RLI Corp. (NYSE:RLI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.

According to Zacks, “RLI Corp. boasts one of the industry’s most profitable P&C writers, with an impressive track record of underwriting profits in 37 of the past 41 years (particularly the last 21 years). Its ability to consistently increase dividend, announce special dividends, maintain combined ratios at favorable levels as well as a solid capital position are other positives. Continuous strategic investments to fortify Casualty segment bode well. The company also remains focused on strengthening its underwriting results and has decided to drop underperforming products in the property business. However, exposure to catastrophe losses and escalating expenses raise concerns. Share of RLI Corp underperformed the industry year to date. Also there were no earnings momentum witnessed over the last 60 days.”

A number of other research analysts have also recently commented on the stock. FBR & Co reiterated a “hold” rating on shares of RLI Corp. in a research report on Friday, July 21st. Royal Bank Of Canada reiterated a “sell” rating and set a $50.00 price target on shares of RLI Corp. in a research report on Monday, May 22nd. Keefe, Bruyette & Woods set a $51.00 price target on shares of RLI Corp. and gave the company a “hold” rating in a research report on Wednesday, May 24th. ValuEngine upgraded shares of RLI Corp. from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BidaskClub cut shares of RLI Corp. from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $47.00.

RLI Corp. (RLI) traded down 0.15% during midday trading on Monday, reaching $53.71. 18,177 shares of the company traded hands. RLI Corp. has a one year low of $50.34 and a one year high of $69.51. The stock’s 50 day moving average is $54.63 and its 200 day moving average is $56.12. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 23.77 and a beta of 1.24.

RLI Corp. (NYSE:RLI) last issued its quarterly earnings results on Wednesday, July 19th. The insurance provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.09. RLI Corp. had a net margin of 12.38% and a return on equity of 10.10%. The business had revenue of $196.20 million for the quarter, compared to analysts’ expectations of $198.09 million. During the same period last year, the business earned $0.61 earnings per share. The business’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts anticipate that RLI Corp. will post $2.01 earnings per share for the current year.

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In other news, Director Michael J. Stone sold 3,000 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $57.95, for a total transaction of $173,850.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Stone sold 947 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $54.76, for a total value of $51,857.72. The disclosure for this sale can be found here. 6.09% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of RLI Corp. by 2.4% during the second quarter. State Street Corp now owns 6,297,222 shares of the insurance provider’s stock valued at $343,954,000 after purchasing an additional 145,202 shares during the period. BlackRock Inc. boosted its stake in shares of RLI Corp. by 11,386.7% during the first quarter. BlackRock Inc. now owns 4,695,862 shares of the insurance provider’s stock valued at $281,845,000 after purchasing an additional 4,654,981 shares during the period. Vanguard Group Inc. boosted its stake in shares of RLI Corp. by 1.1% during the second quarter. Vanguard Group Inc. now owns 4,208,225 shares of the insurance provider’s stock valued at $229,853,000 after purchasing an additional 45,127 shares during the period. Neuberger Berman Group LLC boosted its stake in shares of RLI Corp. by 0.7% during the second quarter. Neuberger Berman Group LLC now owns 2,437,870 shares of the insurance provider’s stock valued at $133,156,000 after purchasing an additional 15,876 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of RLI Corp. by 3.8% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,659,570 shares of the insurance provider’s stock valued at $90,646,000 after purchasing an additional 61,279 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.

RLI Corp. Company Profile

RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.

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