Truist Financial Corp Reduces Stock Position in RLI Corp. (NYSE:RLI)

Truist Financial Corp lessened its holdings in shares of RLI Corp. (NYSE:RLI) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,335 shares of the insurance provider’s stock after selling 436 shares during the period. Truist Financial Corp owned about 0.06% of RLI worth $3,373,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. purchased a new position in shares of RLI during the fourth quarter valued at approximately $25,000. Gladius Capital Management LP boosted its holdings in RLI by 129.7% in the third quarter. Gladius Capital Management LP now owns 271 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 153 shares in the last quarter. GAMMA Investing LLC purchased a new position in RLI during the 4th quarter valued at $41,000. Quantbot Technologies LP bought a new position in RLI in the 3rd quarter worth $60,000. Finally, Duncker Streett & Co. Inc. bought a new position in RLI in the 4th quarter worth $127,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.

RLI Stock Performance

Shares of NYSE RLI opened at $146.34 on Tuesday. The company has a 50 day simple moving average of $144.67 and a two-hundred day simple moving average of $139.35. RLI Corp. has a fifty-two week low of $123.04 and a fifty-two week high of $149.20. The company has a market capitalization of $6.69 billion, a price-to-earnings ratio of 20.21 and a beta of 0.37.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, April 22nd. The insurance provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.26. RLI had a return on equity of 17.24% and a net margin of 20.96%. The business had revenue of $444.80 million during the quarter, compared to analysts’ expectations of $460.05 million. During the same quarter in the previous year, the business earned $1.63 earnings per share. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year. On average, analysts forecast that RLI Corp. will post 5.74 earnings per share for the current fiscal year.

RLI Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, May 31st will be paid a $0.29 dividend. This is a boost from RLI’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, May 31st. This represents a $1.16 dividend on an annualized basis and a yield of 0.79%. RLI’s payout ratio is presently 14.92%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RLI shares. Royal Bank of Canada boosted their price target on shares of RLI from $148.00 to $155.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 24th. JMP Securities reiterated a “market perform” rating on shares of RLI in a report on Tuesday, April 23rd. Compass Point raised their target price on RLI from $158.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods upped their price target on RLI from $160.00 to $168.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, RLI presently has a consensus rating of “Moderate Buy” and an average price target of $163.25.

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.