RLI Corp (RLI) Stake Lessened by DAVENPORT & Co LLC

DAVENPORT & Co LLC cut its holdings in RLI Corp (NYSE:RLI) by 2.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,164 shares of the insurance provider’s stock after selling 149 shares during the period. DAVENPORT & Co LLC’s holdings in RLI were worth $371,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Murphy Pohlad Asset Management LLC bought a new position in shares of RLI in the fourth quarter valued at approximately $27,000. Intercontinental Wealth Advisors LLC bought a new position in shares of RLI in the fourth quarter valued at approximately $47,000. BlueMountain Capital Management LLC bought a new position in shares of RLI in the third quarter valued at approximately $121,000. Contravisory Investment Management Inc. bought a new position in shares of RLI in the first quarter valued at approximately $124,000. Finally, FMR LLC bought a new position in shares of RLI in the third quarter valued at approximately $163,000. 89.29% of the stock is owned by institutional investors.

RLI has been the topic of several research analyst reports. Zacks Investment Research upgraded RLI from a “hold” rating to a “buy” rating and set a $77.00 price objective on the stock in a research note on Tuesday, February 12th. TheStreet downgraded RLI from a “b” rating to a “c” rating in a research note on Wednesday, January 23rd. Finally, Compass Point initiated coverage on RLI in a research note on Tuesday, January 15th. They issued a “sell” rating and a $48.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $63.50.

In other RLI news, Director Michael J. Stone sold 4,000 shares of the stock in a transaction on Tuesday, January 29th. The stock was sold at an average price of $65.43, for a total transaction of $261,720.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael J. Stone sold 10,000 shares of the stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $70.44, for a total value of $704,400.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,437 shares of company stock worth $1,068,937. 5.01% of the stock is owned by company insiders.

RLI stock opened at $73.30 on Thursday. RLI Corp has a 12 month low of $62.30 and a 12 month high of $79.98. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $3.27 billion, a P/E ratio of 35.76 and a beta of 0.93.

RLI (NYSE:RLI) last posted its quarterly earnings data on Wednesday, April 17th. The insurance provider reported $0.71 EPS for the quarter, beating the consensus estimate of $0.59 by $0.12. RLI had a return on equity of 10.96% and a net margin of 7.84%. On average, analysts predict that RLI Corp will post 2.23 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Thursday, February 28th were paid a $0.22 dividend. The ex-dividend date was Wednesday, February 27th. This represents a $0.88 annualized dividend and a yield of 1.20%. RLI’s payout ratio is 42.93%.

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RLI Profile

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, and mercantile.

Further Reading: Treasury Bonds

Institutional Ownership by Quarter for RLI (NYSE:RLI)

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