Envestnet Asset Management Inc. Raises Stock Holdings in RLI Corp. (NYSE:RLI)

Envestnet Asset Management Inc. raised its stake in shares of RLI Corp. (NYSE:RLI - Free Report) by 12.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 74,613 shares of the insurance provider's stock after purchasing an additional 8,529 shares during the period. Envestnet Asset Management Inc. owned 0.16% of RLI worth $10,497,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in RLI. Creekmur Asset Management LLC bought a new stake in RLI in the fourth quarter worth $1,024,000. Russell Investments Group Ltd. raised its position in shares of RLI by 585.0% during the 1st quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider's stock valued at $6,184,000 after buying an additional 35,569 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of RLI by 52.2% in the 1st quarter. BNP Paribas Financial Markets now owns 11,645 shares of the insurance provider's stock valued at $1,729,000 after acquiring an additional 3,993 shares during the last quarter. Maren Capital LLC purchased a new position in RLI in the fourth quarter worth about $67,149,000. Finally, Cetera Advisors LLC bought a new stake in RLI during the first quarter worth approximately $515,000. Hedge funds and other institutional investors own 77.89% of the company's stock.

RLI Stock Up 0.2 %

NYSE:RLI traded up $0.32 during midday trading on Friday, hitting $154.01. The stock had a trading volume of 122,070 shares, compared to its average volume of 153,482. The company has a market capitalization of $7.04 billion, a price-to-earnings ratio of 21.27 and a beta of 0.41. The stock has a 50-day moving average of $149.72 and a 200 day moving average of $145.52. RLI Corp. has a one year low of $125.77 and a one year high of $155.59.

RLI (NYSE:RLI - Get Free Report) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.35 by $0.37. RLI had a net margin of 20.78% and a return on equity of 18.33%. The firm had revenue of $416.44 million for the quarter, compared to the consensus estimate of $561.60 million. During the same quarter in the previous year, the firm earned $1.16 EPS. The company's quarterly revenue was up 9.1% compared to the same quarter last year. On average, sell-side analysts anticipate that RLI Corp. will post 6.14 earnings per share for the current fiscal year.

RLI Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a dividend of $0.29 per share. The ex-dividend date was Friday, August 30th. This represents a $1.16 annualized dividend and a dividend yield of 0.75%. RLI's dividend payout ratio is presently 16.02%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RLI. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $155.00 price objective on shares of RLI in a research note on Wednesday, July 24th. Jefferies Financial Group dropped their price objective on shares of RLI from $170.00 to $165.00 and set a "buy" rating for the company in a research note on Friday, June 14th. JMP Securities reissued a "market perform" rating on shares of RLI in a research note on Tuesday, July 23rd. Compass Point lowered their target price on shares of RLI from $175.00 to $170.00 and set a "buy" rating for the company in a report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods upped their price target on shares of RLI from $169.00 to $175.00 and gave the company an "outperform" rating in a report on Monday, July 29th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, RLI has an average rating of "Moderate Buy" and an average target price of $166.25.

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.