Public Employees Retirement Association of Colorado reduced its holdings in shares of RLI Corp. (NYSE:RLI – Free Report) by 7.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,050 shares of the insurance provider’s stock after selling 455 shares during the period. Public Employees Retirement Association of Colorado’s holdings in RLI were worth $804,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently added to or reduced their stakes in RLI. Morgan Stanley grew its stake in RLI by 524.0% during the 4th quarter. Morgan Stanley now owns 1,364,598 shares of the insurance provider’s stock valued at $179,131,000 after purchasing an additional 1,145,896 shares during the last quarter. Norges Bank purchased a new stake in RLI during the 4th quarter valued at about $32,847,000. Geode Capital Management LLC grew its stake in RLI by 26.9% during the 4th quarter. Geode Capital Management LLC now owns 924,471 shares of the insurance provider’s stock valued at $121,355,000 after purchasing an additional 196,123 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in RLI by 30.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 771,522 shares of the insurance provider’s stock valued at $101,318,000 after purchasing an additional 179,808 shares during the last quarter. Finally, Eaton Vance Management boosted its stake in shares of RLI by 24.4% in the first quarter. Eaton Vance Management now owns 594,479 shares of the insurance provider’s stock worth $65,767,000 after buying an additional 116,705 shares during the last quarter. 82.25% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts have recently commented on RLI shares. StockNews.com started coverage on RLI in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Compass Point upped their price target on RLI from $165.00 to $170.00 in a report on Thursday, July 27th. Finally, Royal Bank of Canada upped their price target on RLI from $136.00 to $151.00 and gave the stock a “sector perform” rating in a report on Friday, April 21st.
RLI Trading Down 1.7 %
NYSE RLI opened at $131.77 on Friday. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 8.46 and a beta of 0.42. RLI Corp. has a twelve month low of $100.96 and a twelve month high of $149.65. The stock has a 50-day moving average of $134.05 and a 200 day moving average of $133.21.
RLI (NYSE:RLI – Get Free Report) last released its quarterly earnings results on Monday, July 24th. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.03). The business had revenue of $381.86 million during the quarter, compared to analyst estimates of $358.35 million. RLI had a return on equity of 16.97% and a net margin of 36.31%. During the same period in the previous year, the company posted $1.49 EPS. Equities analysts predict that RLI Corp. will post 5.08 EPS for the current fiscal year.
RLI Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.82%. RLI’s payout ratio is currently 6.93%.
About RLI
RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. 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.
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