreased its stake in RLI Corp. (NYSE:RLI - Free Report) by 70.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,515 shares of the insurance provider's stock after selling 27,878 shares during the period. Redmond Asset Management LLC's holdings in RLI were worth $637,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in RLI by 22.8% in the second quarter. Wellington Management Group LLP now owns 634,602 shares of the insurance provider's stock valued at $37,486,000 after acquiring an additional 117,876 shares during the last quarter. Maren Capital LLC raised its holdings in RLI by 1.6% during the 2nd quarter. Maren Capital LLC now owns 1,817,370 shares of the insurance provider's stock worth $107,352,000 after purchasing an additional 28,366 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of RLI in the 2nd quarter worth approximately $23,323,000. Wasatch Advisors LP lifted its position in shares of RLI by 40.7% in the 2nd quarter. Wasatch Advisors LP now owns 3,631,273 shares of the insurance provider's stock worth $214,499,000 after purchasing an additional 1,051,318 shares during the period. Finally, California State Teachers Retirement System lifted its position in shares of RLI by 26.7% in the 1st quarter. California State Teachers Retirement System now owns 100,297 shares of the insurance provider's stock worth $5,721,000 after purchasing an additional 21,136 shares during the period. 77.89% of the stock is currently owned by institutional investors.

RLI Stock Performance

Shares of RLI opened at $63.67 on Thursday. RLI Corp. has a 52-week low of $47.26 and a 52-week high of $67.28. The business's 50 day moving average price is $60.67 and its two-hundred day moving average price is $58.63. The firm has a market cap of $5.84 billion, a PE ratio of 14.84 and a beta of 0.36.

RLI (NYSE:RLI - Get Free Report) last posted its quarterly earnings results on Monday, October 19th. The insurance provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.54 by $0.32. The firm had revenue of $476.96 million for the quarter, compared to analysts' expectations of $533.51 million. RLI had a return on equity of 18.19% and a net margin of 20.34%. During the same period in the prior year, the business earned $0.83 EPS. Research analysts predict that RLI Corp. will post 3.11 EPS for the current fiscal year.

RLI Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, August 31st. This represents a $0.72 annualized dividend and a yield of 1.1%. RLI's dividend payout ratio is currently 16.78%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Wells Fargo & Company set a $53.00 target price on shares of RLI and gave the stock an "underweight" rating in a research note on Wednesday, October 21st. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $74.00 target price (up from $69.00) on shares of RLI in a report on Wednesday, October 21st. Jefferies Financial Group cut shares of RLI from a "hold" rating to an "underperform" rating and set a $53.00 price target on the stock. in a research report on Tuesday, August 25th. Finally, Weiss Ratings upgraded RLI from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, August 28th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $62.40.

About RLI

RLI Corp. NYSE: RLI is a specialty insurance company that underwrites property and casualty insurance products for commercial and personal customers. The company focuses on specialized risks that may not be adequately served by standard insurance carriers.

RLI's offerings include commercial property and casualty coverage, professional liability insurance, surety bonds, transportation-related insurance, and personal lines such as homeowners and personal umbrella coverage. Its products are distributed through independent agents, brokers, and other insurance intermediaries.

Founded in 1965 and headquartered in Peoria, Illinois, RLI serves customers primarily throughout the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.