TIAA CREF Investment Management LLC Lowers Holdings in RLI Corp. (RLI)
TIAA CREF Investment Management LLC lessened its stake in RLI Corp. (NYSE:RLI) by 6.9% in the 4th quarter, HoldingsChannel reports. The fund owned 94,854 shares of the insurance provider’s stock after selling 6,976 shares during the quarter. TIAA CREF Investment Management LLC’s holdings in RLI were worth $5,754,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its position in RLI by 172.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 27,432 shares of the insurance provider’s stock valued at $1,574,000 after acquiring an additional 17,358 shares in the last quarter. Swiss National Bank increased its position in RLI by 2.6% in the 4th quarter. Swiss National Bank now owns 63,800 shares of the insurance provider’s stock valued at $3,870,000 after acquiring an additional 1,600 shares in the last quarter. Rhumbline Advisers increased its position in RLI by 14.7% in the 4th quarter. Rhumbline Advisers now owns 99,931 shares of the insurance provider’s stock valued at $6,062,000 after acquiring an additional 12,823 shares in the last quarter. Royce & Associates LP increased its position in RLI by 15.2% in the 4th quarter. Royce & Associates LP now owns 610,918 shares of the insurance provider’s stock valued at $37,058,000 after acquiring an additional 80,458 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in RLI by 6.2% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 256,004 shares of the insurance provider’s stock valued at $14,685,000 after acquiring an additional 14,929 shares in the last quarter. Hedge funds and other institutional investors own 87.04% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of RLI from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Monday, January 8th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. RLI presently has an average rating of “Hold” and an average price target of $57.67.
RLI (NYSE:RLI) last issued its earnings results on Wednesday, January 24th. The insurance provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The company had revenue of $202.74 million for the quarter, compared to analyst estimates of $197.85 million. RLI had a net margin of 13.17% and a return on equity of 8.21%. analysts expect that RLI Corp. will post 2.17 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 20th. Stockholders of record on Wednesday, February 28th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Tuesday, February 27th. RLI’s dividend payout ratio (DPR) is presently 52.17%.
In other news, Director Michael J. Stone sold 1,013 shares of the firm’s stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $61.52, for a total value of $62,319.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Aaron Paul Diefenthaler sold 900 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $64.77, for a total transaction of $58,293.00. The disclosure for this sale can be found here. Insiders sold a total of 6,913 shares of company stock worth $447,413 in the last ninety days. Insiders own 5.54% of the company’s stock.
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RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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