Federation des caisses Desjardins du Quebec Increases Stock Holdings in RLI Corp. $RLI

Key Points

• Federation des caisses Desjardins du Quebec significantly increased its stake in RLI Corp., acquiring an additional 9,922 shares, bringing its total holdings to 17,944 shares valued at approximately $1.44 million.
• Wall Street analysts have upgraded RLI from a "sell" to a "hold" rating, with a consensus price target of $78.60 and mixed ratings from various analysts.
• RLI Corp. reported earnings of $0.84 per share in its latest quarterly results, exceeding expectations, with a year-over-year revenue increase of 20%.

Federation des caisses Desjardins du Quebec raised its position in RLI Corp. (NYSE:RLI - Free Report) by 123.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,944 shares of the insurance provider's stock after buying an additional 9,922 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in RLI were worth $1,442,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of RLI. Jane Street Group LLC raised its position in RLI by 212.8% in the 4th quarter. Jane Street Group LLC now owns 18,579 shares of the insurance provider's stock valued at $3,062,000 after purchasing an additional 12,639 shares during the last quarter. Deutsche Bank AG increased its stake in RLI by 138.0% in the fourth quarter. Deutsche Bank AG now owns 8,858 shares of the insurance provider's stock valued at $1,460,000 after purchasing an additional 5,136 shares during the period. Ensign Peak Advisors Inc raised its holdings in shares of RLI by 50.9% in the fourth quarter. Ensign Peak Advisors Inc now owns 21,702 shares of the insurance provider's stock valued at $3,577,000 after buying an additional 7,323 shares during the last quarter. Gotham Asset Management LLC boosted its stake in shares of RLI by 40.8% during the fourth quarter. Gotham Asset Management LLC now owns 67,564 shares of the insurance provider's stock worth $11,137,000 after buying an additional 19,565 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in shares of RLI by 5.9% during the fourth quarter. Janus Henderson Group PLC now owns 217,886 shares of the insurance provider's stock worth $35,913,000 after buying an additional 12,060 shares during the last quarter. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

RLI Stock Performance

NYSE:RLI traded down $0.03 during mid-day trading on Friday, reaching $66.92. The stock had a trading volume of 465,954 shares, compared to its average volume of 458,892. RLI Corp. has a twelve month low of $65.14 and a twelve month high of $91.14. The business has a 50 day simple moving average of $68.02 and a 200 day simple moving average of $72.71. The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of 19.17 and a beta of 0.65. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.35 and a current ratio of 0.35.

RLI (NYSE:RLI - Get Free Report) last issued its earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $0.09. RLI had a return on equity of 15.82% and a net margin of 17.81%.The business had revenue of $562.28 million during the quarter, compared to the consensus estimate of $445.55 million. During the same period in the prior year, the business posted $1.72 EPS. The company's revenue for the quarter was up 20.0% on a year-over-year basis. On average, analysts expect that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, August 29th. RLI's dividend payout ratio (DPR) is 18.34%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, COO Jennifer L. Klobnak acquired 3,000 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The stock was purchased at an average cost of $69.15 per share, for a total transaction of $207,450.00. Following the transaction, the chief operating officer directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.16% of the stock is owned by corporate insiders.

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.