Sanctuary Advisors LLC Buys New Holdings in RLI Corp. (NYSE:RLI)

Sanctuary Advisors LLC bought a new stake in RLI Corp. (NYSE:RLI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 5,343 shares of the insurance provider’s stock, valued at approximately $770,000.

Other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in RLI by 45.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 77 shares during the last quarter. American National Bank acquired a new stake in RLI during the second quarter worth approximately $35,000. Riverview Trust Co acquired a new stake in RLI during the first quarter worth approximately $44,000. Benjamin F. Edwards & Company Inc. lifted its position in RLI by 468.5% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 253 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new stake in RLI during the first quarter worth approximately $73,000. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. JMP Securities restated a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods raised their price objective on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Wolfe Research assumed coverage on shares of RLI in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 price target for the company. Jefferies Financial Group lifted their price target on shares of RLI from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $162.00 price target on shares of RLI in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.80.

RLI Price Performance

Shares of NYSE:RLI opened at $157.45 on Monday. The company’s 50 day simple moving average is $152.03 and its 200 day simple moving average is $146.24. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of 21.48 and a beta of 0.41. RLI Corp. has a 1 year low of $125.77 and a 1 year high of $160.47.

RLI (NYSE:RLI) last announced its quarterly earnings data 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 business 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 quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm posted $1.16 earnings per share. As a group, analysts anticipate that RLI Corp. will post 6.14 EPS for the current fiscal year.

RLI Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a dividend of $0.29 per share. The ex-dividend date was Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.74%. RLI’s payout ratio is presently 15.83%.

About RLI

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.