Mutual of America Capital Management LLC Buys 20,896 Shares of RLI Corp. (NYSE:RLI)

Key Points

• Mutual of America Capital Management LLC has increased its holdings in RLI Corp. by 94.9%, now owning 42,922 shares worth approximately $3.45 million.
• RLI Corp. reported $0.84 earnings per share for the last quarter, exceeding analyst expectations by $0.09, along with a 20% year-over-year revenue increase to $562.28 million.
• The company declared a quarterly dividend of $0.16 per share, a slight increase from the previous $0.15, which represents an annual yield of 1.0% with an 18.34% payout ratio.

Mutual of America Capital Management LLC lifted its position in shares of RLI Corp. (NYSE:RLI - Free Report) by 94.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,922 shares of the insurance provider's stock after acquiring an additional 20,896 shares during the quarter. Mutual of America Capital Management LLC's holdings in RLI were worth $3,448,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in RLI by 580.4% during the fourth quarter. Wellington Management Group LLP now owns 415,247 shares of the insurance provider's stock worth $68,445,000 after buying an additional 354,219 shares during the period. Bank of New York Mellon Corp grew its position in RLI by 90.0% during the first quarter. Bank of New York Mellon Corp now owns 650,583 shares of the insurance provider's stock worth $52,261,000 after buying an additional 308,154 shares during the period. Palisade Capital Management LP boosted its position in shares of RLI by 89.4% in the 1st quarter. Palisade Capital Management LP now owns 574,807 shares of the insurance provider's stock worth $46,174,000 after buying an additional 271,260 shares in the last quarter. EULAV Asset Management lifted its holdings in shares of RLI by 100.0% in the first quarter. EULAV Asset Management now owns 414,000 shares of the insurance provider's stock valued at $33,257,000 after purchasing an additional 207,000 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of RLI by 15,376.1% during the 1st quarter. GAMMA Investing LLC now owns 160,178 shares of the insurance provider's stock worth $12,867,000 after purchasing an additional 159,143 shares in the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Jennifer L. Klobnak bought 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, with a total value of $207,450.00. Following the completion of the acquisition, the chief operating officer owned 98,450 shares of the company's stock, valued at $6,807,817.50. This represents a 3.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.16% of the company's stock.

RLI Stock Down 0.1%

NYSE:RLI traded down $0.05 during trading hours on Tuesday, reaching $66.34. 364,654 shares of the stock were exchanged, compared to its average volume of 836,423. RLI Corp. has a twelve month low of $65.14 and a twelve month high of $91.14. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a 50 day moving average of $70.43 and a 200 day moving average of $73.88. The stock has a market cap of $6.09 billion, a PE ratio of 19.01 and a beta of 0.66.

RLI (NYSE:RLI - Get Free Report) last issued its earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share for the quarter, topping 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 business had revenue of $562.28 million for the quarter, compared to the consensus estimate of $445.55 million. During the same period in the previous year, the company earned $1.72 earnings per share. The firm's revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities analysts expect that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, May 30th were paid a $0.16 dividend. This is a boost from RLI's previous quarterly dividend of $0.15. The ex-dividend date was Friday, May 30th. This represents a $0.64 dividend on an annualized basis and a yield of 1.0%. RLI's dividend payout ratio (DPR) is currently 18.34%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Compass Point downgraded shares of RLI from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, JMP Securities reissued a "market perform" rating on shares of RLI in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, RLI currently has a consensus rating of "Hold" and an average price target of $78.60.

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.