Vident Advisory LLC Sells 4,684 Shares of RLI Corp. (NYSE:RLI)

Vident Advisory LLC reduced its stake in shares of RLI Corp. (NYSE:RLI) by 15.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,759 shares of the insurance provider’s stock after selling 4,684 shares during the quarter. Vident Advisory LLC’s holdings in RLI were worth $3,676,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. acquired a new position in shares of RLI during the 4th quarter worth about $25,000. Riverview Trust Co acquired a new position in shares of RLI during the 1st quarter worth about $44,000. Intelligent Financial Strategies acquired a new position in shares of RLI in the 1st quarter valued at approximately $45,000. GAMMA Investing LLC acquired a new position in shares of RLI in the 4th quarter valued at approximately $41,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of RLI by 468.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 253 shares during the period. 77.89% of the stock is currently owned by institutional investors and hedge funds.

RLI Trading Up 2.3 %

Shares of RLI stock traded up $3.23 on Friday, reaching $146.03. 27,409 shares of the company were exchanged, compared to its average volume of 164,558. RLI Corp. has a one year low of $125.77 and a one year high of $149.20. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of 19.72 and a beta of 0.41. The company has a 50-day moving average of $141.91 and a 200 day moving average of $142.73.

RLI (NYSE:RLI) last announced 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 return on equity of 18.33% and a net margin of 20.78%. The company had revenue of $416.44 million for the quarter, compared to analysts’ expectations of $561.60 million. During the same quarter in the prior year, the business posted $1.16 EPS. The business’s revenue was up 9.1% compared to the same quarter last year. Analysts predict that RLI Corp. will post 5.84 earnings per share for the current year.

RLI Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Friday, May 31st were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.79%. This is a boost from RLI’s previous quarterly dividend of $0.27. RLI’s dividend payout ratio is currently 16.02%.

Analyst Upgrades and Downgrades

RLI has been the subject of several research analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $155.00 price objective on shares of RLI in a research report on Wednesday. Jefferies Financial Group reduced their price target on RLI from $170.00 to $165.00 and set a “buy” rating for the company in a research report on Friday, June 14th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research report on Tuesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $168.00 price target on shares of RLI in a research report on Friday, June 21st. Finally, Compass Point reduced their price target on RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, RLI has an average rating of “Moderate Buy” and an average target price of $164.50.

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.