KBC Group NV Sells 1,333 Shares of RLI Corp. $RLI

KBC Group NV lessened its stake in shares of RLI Corp. (NYSE:RLI) by 36.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,308 shares of the insurance provider’s stock after selling 1,333 shares during the quarter. KBC Group NV’s holdings in RLI were worth $167,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of RLI. Caitong International Asset Management Co. Ltd raised its holdings in RLI by 7,300.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 370 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 365 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of RLI by 100.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 198 shares during the period. Chung Wu Investment Group LLC acquired a new position in shares of RLI in the second quarter valued at approximately $29,000. Hantz Financial Services Inc. increased its stake in shares of RLI by 3,645.5% during the second quarter. Hantz Financial Services Inc. now owns 412 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 401 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new stake in RLI during the 2nd quarter worth approximately $37,000. Institutional investors own 77.89% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Weiss Ratings restated a “hold (c)” rating on shares of RLI in a research note on Wednesday, October 8th. Finally, Truist Financial set a $62.00 price objective on shares of RLI and gave the stock a “hold” rating in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $72.80.

RLI Stock Performance

RLI opened at $63.49 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.35 and a current ratio of 0.35. RLI Corp. has a 52-week low of $57.75 and a 52-week high of $91.14. The firm has a market cap of $5.83 billion, a P/E ratio of 16.66 and a beta of 0.61. The business’s fifty day moving average is $62.85 and its 200-day moving average is $68.08.

RLI (NYSE:RLI) last posted its quarterly earnings data on Monday, October 20th. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.21. The business had revenue of $509.26 million during the quarter, compared to analysts’ expectations of $444.75 million. RLI had a net margin of 19.02% and a return on equity of 16.51%. During the same quarter in the prior year, the business posted $1.31 earnings per share. Sell-side analysts expect that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, November 28th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, November 28th. RLI’s dividend payout ratio is 16.80%.

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.