Tower Research Capital LLC TRC Acquires New Stake in RLI Corp. (RLI)
Tower Research Capital LLC TRC acquired a new position in RLI Corp. (NYSE:RLI) during the second quarter, according to its most recent filing with the SEC. The fund acquired 1,686 shares of the company’s stock, valued at approximately $116,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of RLI. Appleton Partners Inc. MA raised its position in RLI Corp. by 1.4% in the second quarter. Appleton Partners Inc. MA now owns 5,250 shares of the company’s stock worth $361,000 after buying an additional 75 shares in the last quarter. PineBridge Investments L.P. increased its stake in shares of RLI Corp. by 4.0% in the second quarter. PineBridge Investments L.P. now owns 4,819 shares of the company’s stock valued at $331,000 after buying an additional 187 shares during the last quarter. Commonwealth Equity Services Inc increased its stake in shares of RLI Corp. by 6.7% in the second quarter. Commonwealth Equity Services Inc now owns 3,211 shares of the company’s stock valued at $221,000 after buying an additional 202 shares during the last quarter. LPL Financial LLC increased its stake in shares of RLI Corp. by 1.4% in the first quarter. LPL Financial LLC now owns 26,067 shares of the company’s stock valued at $1,722,000 after buying an additional 349 shares during the last quarter. Finally, Whittier Trust Co. increased its stake in shares of RLI Corp. by 1.2% in the second quarter. Whittier Trust Co. now owns 30,053 shares of the company’s stock valued at $2,067,000 after buying an additional 364 shares during the last quarter. Institutional investors own 79.93% of the company’s stock.
Shares of RLI Corp. (NYSE:RLI) opened at 68.82 on Thursday. The stock has a market cap of $3.01 billion, a P/E ratio of 23.41 and a beta of 0.91. RLI Corp. has a 12-month low of $55.39 and a 12-month high of $71.46. The company’s 50-day moving average is $68.78 and its 200-day moving average is $67.03.
RLI Corp. (NYSE:RLI) last issued its quarterly earnings data on Tuesday, July 19th. The company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $196 million for the quarter, compared to analyst estimates of $208.20 million. RLI Corp. had a net margin of 16.16% and a return on equity of 12.24%. During the same quarter last year, the firm earned $0.77 earnings per share. On average, analysts expect that RLI Corp. will post $2.31 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 19th. Investors of record on Wednesday, August 31st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.16%. The ex-dividend date was Monday, August 29th. RLI Corp.’s payout ratio is presently 27.30%.
Separately, Zacks Investment Research raised shares of RLI Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Five equities research analysts have rated the stock with a hold rating, RLI Corp. has an average rating of “Hold” and an average target price of $59.75.
In related news, Director Michael J. Stone sold 907 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $67.39, for a total transaction of $61,122.73. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert P. Restrepo, Jr. acquired 600 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were acquired at an average cost of $70.63 per share, for a total transaction of $42,378.00. Following the transaction, the director now owns 900 shares of the company’s stock, valued at approximately $63,567. The disclosure for this purchase can be found here. Corporate insiders own 6.30% of the company’s stock.
About RLI Corp.
RLI Corp. is a specialty insurance company. The Company operates through three segments: Casualty, Property and Surety. The Casualty segment consists of general liability, personal umbrella, transportation, executive products and commercial umbrella coverages, as well as package business and other specialty coverages.
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