Benedict Financial Advisors Inc. Has $2.22 Million Stake in RLI Corp. (NYSE:RLI)

Benedict Financial Advisors Inc. lowered its stake in shares of RLI Corp. (NYSE:RLI) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,763 shares of the insurance provider’s stock after selling 196 shares during the quarter. Benedict Financial Advisors Inc.’s holdings in RLI were worth $2,218,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. American National Bank bought a new position in RLI during the 2nd quarter worth approximately $35,000. GAMMA Investing LLC bought a new position in RLI in the 4th quarter valued at about $41,000. Riverview Trust Co purchased a new position in shares of RLI during the first quarter valued at approximately $44,000. Intelligent Financial Strategies bought a new stake in shares of RLI in the 1st quarter worth $45,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in RLI by 468.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after purchasing an additional 253 shares in the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.

RLI Price Performance

Shares of NYSE:RLI traded up $0.77 during trading on Friday, hitting $154.10. The company had a trading volume of 138,541 shares, compared to its average volume of 157,720. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of 21.28 and a beta of 0.41. The company has a fifty day simple moving average of $144.94 and a two-hundred day simple moving average of $144.50. RLI Corp. has a one year low of $125.77 and a one year high of $154.26.

RLI (NYSE:RLI) last posted its earnings results on Monday, July 22nd. The insurance provider reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.37. The company had revenue of $416.44 million during the quarter, compared to analyst estimates of $561.60 million. RLI had a return on equity of 18.33% and a net margin of 20.78%. RLI’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 earnings per share. On average, equities research analysts anticipate that RLI Corp. will post 6.12 earnings per share for the current year.

RLI Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend is Friday, August 30th. RLI’s dividend payout ratio (DPR) is presently 16.02%.

Analyst Ratings Changes

Several analysts have issued reports on RLI shares. Royal Bank of Canada restated a “sector perform” rating and issued a $155.00 target price on shares of RLI in a research note on Wednesday, July 24th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods increased their price objective on RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Jefferies Financial Group decreased their price objective on RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Finally, Compass Point decreased their target price on shares of RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, RLI currently has an average rating of “Moderate Buy” and an average target price of $166.25.

About RLI

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.