Amalgamated Bank Has $3.17 Million Holdings in RLI Corp. (NYSE:RLI)

Amalgamated Bank lessened its stake in shares of RLI Corp. (NYSE:RLI) by 7.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 22,513 shares of the insurance provider’s stock after selling 1,721 shares during the quarter. Amalgamated Bank’s holdings in RLI were worth $3,167,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. American National Bank acquired a new stake in RLI during the 2nd quarter worth about $35,000. Riverview Trust Co acquired a new stake in RLI during the 1st quarter worth about $44,000. Intelligent Financial Strategies acquired a new stake in RLI during the 1st quarter worth about $45,000. Benjamin F. Edwards & Company Inc. increased its holdings in shares of RLI by 468.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 253 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in shares of RLI in the 1st quarter valued at about $73,000. Institutional investors and hedge funds own 77.89% of the company’s stock.

Wall Street Analysts Forecast Growth

RLI has been the topic of a number of research reports. Jefferies Financial Group dropped their target price on RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $155.00 target price on shares of RLI in a report on Wednesday, July 24th. JMP Securities reiterated 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 research note on Monday, July 29th. Finally, Compass Point lowered their price target on RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $166.25.

RLI Stock Performance

Shares of NYSE RLI opened at $154.06 on Tuesday. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of 21.28 and a beta of 0.41. The business has a 50 day simple moving average of $149.10 and a 200 day simple moving average of $145.37. RLI Corp. has a 52 week low of $125.77 and a 52 week high of $155.59.

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

RLI Announces Dividend

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