Prudential Financial Inc. Sells 560 Shares of RLI Corp (NYSE:RLI)

Prudential Financial Inc. lessened its stake in RLI Corp (NYSE:RLI) by 0.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 63,592 shares of the insurance provider’s stock after selling 560 shares during the period. Prudential Financial Inc.’s holdings in RLI were worth $5,450,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swiss National Bank boosted its position in shares of RLI by 2.2% during the 2nd quarter. Swiss National Bank now owns 70,400 shares of the insurance provider’s stock valued at $6,034,000 after purchasing an additional 1,500 shares in the last quarter. Creative Planning boosted its position in shares of RLI by 1.2% during the 2nd quarter. Creative Planning now owns 14,581 shares of the insurance provider’s stock valued at $1,250,000 after purchasing an additional 170 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of RLI by 9.3% during the 4th quarter. Geode Capital Management LLC now owns 413,555 shares of the insurance provider’s stock valued at $28,531,000 after purchasing an additional 35,029 shares in the last quarter. Vaughan David Investments LLC IL boosted its position in shares of RLI by 0.4% during the 1st quarter. Vaughan David Investments LLC IL now owns 2,068,695 shares of the insurance provider’s stock valued at $148,429,000 after purchasing an additional 8,019 shares in the last quarter. Finally, WINTON GROUP Ltd boosted its position in shares of RLI by 492.9% during the 2nd quarter. WINTON GROUP Ltd now owns 58,039 shares of the insurance provider’s stock valued at $4,975,000 after purchasing an additional 48,250 shares in the last quarter. Hedge funds and other institutional investors own 88.23% of the company’s stock.

In related news, Director Michael J. Stone sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $91.94, for a total transaction of $1,379,100.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael E. Angelina purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were purchased at an average cost of $90.79 per share, for a total transaction of $90,790.00. The disclosure for this purchase can be found here. 5.01% of the stock is currently owned by corporate insiders.

RLI stock traded up $0.63 during trading on Friday, reaching $90.81. 1,126 shares of the stock were exchanged, compared to its average volume of 103,744. The firm’s 50 day moving average is $91.05 and its 200 day moving average is $82.94. RLI Corp has a twelve month low of $64.48 and a twelve month high of $94.54. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.16. The firm has a market cap of $4.00 billion, a P/E ratio of 43.94 and a beta of 0.76.

RLI (NYSE:RLI) last posted its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.08. RLI had a return on equity of 11.34% and a net margin of 13.63%. The business had revenue of $224.54 million for the quarter, compared to the consensus estimate of $227.16 million. During the same period in the prior year, the business earned $0.60 EPS. As a group, analysts predict that RLI Corp will post 2.35 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Thursday, August 29th. RLI’s dividend payout ratio (DPR) is currently 44.88%.

Several equities research analysts recently commented on RLI shares. Keefe, Bruyette & Woods upped their target price on RLI from $81.00 to $88.00 and gave the company a “market perform” rating in a research report on Friday, July 19th. Royal Bank of Canada set a $84.00 price target on RLI and gave the stock a “hold” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $76.80.

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.

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Institutional Ownership by Quarter for RLI (NYSE:RLI)

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