Northwestern Mutual Wealth Management Co. Sells 78 Shares of RLI Corp. (NYSE:RLI)

Northwestern Mutual Wealth Management Co. trimmed its position in shares of RLI Corp. (NYSE:RLI) by 17.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 363 shares of the insurance provider’s stock after selling 78 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in RLI were worth $51,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of RLI. Jacobs Levy Equity Management Inc. raised its stake in shares of RLI by 237.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock valued at $30,864,000 after acquiring an additional 146,324 shares during the last quarter. Maren Capital LLC raised its stake in RLI by 21.3% in the first quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider’s stock worth $90,876,000 after buying an additional 107,655 shares in the last quarter. Russell Investments Group Ltd. raised its stake in RLI by 585.0% in the first quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock worth $6,184,000 after buying an additional 35,569 shares in the last quarter. Cubist Systematic Strategies LLC raised its stake in RLI by 2,611.1% in the second quarter. Cubist Systematic Strategies LLC now owns 34,838 shares of the insurance provider’s stock worth $4,901,000 after buying an additional 33,553 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in RLI by 14.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 265,365 shares of the insurance provider’s stock worth $39,400,000 after buying an additional 33,435 shares in the last quarter. 77.89% of the stock is owned by institutional investors.

RLI Stock Performance

Shares of NYSE RLI opened at $157.45 on Friday. The company has a 50 day simple moving average of $152.03 and a two-hundred day simple moving average of $146.26. RLI Corp. has a fifty-two week low of $125.77 and a fifty-two week high of $160.47. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of 21.75 and a beta of 0.41.

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

RLI Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date was Friday, August 30th. RLI’s payout ratio is 16.02%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $162.00 price target on shares of RLI in a research note on Tuesday, October 8th. Wolfe Research assumed coverage on shares of RLI in a research note on Wednesday. They issued an “outperform” rating and a $182.00 price target for the company. JMP Securities reissued a “market perform” rating on shares of RLI in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods raised their target price on shares of RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Jefferies Financial Group raised their target price on shares of RLI from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, RLI currently has a consensus rating of “Moderate Buy” and an average price target of $173.80.

RLI Company 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.