BlackRock Inc. Grows Position in RLI Corp. (RLI)

BlackRock Inc. increased its position in RLI Corp. (NYSE:RLI) by 9.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,492,617 shares of the insurance provider’s stock after acquiring an additional 481,588 shares during the period. BlackRock Inc. owned approximately 12.39% of RLI worth $363,557,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RLI. Van Berkom & Associates Inc. raised its position in RLI by 0.7% in the second quarter. Van Berkom & Associates Inc. now owns 917,046 shares of the insurance provider’s stock valued at $60,699,000 after purchasing an additional 6,245 shares during the period. SG Americas Securities LLC raised its position in RLI by 95.0% in the second quarter. SG Americas Securities LLC now owns 16,484 shares of the insurance provider’s stock valued at $1,091,000 after purchasing an additional 8,030 shares during the period. Strs Ohio raised its position in RLI by 58.3% in the second quarter. Strs Ohio now owns 1,900 shares of the insurance provider’s stock valued at $125,000 after purchasing an additional 700 shares during the period. Rhumbline Advisers raised its position in RLI by 2.5% in the second quarter. Rhumbline Advisers now owns 103,651 shares of the insurance provider’s stock valued at $6,861,000 after purchasing an additional 2,490 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in RLI in the second quarter valued at about $546,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

In other news, Director Michael J. Stone sold 1,423 shares of RLI stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $65.74, for a total transaction of $93,548.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael J. Stone sold 5,000 shares of RLI stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $77.84, for a total value of $389,200.00. The disclosure for this sale can be found here. 6.09% of the stock is currently owned by insiders.

RLI has been the topic of several research reports. B. Riley raised their price objective on RLI from $63.00 to $66.00 and gave the company a “neutral” rating in a research report on Tuesday, August 7th. Zacks Investment Research raised RLI from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research report on Monday, July 23rd. Royal Bank of Canada raised RLI from an “underperform” rating to a “sector perform” rating in a research report on Friday, July 20th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $57.00 price objective on shares of RLI in a research report on Friday, July 20th. Finally, ValuEngine raised RLI from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $63.25.

NYSE:RLI opened at $79.04 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.35 and a current ratio of 0.35. RLI Corp. has a 12 month low of $52.85 and a 12 month high of $79.07. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of 48.56 and a beta of 1.26.

RLI (NYSE:RLI) last released its quarterly earnings data on Wednesday, July 18th. The insurance provider reported $0.60 EPS for the quarter, beating the consensus estimate of $0.55 by $0.05. RLI had a return on equity of 9.13% and a net margin of 12.91%. The company had revenue of $211.10 million for the quarter, compared to analyst estimates of $208.39 million. During the same period last year, the company posted $0.61 earnings per share. equities research analysts anticipate that RLI Corp. will post 2.28 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Stockholders of record on Friday, August 31st will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date is Thursday, August 30th. RLI’s payout ratio is 54.66%.

About RLI

RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. 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, real estate investment trusts, and mercantile.

Further Reading: Market Capitalization in the Stock Market

Institutional Ownership by Quarter for RLI (NYSE:RLI)

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