Amalgamated Bank owns $3.17 million in RLI Corp. (NYSE:RLI)

VaselineSeptember 24, 2024

0 3 minutes read

Amalgamated Bank reduced its stake in shares of RLI Corp. (NYSE:RLI – Free Report) by 7.1% during the second quarter, Holdings Channel.com reports. The institutional investor owned 22,513 shares of the insurance provider’s stock after selling 1,721 shares during the quarter. Amalgamated Bank’s holdings in RLI were worth $3,167,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. American National Bank acquired a new stake in RLI during the second quarter valued at about $35,000. Riverview Trust Co purchased a new stake in RLI in the 1st quarter worth about $44,000. Intelligent Financial Strategies acquired a new stake in RLI in the 1st quarter worth about $45,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of RLI by 468.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock valued at $46,000 after buying an additional 253 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new position in shares of RLI in the first quarter valued at approximately $73,000. Institutional investors and hedge funds own 77.89% of the company’s shares.

Analysts on Wall Street are forecasting an increase

RLI has been the subject of a number of research reports. Jefferies Financial Group dropped their target price on RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $155.00 target price on shares of RLI in a report on Wednesday, July 24th. JMP Securities reiterated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods upped their target price on RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Compass Point cut their price target on RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Moderate Buy” and an average price target of $166.25, according to MarketBeat.

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RLI stock performance

Shares of NYSE RLI opened at $154.06 on Tuesday. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of 21.28 and a beta of 0.41. The company has a 50-day simple moving average of $149.10 and a 200-day simple moving average of $145.37. RLI Corp. it has a 52-week low of $125.77 and a 52-week high of $155.59.

RLI (NYSE:RLI – Get Free Report ) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $1.72 EPS for the quarter, topping the consensus estimate of $1.35 by $0.37. The business had revenue of $416.44 million during the quarter, compared to analysts’ expectations of $561.60 million. RLI had a return on equity of 18.33% and a net margin of 20.78%. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. In the same quarter last year, the business posted EPS of $1.16. On average, analysts predict that RLI Corp. will post 6.14 EPS for the current year.

RLI announces dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Friday, August 30. This represents a dividend of $1.16 on an annualized basis and a yield of 0.75%. RLI’s payout ratio is currently 16.02%.

About RLI

(Free Report)

RLI Corp., an insurance holding company, underwrites property and casualty insurance. The casualty segment offers commercial and personal coverage products; and general liability products, such as third-party liability coverage for commercial policyholders, including manufacturers, contractors, condos and tradespeople.