RLI Corp. $RLI Position Raised by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. significantly increased its stake in RLI Corp. by 181.6% during the first quarter, now owning 742,691 shares valued at approximately $59.66 million.
• Insider trading activity includes COO Jennifer L. Klobnak purchasing 3,000 shares at an average cost of $69.15 per share, raising her stake to 98,450 shares.
• Wall Street analysts have upgraded RLI's rating from "sell" to "hold," with current consensus indicating a target price of $78.60 per share.

Jacobs Levy Equity Management Inc. increased its stake in shares of RLI Corp. (NYSE:RLI - Free Report) by 181.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 742,691 shares of the insurance provider's stock after acquiring an additional 478,970 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.81% of RLI worth $59,660,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RLI. Golden State Wealth Management LLC lifted its stake in shares of RLI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock worth $30,000 after acquiring an additional 186 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in RLI by 100.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 198 shares during the last quarter. Versant Capital Management Inc boosted its holdings in RLI by 100.0% in the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 203 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in RLI by 88.5% in the first quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock valued at $38,000 after purchasing an additional 224 shares during the last quarter. Finally, Compass Wealth Management LLC boosted its holdings in RLI by 100.0% in the first quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 240 shares during the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Analysts Set New Price Targets

Separately, Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Two 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. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $78.60.

RLI Stock Performance

Shares of NYSE RLI traded down $1.03 during trading on Wednesday, reaching $66.04. The stock had a trading volume of 190,171 shares, compared to its average volume of 513,704. RLI Corp. has a one year low of $65.14 and a one year high of $91.14. 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 stock has a market cap of $6.06 billion, a PE ratio of 18.94 and a beta of 0.65. The firm's 50 day moving average price is $68.30 and its two-hundred day moving average price is $72.87.

RLI (NYSE:RLI - Get Free Report) last posted its earnings results on Monday, July 21st. The insurance provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.75 by $0.09. The company had revenue of $562.28 million during the quarter, compared to analyst estimates of $445.55 million. RLI had a return on equity of 15.82% and a net margin of 17.81%.The business's revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.72 earnings per share. On average, research analysts forecast 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 given a dividend of $0.16 per share. The ex-dividend date is Friday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 1.0%. RLI's payout ratio is currently 18.34%.

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.