State of New Jersey Common Pension Fund D Boosts Holdings in RLI Corp. $RLI

Key Points

• The State of New Jersey Common Pension Fund D increased its holdings in RLI Corp. by 88.2% in the first quarter, acquiring an additional 13,503 shares for a total of 28,813 shares valued at approximately $2.3 million.
• Several institutional investors, including Vanguard Group and Neuberger Berman Group, also significantly boosted their stakes in RLI during the same period, reflecting growing confidence in the company.
• RLI reported a 20% increase in revenue year-over-year, with an earnings per share of $0.84, exceeding analysts' expectations of $0.75.

State of New Jersey Common Pension Fund D lifted its holdings in RLI Corp. (NYSE:RLI - Free Report) by 88.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 28,813 shares of the insurance provider's stock after purchasing an additional 13,503 shares during the period. State of New Jersey Common Pension Fund D's holdings in RLI were worth $2,315,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RLI. Townsquare Capital LLC purchased a new stake in RLI during the fourth quarter worth $206,000. Barclays PLC raised its position in shares of RLI by 74.2% in the 4th quarter. Barclays PLC now owns 32,286 shares of the insurance provider's stock worth $5,321,000 after acquiring an additional 13,747 shares in the last quarter. Mariner LLC lifted its stake in shares of RLI by 21.3% during the 4th quarter. Mariner LLC now owns 6,645 shares of the insurance provider's stock worth $1,095,000 after purchasing an additional 1,168 shares during the last quarter. Walleye Capital LLC bought a new stake in RLI during the fourth quarter valued at about $402,000. Finally, Marshall Wace LLP grew its stake in RLI by 773.8% in the fourth quarter. Marshall Wace LLP now owns 18,716 shares of the insurance provider's stock valued at $3,085,000 after purchasing an additional 16,574 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

RLI Stock Up 0.2%

Shares of RLI traded up $0.1550 during mid-day trading on Friday, hitting $68.5550. 320,389 shares of the company traded hands, compared to its average volume of 583,714. The business has a 50 day moving average of $69.37 and a 200 day moving average of $73.50. The company has a market capitalization of $6.30 billion, a PE ratio of 19.64 and a beta of 0.66. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI Corp. has a 1-year low of $65.14 and a 1-year high of $91.14.

RLI (NYSE:RLI - Get Free Report) last released its earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.09. RLI had a net margin of 17.81% and a return on equity of 15.82%. The company had revenue of $562.28 million for the quarter, compared to the consensus estimate of $445.55 million. During the same quarter in the previous year, the firm earned $1.72 EPS. RLI's revenue was up 20.0% compared to the same quarter last year. Equities research analysts anticipate that RLI Corp. will post 3.08 EPS for the current year.

RLI Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, August 29th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, August 29th. RLI's dividend payout ratio is presently 18.34%.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $78.60.

Insider Activity

In other news, COO Jennifer L. Klobnak bought 3,000 shares of RLI stock in a transaction that occurred on Thursday, July 24th. The stock was bought at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the purchase, the chief operating officer directly owned 98,450 shares of the company's stock, valued at approximately $6,807,817.50. The trade was a 3.14% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.16% of the stock is currently owned by insiders.

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.