Neuberger Berman Group LLC lowered its stake in RLI Corp. (NYSE:RLI) by 2.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,399,009 shares of the company’s stock after selling 51,248 shares during the period. Neuberger Berman Group LLC owned about 5.46% of RLI Corp. worth $163,996,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of RLI. Tower Research Capital LLC TRC bought a new stake in shares of RLI Corp. during the second quarter valued at $116,000. O Shaughnessy Asset Management LLC increased its stake in RLI Corp. by 1.1% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,694 shares of the company’s stock valued at $117,000 after buying an additional 19 shares during the period. Huntington National Bank increased its stake in RLI Corp. by 4.6% in the third quarter. Huntington National Bank now owns 1,904 shares of the company’s stock valued at $130,000 after buying an additional 84 shares during the period. Bank of Montreal Can acquired a new stake in RLI Corp. during the second quarter valued at approximately $181,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in RLI Corp. during the third quarter valued at approximately $205,000. Institutional investors and hedge funds own 78.99% of the company’s stock.
Shares of RLI Corp. (NYSE:RLI) traded up 1.33% during trading on Thursday, reaching $64.03. 176,394 shares of the company’s stock traded hands. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 24.35 and a beta of 1.01. The company has a 50 day moving average of $61.45 and a 200-day moving average of $66.08. RLI Corp. has a 1-year low of $54.27 and a 1-year high of $71.46.
RLI Corp. (NYSE:RLI) last issued its quarterly earnings data on Wednesday, October 19th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by $0.21. RLI Corp. had a net margin of 14.37% and a return on equity of 10.42%. The firm earned $206.40 million during the quarter, compared to analyst estimates of $196.79 million. During the same period last year, the business earned $0.70 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. Equities analysts predict that RLI Corp. will post $1.97 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 23rd. Stockholders of record on Wednesday, November 30th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Monday, November 28th. RLI Corp.’s payout ratio is currently 30.53%.
Separately, Zacks Investment Research downgraded shares of RLI Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, October 25th.
In other news, Director Michael J. Stone sold 907 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $67.39, for a total transaction of $61,122.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert P. Restrepo, Jr. purchased 600 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were bought at an average cost of $70.63 per share, with a total value of $42,378.00. Following the transaction, the director now directly owns 900 shares of the company’s stock, valued at approximately $63,567. The disclosure for this purchase can be found here. Insiders own 6.30% of the company’s stock.
RLI Corp. Company Profile
RLI Corp. is a specialty insurance company. The Company operates through three segments: Casualty, Property and Surety. The Casualty segment consists of general liability, personal umbrella, transportation, executive products and commercial umbrella coverages, as well as package business and other specialty coverages.
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