Longboard Asset Management LP Makes New Investment in RLI Corp. (NYSE:RLI)

Longboard Asset Management LP bought a new position in RLI Corp. (NYSE:RLI) in the fourth quarter, Holdings Channel reports. The institutional investor bought 1,326 shares of the insurance provider’s stock, valued at approximately $219,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Brown Brothers Harriman & Co. increased its stake in shares of RLI by 0.8% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 7,879 shares of the insurance provider’s stock worth $1,221,000 after acquiring an additional 66 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. increased its position in shares of RLI by 1.2% during the 3rd quarter. Klein Pavlis & Peasley Financial Inc. now owns 5,757 shares of the insurance provider’s stock worth $892,000 after purchasing an additional 68 shares during the last quarter. Versant Capital Management Inc increased its position 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 purchasing an additional 71 shares during the last quarter. OneDigital Investment Advisors LLC grew its position in RLI by 2.6% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,723 shares of the insurance provider’s stock valued at $577,000 after acquiring an additional 95 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its position in RLI by 0.9% in the 3rd quarter. Louisiana State Employees Retirement System now owns 11,500 shares of the insurance provider’s stock valued at $1,782,000 after acquiring an additional 100 shares in the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RLI. Compass Point dropped their target price on RLI from $185.00 to $82.00 and set a “buy” rating for the company in a research 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 for the company in a research report on Friday, January 24th. StockNews.com downgraded RLI from a “hold” rating to a “sell” rating in a research report on Monday, January 27th. Wolfe Research began coverage on RLI in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $91.00 target price for the company. Finally, JMP Securities reiterated a “market perform” rating on shares of RLI in a research note on Thursday, January 23rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $82.80.

Insider Activity at RLI

In related news, Director Michael J. Stone sold 400 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 429,622 shares of the company’s stock, valued at $36,421,205.05. This represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David B. Duclos purchased 2,000 shares of the stock in a transaction that occurred 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 acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 11,200 shares of company stock valued at $805,774 over the last three months. 4.91% of the stock is owned by corporate insiders.

RLI Stock Performance

Shares of RLI stock opened at $77.22 on Thursday. RLI Corp. has a one year low of $67.53 and a one year high of $91.14. The company has a market cap of $7.08 billion, a PE ratio of 20.62 and a beta of 0.47. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.38 and a current ratio of 0.34. The business has a 50-day simple moving average of $80.58 and a 200-day simple moving average of $79.05.

RLI (NYSE:RLI) last announced its quarterly 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 EPS for the current fiscal year.

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.