Alaska Permanent Fund Corp Purchases 20,738 Shares of RLI Corp. $RLI

Key Points

• Alaska Permanent Fund Corp increased its stake in RLI Corp by 100% during the first quarter, now holding 41,476 shares valued at $3.07 million.
• RLI Corp reported earnings per share (EPS) of $0.84 for the last quarter, surpassing analyst estimates of $0.75, with revenues increasing by 20% year-over-year.
• The company declared a quarterly dividend of $0.16 per share, with the dividend payout ratio currently at 18.34%.

Alaska Permanent Fund Corp raised its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 100.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,476 shares of the insurance provider's stock after purchasing an additional 20,738 shares during the quarter. Alaska Permanent Fund Corp's holdings in RLI were worth $3,070,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in RLI. Illinois Municipal Retirement Fund lifted its holdings in shares of RLI by 100.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 19,526 shares of the insurance provider's stock valued at $1,569,000 after acquiring an additional 9,763 shares during the last quarter. New York State Teachers Retirement System raised its position in RLI by 99.6% during the first quarter. New York State Teachers Retirement System now owns 112,616 shares of the insurance provider's stock valued at $9,046,000 after purchasing an additional 56,208 shares during the period. Empower Advisory Group LLC lifted its stake in shares of RLI by 105.5% in the 1st quarter. Empower Advisory Group LLC now owns 253,074 shares of the insurance provider's stock valued at $20,329,000 after purchasing an additional 129,901 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of RLI by 100.0% in the 1st quarter. Brown Advisory Inc. now owns 13,224 shares of the insurance provider's stock worth $1,062,000 after purchasing an additional 6,612 shares during the period. Finally, Golden State Wealth Management LLC increased its position in shares of RLI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 186 shares during the last quarter. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded RLI from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, RLI currently has an average rating of "Hold" and an average target price of $78.60.

Insider Buying and Selling at RLI

In other news, COO Jennifer L. Klobnak purchased 3,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was purchased at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the completion of the acquisition, the chief operating officer owned 98,450 shares of the company's stock, valued at approximately $6,807,817.50. This trade represents a 3.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 2.16% of the company's stock.

RLI Trading Up 0.2%

Shares of NYSE:RLI traded up $0.1550 on Friday, hitting $68.5550. 320,389 shares of the company's stock were exchanged, compared to its average volume of 610,004. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 19.64 and a beta of 0.66. RLI Corp. has a 12 month low of $65.14 and a 12 month high of $91.14. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. The business's 50 day simple moving average is $69.37 and its two-hundred day simple moving average is $73.50.

RLI (NYSE:RLI - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The insurance provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. RLI had a net margin of 17.81% and a return on equity of 15.82%. The company had revenue of $562.28 million for the quarter, compared to the consensus estimate of $445.55 million. During the same quarter last year, the firm posted $1.72 EPS. The firm's revenue was up 20.0% compared to the same quarter last year. Analysts anticipate that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, August 29th. RLI's payout ratio is currently 18.34%.

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.