Longboard Asset Management LP Takes $219,000 Position in RLI Corp. (NYSE:RLI)

Longboard Asset Management LP acquired a new stake in shares of RLI Corp. (NYSE:RLI) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,326 shares of the insurance provider’s stock, valued at approximately $219,000.

Other hedge funds have also recently modified their holdings of the company. UMB Bank n.a. increased its holdings in RLI by 620.0% in the 3rd quarter. UMB Bank n.a. now owns 180 shares of the insurance provider’s stock worth $28,000 after buying an additional 155 shares during the period. V Square Quantitative Management LLC acquired a new position in RLI in the 3rd quarter worth approximately $32,000. Versant Capital Management Inc increased its holdings in RLI by 53.8% in the 4th quarter. Versant Capital Management Inc now owns 203 shares of the insurance provider’s stock worth $33,000 after buying an additional 71 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in RLI by 76.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock worth $36,000 after buying an additional 100 shares during the period. Finally, Values First Advisors Inc. acquired a new position in RLI in the 3rd quarter worth approximately $70,000. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Trading Up 2.3 %

Shares of NYSE:RLI opened at $77.22 on Thursday. RLI Corp. has a 1 year low of $67.53 and a 1 year high of $91.14. The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of 20.62 and a beta of 0.47. 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 business’s 50 day moving average price is $80.58 and its 200-day moving average price is $79.05.

RLI (NYSE:RLI) last announced its earnings results on Wednesday, January 22nd. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 research analysts forecast that RLI Corp. will post 3.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. StockNews.com downgraded shares of RLI from a “hold” rating to a “sell” rating in a report on Monday, January 27th. Jefferies Financial Group cut shares of RLI from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $95.00 to $61.00 in a research note on Monday, January 27th. Oppenheimer initiated coverage on shares of RLI in a research note on Wednesday, October 16th. They set a “market perform” rating on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of RLI from $100.50 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, Royal Bank of Canada dropped their price objective on shares of RLI from $88.00 to $80.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $82.80.

Insider Activity

In other RLI news, Director Michael J. Stone sold 400 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $84.78, for a total value of $33,910.00. Following the transaction, the director now owns 429,622 shares in the company, valued at approximately $36,421,205.05. This trade represents a 0.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Craig W. Kliethermes acquired 5,000 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was purchased 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 directly owns 139,190 shares in the company, valued at $9,931,206.50. This represents a 3.73 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 11,200 shares of company stock worth $805,774 in the last quarter. Corporate insiders own 4.91% of the company’s stock.

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.