Busey Bank Has $256,000 Stock Holdings in RLI Corp. (NYSE:RLI)

Busey Bank cut its position in RLI Corp. (NYSE:RLI) by 37.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,650 shares of the insurance provider’s stock after selling 1,000 shares during the period. Busey Bank’s holdings in RLI were worth $256,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RLI. Chatham Capital Group Inc. raised its holdings in RLI by 11.2% in the first quarter. Chatham Capital Group Inc. now owns 12,957 shares of the insurance provider’s stock worth $1,924,000 after purchasing an additional 1,300 shares during the period. Oak Thistle LLC acquired a new stake in shares of RLI during the first quarter worth $468,000. State of Michigan Retirement System raised its holdings in shares of RLI by 2.1% during the first quarter. State of Michigan Retirement System now owns 9,816 shares of the insurance provider’s stock worth $1,457,000 after acquiring an additional 200 shares during the period. Norden Group LLC acquired a new stake in shares of RLI during the first quarter worth $200,000. Finally, Van ECK Associates Corp raised its holdings in shares of RLI by 36.5% during the first quarter. Van ECK Associates Corp now owns 18,890 shares of the insurance provider’s stock worth $2,805,000 after acquiring an additional 5,053 shares during the period. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on RLI shares. Keefe, Bruyette & Woods lifted their price objective on shares of RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Compass Point lifted their target price on shares of RLI from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Friday. Jefferies Financial Group lifted their target price on shares of RLI from $165.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Oppenheimer started coverage on shares of RLI in a report on Wednesday, October 16th. They set a “market perform” rating for the company. Finally, JMP Securities reaffirmed a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, RLI presently has a consensus rating of “Moderate Buy” and an average price target of $177.40.

RLI Price Performance

Shares of RLI stock opened at $155.30 on Friday. RLI Corp. has a twelve month low of $125.77 and a twelve month high of $164.25. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.06. The company has a 50-day simple moving average of $154.75 and a two-hundred day simple moving average of $147.21. The stock has a market capitalization of $7.10 billion, a price-to-earnings ratio of 17.07 and a beta of 0.41.

RLI (NYSE:RLI) last issued its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.33. RLI had a net margin of 23.77% and a return on equity of 19.03%. The business had revenue of $470.00 million during the quarter, compared to analysts’ expectations of $491.54 million. During the same quarter in the previous year, the company earned $0.61 EPS. The business’s revenue was up 41.7% on a year-over-year basis. Analysts forecast that RLI Corp. will post 6.07 EPS for the current year.

RLI Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.75%. The ex-dividend date was Friday, August 30th. RLI’s dividend payout ratio (DPR) is 12.75%.

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.