Envestnet Asset Management Inc. Increases Holdings in RLI Corp. (NYSE:RLI)

Envestnet Asset Management Inc. boosted its position in RLI Corp. (NYSE:RLI) by 12.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,613 shares of the insurance provider’s stock after buying an additional 8,529 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of RLI worth $10,497,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Creekmur Asset Management LLC acquired a new stake in RLI during the 4th quarter valued at approximately $1,024,000. Russell Investments Group Ltd. lifted its position in RLI by 585.0% during the first quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock valued at $6,184,000 after purchasing an additional 35,569 shares during the period. BNP Paribas Financial Markets boosted its holdings in RLI by 52.2% in the first quarter. BNP Paribas Financial Markets now owns 11,645 shares of the insurance provider’s stock valued at $1,729,000 after purchasing an additional 3,993 shares during the last quarter. Maren Capital LLC acquired a new stake in RLI during the 4th quarter worth about $67,149,000. Finally, Cetera Advisors LLC acquired a new stake in RLI during the 1st quarter worth about $515,000. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Trading Up 0.6 %

Shares of RLI opened at $153.70 on Friday. The firm has a market cap of $7.03 billion, a P/E ratio of 21.23 and a beta of 0.41. RLI Corp. has a 12 month low of $125.77 and a 12 month high of $155.59. The stock’s 50 day moving average is $149.50 and its two-hundred day moving average is $145.47.

RLI (NYSE:RLI) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.37. The firm had revenue of $416.44 million for the quarter, compared to analysts’ expectations of $561.60 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 EPS. Equities research analysts forecast that RLI Corp. will post 6.14 EPS for the current year.

RLI Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s dividend payout ratio is presently 16.02%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. JMP Securities reissued a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods boosted their price target on RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Compass Point dropped their price objective on shares of RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Jefferies Financial Group decreased their target price on shares of RLI from $170.00 to $165.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $155.00 price target on shares of RLI in a report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $166.25.

RLI Profile

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.