Argent Capital Management LLC Boosts Holdings in RLI Corp. (NYSE:RLI)

Argent Capital Management LLC increased its holdings in RLI Corp. (NYSE:RLI) by 13.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,533 shares of the insurance provider’s stock after purchasing an additional 989 shares during the quarter. Argent Capital Management LLC’s holdings in RLI were worth $1,322,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. UMB Bank n.a. increased its stake in RLI by 620.0% during the third quarter. UMB Bank n.a. now owns 180 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 155 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of RLI during the third quarter worth about $32,000. EverSource Wealth Advisors LLC raised its stake in shares of RLI by 45.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock worth $37,000 after buying an additional 77 shares in the last quarter. American National Bank acquired a new stake in RLI in the second quarter valued at $35,000. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in RLI by 468.5% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after buying an additional 253 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Stock Down 0.0 %

Shares of RLI stock traded down $0.02 during mid-day trading on Thursday, reaching $159.69. The company’s stock had a trading volume of 25,874 shares, compared to its average volume of 153,772. The company’s 50 day simple moving average is $154.43 and its 200-day simple moving average is $147.04. RLI Corp. has a 12-month low of $125.77 and a 12-month high of $164.25. The firm has a market capitalization of $7.30 billion, a PE ratio of 22.06 and a beta of 0.41.

RLI (NYSE:RLI) last posted its earnings results on Monday, October 21st. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.33. RLI had a return on equity of 18.33% and a net margin of 20.78%. The business had revenue of $470.00 million during the quarter, compared to analyst estimates of $491.54 million. During the same quarter last year, the firm earned $0.61 earnings per share. The company’s revenue for the quarter was up 41.7% compared to the same quarter last year. As a group, research analysts anticipate that RLI Corp. will post 6.07 EPS for the current fiscal year.

RLI Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a yield of 0.73%. RLI’s dividend payout ratio is currently 16.02%.

Wall Street Analyst Weigh In

RLI has been the subject of several research reports. Wolfe Research began coverage on RLI in a research note on Wednesday, October 9th. They set an “outperform” rating and a $182.00 price target for the company. Jefferies Financial Group upped their price target on shares of RLI from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Compass Point cut their price target on RLI from $175.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Royal Bank of Canada lifted their price objective on RLI from $162.00 to $165.00 and gave the company a “sector perform” rating in a research report on Wednesday. Finally, JMP Securities reiterated a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $174.40.

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.