State of Alaska Department of Revenue Has $2.79 Million Position in RLI Corp. (NYSE:RLI)

State of Alaska Department of Revenue raised its position in RLI Corp. (NYSE:RLI - Free Report) by 415.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,745 shares of the insurance provider's stock after buying an additional 28,000 shares during the period. State of Alaska Department of Revenue's holdings in RLI were worth $2,790,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RLI. QRG Capital Management Inc. raised its position in shares of RLI by 70.0% during the 1st quarter. QRG Capital Management Inc. now owns 9,019 shares of the insurance provider's stock valued at $724,000 after acquiring an additional 3,714 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of RLI by 111.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 10,467 shares of the insurance provider's stock worth $841,000 after buying an additional 5,523 shares during the last quarter. Vista Finance LLC boosted its stake in RLI by 114.0% in the first quarter. Vista Finance LLC now owns 4,474 shares of the insurance provider's stock valued at $359,000 after acquiring an additional 2,383 shares during the period. Everhart Financial Group Inc. raised its position in shares of RLI by 111.7% during the 1st quarter. Everhart Financial Group Inc. now owns 3,457 shares of the insurance provider's stock worth $278,000 after purchasing an additional 1,824 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in shares of RLI by 132.4% in the 1st quarter. Fifth Third Bancorp now owns 739 shares of the insurance provider's stock worth $59,000 after purchasing an additional 421 shares during the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

RLI Stock Performance

Shares of NYSE RLI traded down $1.83 during trading hours on Wednesday, reaching $71.32. 413,688 shares of the stock were exchanged, compared to its average volume of 377,754. 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 firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of 23.46 and a beta of 0.70. The stock's fifty day simple moving average is $74.74 and its 200 day simple moving average is $76.61. RLI Corp. has a 52 week low of $68.50 and a 52 week high of $91.15.

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

RLI Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, May 30th were paid a $0.16 dividend. The ex-dividend date was Friday, May 30th. This is a positive change from RLI's previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 0.90%. RLI's dividend payout ratio (DPR) is 21.05%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on RLI shares. Keefe, Bruyette & Woods cut their price objective on shares of RLI from $95.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a report on Tuesday, May 6th. JMP Securities restated a "market perform" rating on shares of RLI in a research report on Thursday, April 24th. Finally, Compass Point cut shares of RLI from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, RLI presently has a consensus rating of "Hold" and an average target price 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.