Envestnet Asset Management Inc. Purchases 75,673 Shares of RLI Corp. (NYSE:RLI)

Envestnet Asset Management Inc. increased its position in shares of RLI Corp. (NYSE:RLI) by 74.3% during the first quarter, HoldingsChannel.com reports. The fund owned 177,477 shares of the insurance provider’s stock after acquiring an additional 75,673 shares during the period. Envestnet Asset Management Inc.’s holdings in RLI were worth $14,257,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of RLI in the 4th quarter worth $80,476,000. Wellington Management Group LLP increased its holdings in shares of RLI by 580.4% in the 4th quarter. Wellington Management Group LLP now owns 415,247 shares of the insurance provider’s stock worth $68,445,000 after buying an additional 354,219 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of RLI by 90.0% in the 1st quarter. Bank of New York Mellon Corp now owns 650,583 shares of the insurance provider’s stock worth $52,261,000 after buying an additional 308,154 shares during the last quarter. Palisade Capital Management LP increased its holdings in shares of RLI by 89.4% in the 1st quarter. Palisade Capital Management LP now owns 574,807 shares of the insurance provider’s stock worth $46,174,000 after buying an additional 271,260 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of RLI by 15,376.1% in the 1st quarter. GAMMA Investing LLC now owns 160,178 shares of the insurance provider’s stock worth $12,867,000 after buying an additional 159,143 shares during the last quarter. Institutional investors own 77.89% of the company’s stock.

RLI Trading Down 0.2%

Shares of RLI opened at $70.20 on Friday. The stock has a market capitalization of $6.44 billion, a P/E ratio of 23.09 and a beta of 0.67. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.06. The firm has a fifty day simple moving average of $73.21 and a two-hundred day simple moving average of $75.11. RLI Corp. has a twelve month low of $69.16 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 business had revenue of $36.73 million during the quarter, compared to analysts’ expectations of $442.20 million. RLI had a net margin of 16.22% and a return on equity of 16.26%. The firm’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.95 EPS. On average, research analysts anticipate that RLI Corp. will post 3.08 EPS for the current year.

RLI Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, May 30th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.64 annualized dividend and a yield of 0.91%. This is a boost from RLI’s previous quarterly dividend of $0.15. RLI’s dividend payout ratio is presently 21.05%.

Analyst Ratings Changes

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

RLI Company 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.