Equitable Trust Co. Buys 5,183 Shares of RLI Corp. (NYSE:RLI)

Equitable Trust Co. grew its stake in RLI Corp. (NYSE:RLI) by 175.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,133 shares of the insurance provider’s stock after acquiring an additional 5,183 shares during the quarter. Equitable Trust Co.’s holdings in RLI were worth $653,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC boosted its holdings in RLI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 186 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of RLI by 100.0% during the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 203 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of RLI by 88.5% during the first quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 224 shares in the last quarter. Compass Wealth Management LLC lifted its holdings in shares of RLI by 100.0% during the first quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider’s stock valued at $39,000 after purchasing an additional 240 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of RLI by 56.8% during the first quarter. SBI Securities Co. Ltd. now owns 530 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 192 shares in the last quarter. 77.89% of the stock is owned by institutional investors.

RLI Stock Down 0.0%

RLI stock opened at $67.78 on Friday. RLI Corp. has a fifty-two week low of $67.12 and a fifty-two week high of $91.14. The business’s 50-day moving average is $72.62 and its two-hundred day moving average is $74.68. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.35 and a current ratio of 0.34. The company has a market cap of $6.22 billion, a price-to-earnings ratio of 19.42 and a beta of 0.67.

RLI (NYSE:RLI) last issued its quarterly earnings results on Monday, July 21st. The insurance provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. The business had revenue of $562.28 million during the quarter, compared to analysts’ expectations of $445.55 million. RLI had a return on equity of 15.82% and a net margin of 17.81%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.72 earnings per share. As a group, analysts forecast that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, May 30th were given a $0.16 dividend. This is a boost from RLI’s previous quarterly dividend of $0.15. The ex-dividend date was Friday, May 30th. This represents a $0.64 dividend on an annualized basis and a yield of 0.94%. RLI’s dividend payout ratio is presently 18.34%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on RLI shares. Keefe, Bruyette & Woods lowered their price target on RLI from $95.00 to $85.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Compass Point downgraded RLI from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a report on Thursday, April 24th. Finally, Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a report on Saturday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, RLI currently has a consensus rating of “Hold” and an average target price of $78.60.

Insider Buying and Selling

In related news, COO Jennifer L. Klobnak purchased 3,000 shares of RLI stock in a transaction on Thursday, July 24th. The stock was acquired at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the completion of the transaction, the chief operating officer directly owned 98,450 shares in the company, valued at $6,807,817.50. This represents a 3.14% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.16% of the stock is currently owned by insiders.

About RLI

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.