Raymond James Financial Inc. Takes $17.85 Million Position in RLI Corp. (NYSE:RLI)

Raymond James Financial Inc. purchased a new stake in RLI Corp. (NYSE:RLI - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 108,318 shares of the insurance provider's stock, valued at approximately $17,854,000. Raymond James Financial Inc. owned 0.12% of RLI at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in shares of RLI in the 4th quarter worth approximately $31,000. Versant Capital Management Inc grew its holdings in RLI by 53.8% in the fourth quarter. Versant Capital Management Inc now owns 203 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 71 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of RLI by 76.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider's stock valued at $36,000 after buying an additional 100 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of RLI during the 4th quarter worth $56,000. Finally, GAMMA Investing LLC boosted its position in shares of RLI by 31.8% in the 4th quarter. GAMMA Investing LLC now owns 1,035 shares of the insurance provider's stock worth $171,000 after buying an additional 250 shares in the last quarter. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on RLI. JMP Securities restated a "market perform" rating on shares of RLI in a research report on Thursday, January 23rd. Compass Point cut their price target on RLI from $185.00 to $82.00 and set a "buy" rating for the company in a report on Monday, January 27th. StockNews.com upgraded RLI from a "sell" rating to a "hold" rating in a report on Friday, February 21st. Keefe, Bruyette & Woods decreased their price objective on RLI from $100.50 to $100.00 and set an "outperform" rating on the stock in a report on Friday, January 10th. Finally, Jefferies Financial Group lowered RLI from a "buy" rating to an "underperform" rating and dropped their target price for the company from $95.00 to $61.00 in a research note on Monday, January 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $82.80.

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Insider Activity

In other news, Director Michael E. Angelina purchased 2,200 shares of the company's stock in a transaction that occurred on Friday, January 24th. The shares were acquired at an average cost of $72.62 per share, with a total value of $159,764.00. Following the transaction, the director now owns 23,514 shares in the company, valued at approximately $1,707,586.68. The trade was a 10.32 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert P. Restrepo, Jr. sold 2,864 shares of RLI stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $74.89, for a total transaction of $214,484.96. Following the completion of the transaction, the director now directly owns 23,312 shares of the company's stock, valued at approximately $1,745,835.68. This represents a 10.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 11,200 shares of company stock worth $805,774. 5.09% of the stock is currently owned by corporate insiders.

RLI Stock Up 0.2 %

Shares of NYSE RLI traded up $0.18 during trading on Friday, reaching $76.31. 956,975 shares of the stock were exchanged, compared to its average volume of 327,817. RLI Corp. has a twelve month low of $67.53 and a twelve month high of $91.15. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 20.38 and a beta of 0.39. The company has a quick ratio of 0.38, a current ratio of 0.34 and a debt-to-equity ratio of 0.07. The business's 50-day moving average price is $75.43 and its 200 day moving average price is $79.32.

RLI (NYSE:RLI - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The insurance provider reported $0.41 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.64). RLI had a return on equity of 16.63% and a net margin of 19.53%. As a group, equities analysts forecast that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Friday, February 28th were given a $0.15 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.60 annualized dividend and a dividend yield of 0.79%. This is an increase from RLI's previous quarterly dividend of $0.15. RLI's payout ratio is presently 16.00%.

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.