Nisa Investment Advisors LLC Trims Stock Position in RLI Corp. (NYSE:RLI)

Nisa Investment Advisors LLC lessened its stake in shares of RLI Corp. (NYSE:RLI) by 1.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,635 shares of the insurance provider’s stock after selling 350 shares during the period. Nisa Investment Advisors LLC’s holdings in RLI were worth $4,591,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Riverview Trust Co purchased a new stake in RLI in the first quarter worth about $44,000. Intelligent Financial Strategies bought a new stake in shares of RLI in the 1st quarter valued at about $45,000. GAMMA Investing LLC purchased a new stake in shares of RLI in the 4th quarter worth approximately $41,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of RLI by 468.5% during the first 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 in the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in RLI during the first quarter valued at approximately $73,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Wall Street Analyst Weigh In

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

RLI Price Performance

Shares of RLI stock opened at $150.41 on Tuesday. The stock’s fifty day moving average price is $143.04 and its 200 day moving average price is $143.76. RLI Corp. has a 1-year low of $125.77 and a 1-year high of $151.47. The company has a market cap of $6.88 billion, a price-to-earnings ratio of 20.77 and a beta of 0.41.

RLI (NYSE:RLI) last issued its quarterly earnings results 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 analyst estimates of $561.60 million. RLI had a return on equity of 18.33% and a net margin of 20.78%. The company’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 earnings per share. As a group, equities research analysts anticipate that RLI Corp. will post 6.12 earnings per share for the current year.

RLI Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.77%. RLI’s dividend payout ratio is currently 16.02%.

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.