Corebridge Financial Inc. Cuts Position in RLI Corp. (NYSE:RLI)

Corebridge Financial Inc. reduced its stake in shares of RLI Corp. (NYSE:RLI) by 4.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 47,208 shares of the insurance provider’s stock after selling 2,048 shares during the period. Corebridge Financial Inc.’s holdings in RLI were worth $7,781,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC acquired a new stake in shares of RLI in the fourth quarter valued at about $31,000. Versant Capital Management Inc boosted its stake in shares of RLI by 53.8% during the 4th quarter. Versant Capital Management Inc now owns 203 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 71 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of RLI by 76.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 100 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of RLI in the 4th quarter worth approximately $56,000. Finally, EverSource Wealth Advisors LLC increased its stake in RLI by 47.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 497 shares of the insurance provider’s stock valued at $82,000 after purchasing an additional 159 shares in the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other RLI news, Director Robert P. Restrepo, Jr. sold 2,864 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $74.89, for a total transaction of $214,484.96. Following the transaction, the director now owns 23,312 shares of the company’s stock, valued at $1,745,835.68. This trade represents a 10.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Craig W. Kliethermes purchased 5,000 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was bought at an average price of $71.35 per share, for a total transaction of $356,750.00. Following the acquisition, the chief executive officer now owns 139,190 shares in the company, valued at $9,931,206.50. The trade was a 3.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 11,200 shares of company stock valued at $805,774. Insiders own 5.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Royal Bank of Canada lowered their target price on RLI from $88.00 to $80.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. JMP Securities reissued a “market perform” rating on shares of RLI in a research note on Thursday, January 23rd. Compass Point cut their target price on shares of RLI from $185.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, January 27th. Jefferies Financial Group lowered shares of RLI from a “buy” rating to an “underperform” rating and lowered their price target for the company from $95.00 to $61.00 in a research report on Monday, January 27th. Finally, StockNews.com raised shares of RLI from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $82.80.

RLI Stock Performance

Shares of NYSE RLI opened at $79.27 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.34 and a quick ratio of 0.38. The company has a market cap of $7.27 billion, a PE ratio of 21.17 and a beta of 0.39. The company has a 50-day simple moving average of $75.59 and a 200-day simple moving average of $79.36. RLI Corp. has a 12 month low of $67.53 and a 12 month high of $91.15.

RLI (NYSE:RLI) last issued its quarterly earnings results on Wednesday, January 22nd. The insurance provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.64). RLI had a net margin of 19.53% and a return on equity of 16.63%. On average, equities analysts anticipate that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, February 28th were given a dividend of $0.15 per share. The ex-dividend date was Friday, February 28th. This is an increase from RLI’s previous quarterly dividend of $0.15. This represents a $0.60 annualized dividend and a yield of 0.76%. RLI’s dividend payout ratio is 16.00%.

RLI Company Profile

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.