RLI Corp. (NYSE:RLI) Holdings Lifted by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 415.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,745 shares of the insurance provider's stock after buying an additional 28,000 shares during the quarter. State of Alaska Department of Revenue's holdings in RLI were worth $2,790,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of RLI. Sanctuary Advisors LLC grew its holdings in shares of RLI by 147.2% during the fourth quarter. Sanctuary Advisors LLC now owns 14,917 shares of the insurance provider's stock valued at $2,459,000 after buying an additional 8,883 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in shares of RLI by 5.9% during the fourth quarter. Handelsbanken Fonder AB now owns 10,730 shares of the insurance provider's stock valued at $1,769,000 after buying an additional 600 shares in the last quarter. ST. Nicholas Private Asset Management Inc. acquired a new stake in RLI during the fourth quarter valued at $8,739,000. Y Intercept Hong Kong Ltd acquired a new stake in RLI during the fourth quarter valued at $404,000. Finally, Amalgamated Bank grew its stake in RLI by 3.5% in the fourth quarter. Amalgamated Bank now owns 20,580 shares of the insurance provider's stock valued at $3,392,000 after purchasing an additional 695 shares in the last quarter. Hedge funds and other institutional investors own 77.89% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on RLI. Keefe, Bruyette & Woods lowered their target price on RLI from $95.00 to $85.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. Compass Point downgraded RLI from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. JMP Securities restated a "market perform" rating on shares of RLI in a research note on Thursday, April 24th. Finally, Wall Street Zen upgraded RLI from a "sell" rating to a "hold" rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, RLI presently has an average rating of "Hold" and an average price target of $78.60.

RLI Stock Performance

RLI opened at $72.05 on Friday. The company has a market cap of $6.61 billion, a PE ratio of 23.70 and a beta of 0.70. The stock has a 50-day moving average of $74.91 and a 200-day moving average of $76.79. RLI Corp. has a 52-week low of $68.50 and a 52-week high of $91.15. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.35 and a current ratio of 0.35.

RLI (NYSE:RLI - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The company had revenue of $36.73 million during the quarter, compared to the consensus estimate of $442.20 million. RLI had a return on equity of 16.26% and a net margin of 16.22%. The firm's revenue was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. As a group, equities research analysts forecast that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, May 30th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend was Friday, May 30th. This is an increase from RLI's previous quarterly dividend of $0.15. RLI's dividend payout ratio is 21.05%.

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.

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