Arizona State Retirement System lifted its position in shares of RLI Corp. (NYSE:RLI - Free Report) by 98.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,659 shares of the insurance provider's stock after purchasing an additional 11,710 shares during the period. Arizona State Retirement System's holdings in RLI were worth $1,901,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC grew its stake in RLI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock valued at $30,000 after buying an additional 186 shares during the last quarter. Versant Capital Management Inc grew its stake in RLI by 100.0% in the 1st quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock valued at $33,000 after buying an additional 203 shares during the last quarter. Farther Finance Advisors LLC grew its stake in RLI by 88.5% in the 1st quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock valued at $38,000 after buying an additional 224 shares during the last quarter. Compass Wealth Management LLC grew its position in shares of RLI by 100.0% during the 1st quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock worth $39,000 after purchasing an additional 240 shares in the last quarter. Finally, ORG Partners LLC grew its position in shares of RLI by 100.0% during the 1st quarter. ORG Partners LLC now owns 566 shares of the insurance provider's stock worth $46,000 after purchasing an additional 283 shares in the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
RLI has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a research report on Tuesday, May 6th. Keefe, Bruyette & Woods decreased their target price on shares of RLI from $95.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. JMP Securities restated a "market perform" rating on shares of RLI in a research report on Thursday, April 24th. Finally, Compass Point lowered shares of RLI from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, RLI currently has an average rating of "Hold" and a consensus target price of $78.60.
Read Our Latest Report on RLI
RLI Price Performance
Shares of RLI stock traded down $0.15 on Friday, reaching $70.20. 648,947 shares of the stock were exchanged, compared to its average volume of 395,526. The firm's 50 day moving average is $73.30 and its 200-day moving average is $75.20. RLI Corp. has a one year low of $69.16 and a one year high of $91.15. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.35 and a current ratio of 0.35. The firm has a market cap of $6.44 billion, a PE ratio of 23.09 and a beta of 0.67.
RLI (NYSE:RLI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.04. RLI had a net margin of 16.22% and a return on equity of 16.26%. The company had revenue of $36.73 million during the quarter, compared to the consensus estimate of $442.20 million. During the same quarter in the prior year, the firm posted $0.95 EPS. The firm's quarterly revenue was down 8.3% on a year-over-year basis. As a group, analysts anticipate that RLI Corp. will post 3.08 EPS for the current fiscal year.
RLI Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, May 30th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date was Friday, May 30th. This is an increase from RLI's previous quarterly dividend of $0.15. RLI's dividend payout ratio is 21.05%.
About RLI
(
Free Report)
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.
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