Aigen Investment Management LP Sells 3,893 Shares of RLI Corp. (NYSE:RLI)

Aigen Investment Management LP lowered its position in RLI Corp. (NYSE:RLI) by 68.6% during the 4th quarter, Holdings Channel reports. The fund owned 1,786 shares of the insurance provider’s stock after selling 3,893 shares during the period. Aigen Investment Management LP’s holdings in RLI were worth $294,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of RLI by 1.3% in the third quarter. State Street Corp now owns 4,393,250 shares of the insurance provider’s stock valued at $680,866,000 after purchasing an additional 58,167 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of RLI by 5.9% in the third quarter. Geode Capital Management LLC now owns 908,430 shares of the insurance provider’s stock valued at $140,817,000 after purchasing an additional 50,654 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of RLI by 0.5% in the third quarter. Thrivent Financial for Lutherans now owns 813,719 shares of the insurance provider’s stock valued at $126,110,000 after purchasing an additional 4,330 shares in the last quarter. Port Capital LLC lifted its holdings in shares of RLI by 0.4% in the third quarter. Port Capital LLC now owns 759,988 shares of the insurance provider’s stock valued at $117,783,000 after purchasing an additional 3,200 shares in the last quarter. Finally, Maren Capital LLC lifted its holdings in shares of RLI by 4.3% in the third quarter. Maren Capital LLC now owns 674,729 shares of the insurance provider’s stock valued at $104,570,000 after purchasing an additional 27,940 shares in the last quarter. Institutional investors own 77.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Compass Point dropped their target price on RLI from $185.00 to $82.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Royal Bank of Canada dropped 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. StockNews.com upgraded RLI from a “sell” rating to a “hold” rating in a report on Friday, February 21st. Keefe, Bruyette & Woods decreased their price target on RLI from $100.50 to $100.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $82.80.

Insiders Place Their Bets

In other news, Director David B. Duclos bought 2,000 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was acquired at an average cost of $72.50 per share, with a total value of $145,000.00. Following the completion of the transaction, the director now directly owns 7,215 shares of the company’s stock, valued at $523,087.50. This represents a 38.35 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael E. Angelina bought 2,200 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was purchased at an average cost of $72.62 per share, with a total value of $159,764.00. Following the completion of the transaction, the director now directly owns 23,514 shares of the company’s stock, valued at approximately $1,707,586.68. The trade was a 10.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 11,200 shares of company stock valued at $805,774 over the last ninety days. 5.09% of the stock is currently owned by insiders.

RLI Stock Performance

Shares of RLI opened at $75.95 on Friday. The company has a current ratio of 0.34, a quick ratio of 0.38 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of 20.28 and a beta of 0.39. The stock has a 50 day moving average of $76.30 and a 200 day moving average of $79.38. RLI Corp. has a 12 month low of $67.53 and a 12 month high of $91.14.

RLI (NYSE:RLI) last released 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 return on equity of 16.63% and a net margin of 19.53%. As a group, sell-side analysts forecast that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Friday, February 28th will be given a $0.15 dividend. This is an increase from RLI’s previous quarterly dividend of $0.15. This represents a $0.60 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend is Friday, February 28th. RLI’s dividend payout ratio (DPR) is currently 16.00%.

RLI 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.