RLI Corp. (NYSE:RLI) Shares Acquired by Amalgamated Bank

Amalgamated Bank grew its holdings in RLI Corp. (NYSE:RLI) by 91.4% in the 1st quarter, Holdings Channel.com reports. The fund owned 39,388 shares of the insurance provider’s stock after buying an additional 18,808 shares during the period. Amalgamated Bank’s holdings in RLI were worth $3,164,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. KBC Group NV boosted its holdings in RLI by 103.4% in the first quarter. KBC Group NV now owns 3,641 shares of the insurance provider’s stock worth $292,000 after acquiring an additional 1,851 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of RLI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 186 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of RLI by 100.0% during the first quarter. Illinois Municipal Retirement Fund now owns 19,526 shares of the insurance provider’s stock worth $1,569,000 after purchasing an additional 9,763 shares during the period. Diversified Trust Co acquired a new stake in shares of RLI during the first quarter worth about $549,000. Finally, Motiv8 Investments LLC lifted its holdings in shares of RLI by 100.0% during the first quarter. Motiv8 Investments LLC now owns 2,800 shares of the insurance provider’s stock worth $225,000 after purchasing an additional 1,400 shares during the period. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Stock Up 1.8%

Shares of RLI stock opened at $71.70 on Friday. The stock has a 50 day moving average of $73.91 and a 200 day moving average of $75.96. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. The stock has a market cap of $6.58 billion, a P/E ratio of 23.59 and a beta of 0.67. RLI Corp. has a twelve month low of $68.50 and a twelve month high of $91.15.

RLI (NYSE:RLI) last announced its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $36.73 million during the quarter, compared to analysts’ expectations of $442.20 million. RLI had a return on equity of 16.26% and a net margin of 16.22%. RLI’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period last year, the business earned $0.95 earnings per share. As a group, sell-side analysts expect that RLI Corp. will post 3.08 EPS for the current year.

RLI Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, May 30th were given a dividend of $0.16 per share. This is a boost from RLI’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend was Friday, May 30th. RLI’s dividend payout ratio (DPR) is currently 21.05%.

Analysts Set New Price Targets

RLI has been the subject of a number of research reports. Compass Point downgraded RLI from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. Keefe, Bruyette & Woods decreased their target price on RLI from $95.00 to $85.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a report on Tuesday, May 6th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of RLI in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, RLI has a consensus rating of “Hold” and an average price target of $78.60.

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.