Truist Financial Corp Cuts Stock Position in RLI Corp. (NYSE:RLI)

Truist Financial Corp lowered its position in RLI Corp. (NYSE:RLI) by 4.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 27,142 shares of the insurance provider’s stock after selling 1,254 shares during the period. Truist Financial Corp owned approximately 0.06% of RLI worth $2,722,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Allianz Asset Management GmbH grew its position in RLI by 1.6% during the 2nd quarter. Allianz Asset Management GmbH now owns 5,979 shares of the insurance provider’s stock worth $625,000 after purchasing an additional 94 shares during the last quarter. State of Alaska Department of Revenue grew its position in RLI by 1.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 6,277 shares of the insurance provider’s stock worth $629,000 after purchasing an additional 100 shares during the last quarter. FMR LLC grew its position in RLI by 6.2% during the 1st quarter. FMR LLC now owns 2,342 shares of the insurance provider’s stock worth $168,000 after purchasing an additional 136 shares during the last quarter. Advisor Group Holdings Inc. grew its position in RLI by 4.6% during the 3rd quarter. Advisor Group Holdings Inc. now owns 3,837 shares of the insurance provider’s stock worth $384,000 after purchasing an additional 170 shares during the last quarter. Finally, Shell Asset Management Co. grew its position in RLI by 5.7% during the 2nd quarter. Shell Asset Management Co. now owns 3,712 shares of the insurance provider’s stock worth $388,000 after purchasing an additional 200 shares during the last quarter. 80.10% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE RLI opened at $110.10 on Friday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.12. RLI Corp. has a 12 month low of $95.53 and a 12 month high of $117.84. The company has a 50 day simple moving average of $110.42 and a two-hundred day simple moving average of $107.48. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of 18.76 and a beta of 0.39.

RLI (NYSE:RLI) last posted its earnings results on Tuesday, October 19th. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.13. RLI had a net margin of 23.09% and a return on equity of 12.83%. The firm had revenue of $270.47 million during the quarter, compared to analysts’ expectations of $266.17 million. During the same period in the previous year, the business posted $0.42 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. Analysts forecast that RLI Corp. will post 3.5 EPS for the current year.

The company also recently announced a None dividend, which was paid on Monday, December 20th. Investors of record on Tuesday, November 30th were paid a $2.25 dividend. This is a boost from RLI’s previous None dividend of $1.24. This represents a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, November 29th. RLI’s payout ratio is currently 17.04%.

Several research firms have weighed in on RLI. Keefe, Bruyette & Woods raised shares of RLI from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $109.00 to $120.00 in a research report on Tuesday, October 19th. Royal Bank of Canada lifted their price objective on shares of RLI from $110.00 to $112.00 and gave the company a “sector perform” rating in a research note on Friday, October 22nd. B. Riley restated a “buy” rating on shares of RLI in a research note on Thursday, November 11th. Finally, Zacks Investment Research cut shares of RLI from a “buy” rating to a “hold” rating and set a $118.00 price objective for the company. in a research note on Tuesday.

About RLI

RLI Corp. operates as a holding company, which engages in the provision of insurance and underwriting services. It operates through the following segments: Casualty, Property and Surety. The Casualty segment offers healthcare and transportation insurance. The Property segment consists of commercial fire, earthquake, difference in conditions, marine, facultative and treaty reinsurance, including crop and select personal lines policies, including pet insurance and homeowners reinsurance services.

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Institutional Ownership by Quarter for RLI (NYSE:RLI)

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