Envestnet Asset Management Inc. Sells 13,455 Shares of RLI Corp. $RLI

Envestnet Asset Management Inc. cut its position in shares of RLI Corp. (NYSE:RLI) by 7.3% during the third quarter, HoldingsChannel.com reports. The firm owned 170,741 shares of the insurance provider’s stock after selling 13,455 shares during the period. Envestnet Asset Management Inc.’s holdings in RLI were worth $11,136,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of RLI. Caitong International Asset Management Co. Ltd boosted its stake in RLI by 7,300.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 370 shares of the insurance provider’s stock worth $27,000 after buying an additional 365 shares in the last quarter. Clarity Asset Management Inc. bought a new position in shares of RLI during the 2nd quarter worth about $28,000. Quent Capital LLC bought a new position in shares of RLI during the 3rd quarter worth about $26,000. Hantz Financial Services Inc. boosted its position in shares of RLI by 3,645.5% during the 2nd quarter. Hantz Financial Services Inc. now owns 412 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 401 shares in the last quarter. Finally, AlphaQuest LLC bought a new stake in RLI in the third quarter valued at about $43,000. 77.89% of the stock is currently owned by institutional investors and hedge funds.

RLI Stock Down 1.4%

RLI stock opened at $60.77 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.32 and a quick ratio of 0.35. RLI Corp. has a fifty-two week low of $55.80 and a fifty-two week high of $81.79. The company’s 50 day simple moving average is $61.64 and its 200 day simple moving average is $63.33. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 13.94 and a beta of 0.53.

RLI (NYSE:RLI) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $0.94 EPS for the quarter, topping the consensus estimate of $0.76 by $0.18. The business had revenue of $465.69 million for the quarter, compared to the consensus estimate of $447.53 million. RLI had a return on equity of 18.67% and a net margin of 21.43%.During the same quarter last year, the business posted $0.41 EPS. As a group, sell-side analysts anticipate that RLI Corp. will post 3.08 EPS for the current year.

Wall Street Analyst Weigh In

RLI has been the subject of a number of analyst reports. Truist Financial set a $58.00 price target on shares of RLI in a research note on Friday, January 23rd. Keefe, Bruyette & Woods decreased their price target on RLI from $85.00 to $81.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 6th. Citizens Jmp reiterated a “market perform” rating on shares of RLI in a research note on Friday, January 23rd. Zacks Research cut RLI from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Finally, Jefferies Financial Group raised shares of RLI from an “underperform” rating to a “hold” rating and set a $52.00 target price on the stock in a report on Friday, January 23rd. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $65.20.

Insider Buying and Selling

In related news, CEO Craig W. Kliethermes acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The shares were acquired at an average cost of $57.45 per share, with a total value of $287,250.00. Following the transaction, the chief executive officer owned 143,990 shares of the company’s stock, valued at $8,272,225.50. The trade was a 3.60% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer L. Klobnak bought 2,000 shares of RLI stock in a transaction that occurred on Friday, January 23rd. The stock was bought at an average cost of $57.99 per share, with a total value of $115,980.00. Following the completion of the purchase, the chief operating officer owned 100,318 shares in the company, valued at approximately $5,817,440.82. This trade represents a 2.03% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.16% of the stock is currently owned by corporate insiders.

RLI Profile

RLI Corporation (NYSE:RLI) is a specialty property and casualty insurance company focused on underwriting niche risks for businesses and individuals. Headquartered in Peoria, Illinois, the company operates through a network of independent agents and brokers, offering customized coverage solutions. RLI’s approach emphasizes disciplined underwriting, targeted product development and strong customer service to maintain profitability and long-term growth.

Founded in 1965 as Replacement Lens, Inc, RLI initially provided insurance for contact lens manufacturers before shifting its focus to specialty insurance in the 1980s.