Voloridge Investment Management LLC Reduces Stock Position in RLI Corp. (NYSE:RLI)

Voloridge Investment Management LLC lessened its holdings in RLI Corp. (NYSE:RLI - Free Report) by 20.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 80,014 shares of the insurance provider's stock after selling 21,178 shares during the quarter. Voloridge Investment Management LLC owned 0.09% of RLI worth $13,189,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in RLI. Everhart Financial Group Inc. lifted its position in RLI by 10.0% during the 4th quarter. Everhart Financial Group Inc. now owns 1,633 shares of the insurance provider's stock valued at $269,000 after acquiring an additional 148 shares during the period. EverSource Wealth Advisors LLC grew its position in RLI by 47.0% during the fourth 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 period. Atomi Financial Group Inc. lifted its holdings in RLI by 9.5% during the fourth quarter. Atomi Financial Group Inc. now owns 1,875 shares of the insurance provider's stock valued at $309,000 after purchasing an additional 162 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in RLI during the fourth quarter valued at approximately $31,000. Finally, Alpha DNA Investment Management LLC boosted its position in shares of RLI by 7.8% during the fourth quarter. Alpha DNA Investment Management LLC now owns 2,622 shares of the insurance provider's stock worth $432,000 after acquiring an additional 189 shares during the last quarter. Hedge funds and other institutional investors own 77.89% of the company's stock.

Insiders Place Their Bets

In related news, Director Jordan W. Graham sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $74.77, for a total transaction of $112,155.00. Following the sale, the director now directly owns 12,854 shares in the company, valued at approximately $961,093.58. This represents a 10.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert P. Restrepo, Jr. sold 2,864 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $74.89, for a total transaction of $214,484.96. Following the completion of the transaction, the director now owns 23,312 shares in the company, valued at $1,745,835.68. This represents a 10.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.16% of the stock is currently owned by company insiders.

Analyst Ratings Changes

RLI has been the subject of several research reports. Jefferies Financial Group lowered shares of RLI from a "buy" rating to an "underperform" rating and lowered their price objective for the company from $95.00 to $61.00 in a research report on Monday, January 27th. Compass Point lowered shares of RLI from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Keefe, Bruyette & Woods lowered their price objective on shares of RLI from $95.00 to $85.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a research note on Tuesday, May 6th. Finally, JMP Securities reissued a "market perform" rating on shares of RLI in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $78.60.

RLI Stock Performance

NYSE RLI traded up $1.02 on Tuesday, hitting $75.88. 331,288 shares of the company's stock traded hands, compared to its average volume of 366,782. The company has a current ratio of 0.34, a quick ratio of 0.38 and a debt-to-equity ratio of 0.07. RLI Corp. has a 1-year low of $68.50 and a 1-year high of $91.15. The firm's 50-day moving average price is $76.03 and its two-hundred day moving average price is $78.55. The firm has a market capitalization of $6.96 billion, a PE ratio of 20.26 and a beta of 0.72.

RLI (NYSE:RLI - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The firm had revenue of $36.73 million during the quarter, compared to analyst estimates of $442.20 million. RLI had a net margin of 19.53% and a return on equity of 16.63%. The business's quarterly revenue was down 8.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. As a group, analysts expect that RLI Corp. will post 3.08 EPS for the current year.

RLI Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, May 30th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, May 30th. This is a boost from RLI's previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 0.84%. 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.