RLI Corp. $RLI Stock Holdings Reduced by Confluence Investment Management LLC

Key Points

• Confluence Investment Management reduced its RLI stake by 11.9% in the third quarter, selling 42,707 shares and retaining 317,546 shares valued at approximately $17.6 million. Institutional investors collectively own 77.89% of the company.
• Analyst sentiment is mixed to negative, with RLI receiving an average “Reduce” rating and a consensus price target of $63.20; individual targets range from $53 to $74.
• RLI reported stronger-than-expected quarterly results, with earnings of $0.83 per share and revenue of $575.57 million, up 15.2% year over year. The company also maintains a quarterly dividend of $0.18, or $0.72 annually.

Confluence Investment Management LLC trimmed its position in shares of RLI Corp. (NYSE:RLI - Free Report) by 11.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 317,546 shares of the insurance provider's stock after selling 42,707 shares during the period. Confluence Investment Management LLC owned 0.35% of RLI worth $17,563,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. IFP Advisors Inc lifted its position in shares of RLI by 85.9% during the 4th quarter. IFP Advisors Inc now owns 684 shares of the insurance provider's stock valued at $44,000 after buying an additional 316 shares during the last quarter. Versant Capital Management Inc raised its stake in RLI by 28.5% in the 2nd quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider's stock valued at $49,000 after acquiring an additional 185 shares during the period. Rothschild Investment LLC lifted its holdings in RLI by 213.1% during the fourth quarter. Rothschild Investment LLC now owns 886 shares of the insurance provider's stock valued at $57,000 after purchasing an additional 603 shares during the last quarter. Global Retirement Partners LLC boosted its position in RLI by 371.7% during the fourth quarter. Global Retirement Partners LLC now owns 1,368 shares of the insurance provider's stock worth $88,000 after purchasing an additional 1,078 shares during the period. Finally, Evolution Wealth Management Inc. bought a new position in RLI during the fourth quarter worth about $113,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RLI has been the topic of several research reports. UBS Group set a $74.00 price target on shares of RLI in a research report on Tuesday, July 28th. Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $74.00 target price (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Wells Fargo & Company downgraded RLI from an "equal weight" rating to an "underweight" rating and set a $57.00 target price on the stock. in a research report on Wednesday, July 29th. Finally, Jefferies Financial Group lowered RLI from a "hold" rating to an "underperform" rating and set a $53.00 price target for the company. in a report on Tuesday, August 25th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, RLI currently has an average rating of "Reduce" and an average price target of $63.20.

RLI Trading Up 1.7%

Shares of RLI stock traded up $0.95 during trading hours on Thursday, reaching $56.26. The stock had a trading volume of 251,767 shares, compared to its average volume of 819,661. The stock's fifty day simple moving average is $61.99 and its 200 day simple moving average is $57.91. RLI Corp. has a 12 month low of $47.26 and a 12 month high of $67.12. The firm has a market capitalization of $5.16 billion, a PE ratio of 11.82 and a beta of 0.38.

RLI (NYSE:RLI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.72 by $0.11. RLI had a net margin of 22.22% and a return on equity of 17.61%. The company had revenue of $575.57 million during the quarter, compared to analysts' expectations of $568.70 million. During the same quarter in the previous year, the company earned $0.82 earnings per share. RLI's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities research analysts anticipate that RLI Corp. will post 2.88 EPS for the current fiscal year.

RLI Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were issued a $0.18 dividend. The ex-dividend date of this dividend was Monday, August 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.3%. RLI's dividend payout ratio is presently 15.13%.

About RLI

RLI Corp. is a specialty insurance company that underwrites a broad range of property and casualty insurance products for individuals, businesses and organizations. Its offerings include commercial casualty coverage, property insurance, surety bonds, transportation-related insurance, professional liability and personal umbrella policies.

The company serves specialty markets that may be underserved by standard insurance providers. RLI distributes its products through independent agents and brokers, with business conducted primarily throughout the United States and coverage available across many industries, professions and geographic regions.

RLI was founded in 1965 as Replacement Lens, Inc, initially providing replacement coverage for automobile windshield lenses before expanding into specialty insurance.

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