Wedmont Private Capital Sells 9,260 Shares of RLI Corp. $RLI

Wedmont Private Capital lessened its holdings in shares of RLI Corp. (NYSE:RLI) by 15.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,656 shares of the insurance provider’s stock after selling 9,260 shares during the quarter. Wedmont Private Capital’s holdings in RLI were worth $2,852,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Farther Finance Advisors LLC raised its position in shares of RLI by 62.1% in the third quarter. Farther Finance Advisors LLC now owns 629 shares of the insurance provider’s stock valued at $35,000 after buying an additional 241 shares during the last quarter. Versant Capital Management Inc boosted its position in RLI by 28.5% during the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 185 shares during the last quarter. Global Retirement Partners LLC acquired a new position in RLI during the second quarter worth about $126,000. Caitong International Asset Management Co. Ltd grew its stake in RLI by 1,005.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,267 shares of the insurance provider’s stock valued at $145,000 after acquiring an additional 2,062 shares in the last quarter. Finally, Motiv8 Investments LLC purchased a new stake in RLI during the 4th quarter valued at about $179,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.

RLI Price Performance

RLI stock opened at $55.77 on Friday. The business’s 50-day moving average is $61.01 and its two-hundred day moving average is $57.73. The firm has a market capitalization of $5.12 billion, a P/E ratio of 11.72 and a beta of 0.36. RLI Corp. has a 1 year low of $47.26 and a 1 year high of $67.12.

RLI (NYSE:RLI) last announced its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. RLI had a return on equity of 17.61% and a net margin of 22.22%. The business had revenue of $575.57 million during the quarter, compared to the consensus estimate of $568.70 million. During the same period in the previous year, the company posted $0.82 earnings per share. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, analysts expect that RLI Corp. will post 2.88 EPS for the current year.

RLI Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were given a dividend of $0.18 per share. The ex-dividend date was Monday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. RLI’s dividend payout ratio (DPR) is 15.13%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company lowered shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 target price on the stock. in a research note on Wednesday, July 29th. UBS Group set a $74.00 price target on RLI in a research report on Tuesday, July 28th. Jefferies Financial Group cut shares of RLI from a “hold” rating to an “underperform” rating and set a $53.00 price objective for the company. in a research report on Tuesday, August 25th. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $74.00 price objective (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $63.20.

RLI Company Profile

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.