State of Michigan Retirement System Acquires 10,016 Shares of RLI Corp. (NYSE:RLI)

State of Michigan Retirement System increased its holdings in RLI Corp. (NYSE:RLI - Free Report) by 101.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,932 shares of the insurance provider's stock after purchasing an additional 10,016 shares during the period. State of Michigan Retirement System's holdings in RLI were worth $1,601,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC lifted its stake in shares of RLI by 100.0% in the first 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 last quarter. Versant Capital Management Inc lifted its stake in shares of RLI by 100.0% in the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock worth $33,000 after buying an additional 203 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of RLI by 88.5% in the first quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock worth $38,000 after buying an additional 224 shares during the last quarter. Compass Wealth Management LLC lifted its stake in shares of RLI by 100.0% in the first quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock worth $39,000 after buying an additional 240 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of RLI by 47.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 497 shares of the insurance provider's stock worth $82,000 after buying an additional 159 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

RLI Stock Up 0.9%

RLI opened at $70.84 on Tuesday. The firm's 50-day simple moving average is $73.55 and its 200-day simple moving average is $75.35. 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 Corp. has a twelve month low of $69.16 and a twelve month high of $91.15. The firm has a market cap of $6.50 billion, a price-to-earnings ratio of 23.30 and a beta of 0.67.

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

RLI Increases Dividend

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

Analysts Set New Price Targets

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