MQS Management LLC Buys New Shares in RLI Corp. (NYSE:RLI)

MQS Management LLC acquired a new position in shares of RLI Corp. (NYSE:RLI - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 6,371 shares of the insurance provider's stock, valued at approximately $512,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new position in shares of RLI during the 4th quarter worth about $2,146,000. Raymond James Financial Inc. bought a new position in RLI during the 4th quarter worth approximately $17,854,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in RLI by 17.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,114 shares of the insurance provider's stock valued at $1,832,000 after purchasing an additional 1,629 shares during the period. EverSource Wealth Advisors LLC increased its stake in RLI by 47.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 497 shares of the insurance provider's stock valued at $82,000 after purchasing an additional 159 shares in the last quarter. Finally, Swiss National Bank increased its stake in RLI by 0.7% in the fourth quarter. Swiss National Bank now owns 80,900 shares of the insurance provider's stock valued at $13,335,000 after purchasing an additional 600 shares in the last quarter. Institutional investors own 77.89% of the company's stock.

RLI Stock Up 0.9%

Shares of RLI stock traded up $0.67 during trading on Monday, reaching $70.84. The stock had a trading volume of 430,729 shares, compared to its average volume of 473,532. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of 23.30 and a beta of 0.67. The stock has a fifty day moving average price of $73.62 and a two-hundred day moving average price of $75.44. RLI Corp. has a 52 week low of $69.16 and a 52 week high of $91.14.

RLI (NYSE:RLI - Get Free Report) last released its earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. The firm had revenue of $36.73 million for the quarter, compared to analysts' expectations of $442.20 million. RLI had a return on equity of 16.26% and a net margin of 16.22%. The business's quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. Sell-side analysts predict that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, May 30th were issued a dividend of $0.16 per share. This is a boost from RLI's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.64 annualized dividend and a yield of 0.90%. RLI's dividend payout ratio is presently 21.05%.

Analyst Ratings Changes

RLI has been the subject of several research analyst reports. JMP Securities reissued a "market perform" rating on shares of RLI in a report on Thursday, April 24th. Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a research note on Tuesday, May 6th. Keefe, Bruyette & Woods dropped their price target on RLI from $95.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Finally, Compass Point cut RLI from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, RLI has an average rating of "Hold" and an average price target of $78.60.

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.