RLI Corp. $RLI Shares Sold by Laurus Global Equity Management Inc.

Key Points

• Laurus Global Equity Management Inc. has reduced its stake in RLI Corp. by 21.4%, owning 16,150 shares valued at approximately $1.17 million as of the latest SEC filing.
• RLI Corp. reported earnings of $0.84 per share for the most recent quarter, beating analyst expectations, with a revenue increase of 20% year-over-year to $562.28 million.
• The company declared a quarterly dividend of $0.16 per share, representing a yield of 1.0% and a payout ratio of 18.34%.

Laurus Global Equity Management Inc. lowered its position in shares of RLI Corp. (NYSE:RLI - Free Report) by 21.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 16,150 shares of the insurance provider's stock after selling 4,410 shares during the quarter. Laurus Global Equity Management Inc.'s holdings in RLI were worth $1,166,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Chung Wu Investment Group LLC purchased a new position in shares of RLI in the 2nd quarter valued at $29,000. Golden State Wealth Management LLC boosted its holdings in RLI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock worth $30,000 after acquiring an additional 186 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in RLI by 100.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 198 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in RLI in the second quarter valued at approximately $37,000. Finally, Farther Finance Advisors LLC raised its stake in shares of RLI by 88.5% during the first quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock valued at $38,000 after purchasing an additional 224 shares during the period. Hedge funds and other institutional investors own 77.89% of the company's stock.

RLI Stock Performance

Shares of RLI opened at $64.60 on Monday. The stock has a market capitalization of $5.93 billion, a PE ratio of 18.51 and a beta of 0.60. The business's fifty day moving average price is $66.45 and its 200 day moving average price is $71.53. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. RLI Corp. has a 12-month low of $62.04 and a 12-month high of $91.14.

RLI (NYSE:RLI - Get Free Report) last issued its earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates 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 in the prior year, the company earned $1.72 earnings per share. The firm's revenue was up 20.0% compared to the same quarter last year. Equities research analysts forecast that RLI Corp. will post 3.08 EPS for the current year.

RLI Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, August 29th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, August 29th. RLI's dividend payout ratio is presently 18.34%.

Analyst Ratings Changes

RLI has been the subject of several analyst reports. Truist Financial set a $62.00 target price on shares of RLI and gave the company a "hold" rating in a research note on Friday. Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of RLI in a research report on Saturday, September 27th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, RLI currently has a consensus rating of "Hold" and an average price target of $75.83.

Insider Activity

In related news, COO Jennifer L. Klobnak purchased 3,000 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The shares were acquired at an average price of $69.15 per share, with a total value of $207,450.00. Following the acquisition, the chief operating officer 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 SEC, which is accessible through this hyperlink. Company insiders own 2.16% of the company's stock.

RLI 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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