RLI Corp. (NYSE:RLI) Shares Sold by Bridges Investment Management Inc.

Bridges Investment Management Inc. lowered its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 73.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,811 shares of the insurance provider's stock after selling 4,967 shares during the period. Bridges Investment Management Inc.'s holdings in RLI were worth $299,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State of Alaska Department of Revenue increased its position in shares of RLI by 7.8% during the third quarter. State of Alaska Department of Revenue now owns 6,820 shares of the insurance provider's stock valued at $1,056,000 after acquiring an additional 495 shares in the last quarter. Van ECK Associates Corp increased its holdings in RLI by 40.0% in the 3rd quarter. Van ECK Associates Corp now owns 27,293 shares of the insurance provider's stock worth $4,359,000 after buying an additional 7,798 shares in the last quarter. Donaldson Capital Management LLC purchased a new position in RLI in the 3rd quarter worth about $3,469,000. QRG Capital Management Inc. boosted its holdings in shares of RLI by 4.2% during the 3rd quarter. QRG Capital Management Inc. now owns 5,532 shares of the insurance provider's stock valued at $857,000 after acquiring an additional 225 shares during the last quarter. Finally, Atria Investments Inc raised its holdings in shares of RLI by 8.5% during the third quarter. Atria Investments Inc now owns 9,380 shares of the insurance provider's stock valued at $1,454,000 after purchasing an additional 735 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

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RLI Trading Up 0.4 %

Shares of NYSE:RLI traded up $0.31 during trading hours on Friday, hitting $75.95. 403,799 shares of the company's stock traded hands, compared to its average volume of 534,677. RLI Corp. has a 1 year low of $67.53 and a 1 year high of $91.14. The firm has a market capitalization of $6.97 billion, a P/E ratio of 20.28 and a beta of 0.46. The business has a fifty day moving average price of $76.44 and a 200-day moving average price of $79.34. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.34 and a quick ratio of 0.38.

RLI (NYSE:RLI - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The insurance provider reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $1.05 by ($0.64). RLI had a return on equity of 16.63% and a net margin of 19.53%. Equities analysts expect that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Friday, February 28th will be paid a $0.15 dividend. This is an increase from RLI's previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.60 dividend on an annualized basis and a yield of 0.79%. RLI's payout ratio is 16.00%.

Insiders Place Their Bets

In other news, Director David B. Duclos acquired 2,000 shares of the business's stock in a transaction dated Wednesday, January 29th. The shares were purchased at an average price of $72.50 per share, with a total value of $145,000.00. Following the transaction, the director now directly owns 7,215 shares in the company, valued at approximately $523,087.50. This represents a 38.35 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael E. Angelina bought 2,200 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The shares were purchased at an average cost of $72.62 per share, with a total value of $159,764.00. Following the transaction, the director now directly owns 23,514 shares of the company's stock, valued at $1,707,586.68. The trade was a 10.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 11,200 shares of company stock worth $805,774 over the last 90 days. Company insiders own 5.09% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on RLI. Royal Bank of Canada dropped their price target on RLI from $88.00 to $80.00 and set a "sector perform" rating on the stock in a research note on Friday, January 24th. JMP Securities restated a "market perform" rating on shares of RLI in a research note on Thursday, January 23rd. StockNews.com upgraded RLI from a "sell" rating to a "hold" rating in a research note on Friday, February 21st. Keefe, Bruyette & Woods decreased their price target 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 price objective for the stock from $95.00 to $61.00 in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, RLI currently has a consensus rating of "Hold" and an average price target of $82.80.

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.