Truist Financial Corp Sells 2,630 Shares of RLI Corp. (NYSE:RLI)

Truist Financial Corp lessened its position in shares of RLI Corp. (NYSE:RLI) by 38.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,124 shares of the insurance provider’s stock after selling 2,630 shares during the quarter. Truist Financial Corp’s holdings in RLI were worth $580,000 as of its most recent SEC filing.

Several other large 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 1st quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock worth $30,864,000 after acquiring an additional 146,324 shares in the last quarter. Maren Capital LLC raised its stake in shares of RLI by 21.3% during the 1st quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider’s stock worth $90,876,000 after acquiring an additional 107,655 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of RLI by 585.0% during the 1st quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock worth $6,184,000 after acquiring an additional 35,569 shares in the last quarter. Cubist Systematic Strategies LLC grew its position in RLI by 2,611.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 34,838 shares of the insurance provider’s stock worth $4,901,000 after purchasing an additional 33,553 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in RLI by 14.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 265,365 shares of the insurance provider’s stock worth $39,400,000 after purchasing an additional 33,435 shares during the last quarter. Institutional investors own 77.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Wolfe Research assumed coverage on shares of RLI in a research report on Wednesday, October 9th. They set an “outperform” rating and a $182.00 target price on the stock. JMP Securities reissued a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Compass Point dropped their target price on shares of RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods boosted their target price 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. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $162.00 target price 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $173.80.

RLI Price Performance

RLI stock opened at $160.23 on Wednesday. The firm’s fifty day simple moving average is $152.61 and its 200-day simple moving average is $146.40. The company has a market capitalization of $7.33 billion, a P/E ratio of 21.86 and a beta of 0.41. RLI Corp. has a 12 month low of $125.77 and a 12 month high of $162.72.

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

RLI Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors 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 yield of 0.72%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s dividend payout ratio (DPR) is presently 15.83%.

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.