Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Holdings in RLI Corp. (NYSE:RLI)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of RLI Corp. (NYSE:RLI) by 2.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 9,485 shares of the insurance provider’s stock after purchasing an additional 196 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in RLI were worth $1,334,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. increased its stake in shares of RLI by 3.9% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 43,496 shares of the insurance provider’s stock worth $6,119,000 after buying an additional 1,620 shares during the last quarter. Whittier Trust Co. grew its holdings in RLI by 5.2% during the 2nd quarter. Whittier Trust Co. now owns 83,745 shares of the insurance provider’s stock worth $11,782,000 after acquiring an additional 4,150 shares in the last quarter. Argonautica Private Wealth Management Inc. raised its stake in shares of RLI by 5.1% in the 2nd quarter. Argonautica Private Wealth Management Inc. now owns 2,762 shares of the insurance provider’s stock valued at $389,000 after purchasing an additional 134 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. lifted its position in shares of RLI by 7.5% during the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 5,689 shares of the insurance provider’s stock worth $800,000 after purchasing an additional 397 shares during the last quarter. Finally, Atomi Financial Group Inc. acquired a new position in RLI in the second quarter worth about $244,000. 77.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

RLI Price Performance

Shares of NYSE RLI opened at $154.10 on Tuesday. The firm has a market capitalization of $7.04 billion, a PE ratio of 21.28 and a beta of 0.41. RLI Corp. has a 1-year low of $125.77 and a 1-year high of $154.26. The business’s fifty day moving average price is $144.94 and its two-hundred day moving average price is $144.56.

RLI (NYSE:RLI) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share for the quarter, topping 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 company’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 expect that RLI Corp. will post 6.14 earnings per share for the current fiscal year.

RLI Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.29 per share. The ex-dividend date is Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.75%. RLI’s dividend payout ratio (DPR) is presently 16.02%.

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.