TD Asset Management Inc Purchases 18,172 Shares of RLI Corp. (NYSE:RLI)

Key Points

• TD Asset Management Inc increased its stake in RLI Corp. by 121.9%, acquiring an additional 18,172 shares during Q1, bringing their total holdings to 33,074 shares valued at approximately $2.66 million.
• RLI reported earnings per share (EPS) of $0.84 for the quarter, outperforming analysts' expectations of $0.75, and showed a revenue increase of 20% year-over-year, reaching $562.28 million.
• The company announced a quarterly dividend increase to $0.16 per share, up from $0.15, representing an annualized dividend of $0.64 with a 1.0% yield.

TD Asset Management Inc lifted its position in shares of RLI Corp. (NYSE:RLI - Free Report) by 121.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,074 shares of the insurance provider's stock after acquiring an additional 18,172 shares during the quarter. TD Asset Management Inc's holdings in RLI were worth $2,657,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Illinois Municipal Retirement Fund raised its position in shares of RLI by 100.0% during the first quarter. Illinois Municipal Retirement Fund now owns 19,526 shares of the insurance provider's stock worth $1,569,000 after acquiring an additional 9,763 shares during the last quarter. New York State Teachers Retirement System raised its position in shares of RLI by 99.6% during the first quarter. New York State Teachers Retirement System now owns 112,616 shares of the insurance provider's stock worth $9,046,000 after acquiring an additional 56,208 shares during the last quarter. Brown Advisory Inc. raised its position in shares of RLI by 100.0% during the first quarter. Brown Advisory Inc. now owns 13,224 shares of the insurance provider's stock worth $1,062,000 after acquiring an additional 6,612 shares during the last quarter. Golden State Wealth Management LLC raised its position in shares of RLI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock worth $30,000 after acquiring an additional 186 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of RLI by 112.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,871 shares of the insurance provider's stock worth $311,000 after acquiring an additional 2,047 shares during the last quarter. Institutional investors own 77.89% of the company's stock.

Insider Buying and Selling at RLI

In other news, COO Jennifer L. Klobnak acquired 3,000 shares of RLI stock in a transaction dated Thursday, July 24th. The stock was bought at an average cost of $69.15 per share, with a total value of $207,450.00. Following the completion of the transaction, the chief operating officer directly owned 98,450 shares of the company's stock, valued at approximately $6,807,817.50. This represents a 3.14% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.16% of the stock is owned by corporate insiders.

RLI Trading Down 0.3%

NYSE RLI opened at $65.80 on Friday. The stock has a 50-day simple moving average of $71.74 and a 200 day simple moving average of $74.34. The company has a market capitalization of $6.04 billion, a PE ratio of 18.85 and a beta of 0.66. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI Corp. has a 12 month low of $65.14 and a 12 month high of $91.14.

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

RLI Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, May 30th were given a dividend of $0.16 per share. This is an increase from RLI's previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, May 30th. RLI's payout ratio is currently 18.34%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RLI. Wall Street Zen upgraded RLI from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. JMP Securities reiterated a "market perform" rating on shares of RLI in a report on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price objective on RLI from $95.00 to $85.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Finally, Compass Point downgraded 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 assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, RLI currently has a consensus rating of "Hold" and an average target price of $78.60.

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.

Want to see what other hedge funds are holding RLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RLI Corp. (NYSE:RLI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.