Martingale Asset Management L P Acquires 12,722 Shares of RLI Corp. $RLI

Key Points

• Martingale Asset Management L P has increased its stake in RLI Corp. by 111.0%, acquiring a total of 12,722 shares, bringing its holdings to 24,184 shares worth approximately $1.94 million.
• RLI Corp. reported a quarterly earnings per share (EPS) of $0.84, beating analysts' expectations of $0.75, with revenues totaling $562.28 million during the period.
• The insurance provider is set to pay a quarterly dividend of $0.16 on September 19th, translating to an annualized dividend yield of 0.9% and a payout ratio of 18.34%.

Martingale Asset Management L P grew its holdings in RLI Corp. (NYSE:RLI - Free Report) by 111.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,184 shares of the insurance provider's stock after acquiring an additional 12,722 shares during the period. Martingale Asset Management L P's holdings in RLI were worth $1,943,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund grew its position in RLI by 100.0% in the first quarter. Illinois Municipal Retirement Fund now owns 19,526 shares of the insurance provider's stock worth $1,569,000 after acquiring an additional 9,763 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in shares of RLI by 99.6% during the 1st quarter. New York State Teachers Retirement System now owns 112,616 shares of the insurance provider's stock worth $9,046,000 after buying an additional 56,208 shares during the period. Empower Advisory Group LLC boosted its holdings in shares of RLI by 105.5% during the 1st quarter. Empower Advisory Group LLC now owns 253,074 shares of the insurance provider's stock worth $20,329,000 after buying an additional 129,901 shares during the period. Brown Advisory Inc. boosted its holdings in shares of RLI by 100.0% during the 1st quarter. Brown Advisory Inc. now owns 13,224 shares of the insurance provider's stock worth $1,062,000 after buying an additional 6,612 shares during the period. Finally, Golden State Wealth Management LLC boosted its holdings 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 worth $30,000 after buying an additional 186 shares during the period. 77.89% of the stock is owned by institutional investors.

RLI Price Performance

NYSE:RLI opened at $68.5550 on Friday. The stock has a market cap of $6.30 billion, a P/E ratio of 19.64 and a beta of 0.66. RLI Corp. has a one year low of $65.14 and a one year high of $91.14. The company has a fifty day moving average price of $69.37 and a 200 day moving average price of $73.55. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35.

RLI (NYSE:RLI - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $445.55 million. During the same quarter in the prior year, the company posted $1.72 EPS. The business's revenue was up 20.0% on a year-over-year basis. Analysts anticipate that RLI Corp. will post 3.08 earnings per share for the current 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 $0.16 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.9%. RLI's dividend payout ratio is currently 18.34%.

Insider Activity

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

Wall Street Analysts Forecast Growth

RLI has been the subject of several recent analyst reports. Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Compass Point downgraded shares of RLI from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $78.60.

RLI Company 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.

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