RLI Corp. (NYSE:RLI) released its earnings results on Wednesday. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by $0.21. The company had revenue of $206.40 million for the quarter, compared to analysts’ expectations of $196.79 million. RLI Corp. had a return on equity of 12.24% and a net margin of 16.16%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 EPS.
RLI Corp. (NYSE:RLI) traded down 0.04% during trading on Wednesday, reaching $68.01. 154,495 shares of the company were exchanged. RLI Corp. has a 12 month low of $57.73 and a 12 month high of $71.46. The stock has a 50 day moving average price of $68.55 and a 200 day moving average price of $67.05. The firm has a market capitalization of $2.98 billion, a PE ratio of 23.13 and a beta of 0.91.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 19th. Investors of record on Wednesday, August 31st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. RLI Corp.’s payout ratio is presently 27.30%.
Separately, Zacks Investment Research raised shares of RLI Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Five analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and a consensus price target of $59.75.
In related news, Director Michael J. Stone sold 907 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $67.39, for a total transaction of $61,122.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert P. Restrepo, Jr. purchased 600 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were acquired at an average price of $70.63 per share, with a total value of $42,378.00. Following the purchase, the director now owns 900 shares in the company, valued at $63,567. The disclosure for this purchase can be found here. Corporate insiders own 6.30% of the company’s stock.
Hedge funds have recently modified their holdings of the company. BlackRock Fund Advisors boosted its stake in shares of RLI Corp. by 1.9% in the second quarter. BlackRock Fund Advisors now owns 2,427,129 shares of the company’s stock worth $166,938,000 after buying an additional 45,888 shares in the last quarter. BlackRock Inc. boosted its stake in shares of RLI Corp. by 1,852.3% in the second quarter. BlackRock Inc. now owns 35,845 shares of the company’s stock worth $2,466,000 after buying an additional 34,009 shares in the last quarter. Atlanta Capital Management Co. L L C boosted its stake in shares of RLI Corp. by 5.2% in the second quarter. Atlanta Capital Management Co. L L C now owns 433,535 shares of the company’s stock worth $29,819,000 after buying an additional 21,376 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of RLI Corp. by 80.6% in the second quarter. ProShare Advisors LLC now owns 38,887 shares of the company’s stock worth $2,675,000 after buying an additional 17,353 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new stake in shares of RLI Corp. during the second quarter worth $1,107,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.
About RLI Corp.
RLI Corp. is a specialty insurance company. The Company operates through three segments: Casualty, Property and Surety. The Casualty segment consists of general liability, personal umbrella, transportation, executive products and commercial umbrella coverages, as well as package business and other specialty coverages.
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