Teacher Retirement System of Texas lifted its stake in RLI Corp. (NYSE:RLI - Free Report) by 68.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 88,922 shares of the insurance provider's stock after purchasing an additional 36,163 shares during the quarter. Teacher Retirement System of Texas owned 0.10% of RLI worth $7,143,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its position in shares of RLI by 47.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 497 shares of the insurance provider's stock valued at $82,000 after purchasing an additional 159 shares during the period. Golden State Wealth Management LLC boosted its position in shares of RLI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 186 shares during the period. Alpha DNA Investment Management LLC boosted its position in shares of RLI by 7.8% in the 4th quarter. Alpha DNA Investment Management LLC now owns 2,622 shares of the insurance provider's stock valued at $432,000 after purchasing an additional 189 shares during the period. Corient Private Wealth LLC boosted its position in shares of RLI by 1.2% in the 4th quarter. Corient Private Wealth LLC now owns 17,265 shares of the insurance provider's stock valued at $2,846,000 after purchasing an additional 197 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of RLI by 100.0% in the 1st quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 203 shares during the period. Institutional investors and hedge funds own 77.89% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on RLI shares. JMP Securities reissued a "market perform" rating on shares of RLI in a research note on Thursday, April 24th. Compass Point downgraded RLI from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a research note on Tuesday, May 6th. Finally, Keefe, Bruyette & Woods reduced their price objective on RLI from $95.00 to $85.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $78.60.
View Our Latest Research Report on RLI
RLI Stock Up 0.4%
Shares of RLI traded up $0.29 during midday trading on Tuesday, reaching $71.48. 639,512 shares of the stock were exchanged, compared to its average volume of 389,943. RLI Corp. has a 12-month low of $68.50 and a 12-month high of $91.15. The firm has a 50 day simple moving average of $73.86 and a 200-day simple moving average of $75.78. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.06. The company has a market cap of $6.56 billion, a price-to-earnings ratio of 23.51 and a beta of 0.67.
RLI (NYSE:RLI - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.04. RLI had a return on equity of 16.26% and a net margin of 16.22%. The company had revenue of $36.73 million during the quarter, compared to the consensus estimate of $442.20 million. During the same period last year, the business earned $0.95 EPS. The business's quarterly revenue was down 8.3% 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 firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, May 30th were issued a $0.16 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.64 dividend on an annualized basis and a yield of 0.90%. This is a positive change from RLI's previous quarterly dividend of $0.15. RLI's dividend payout ratio (DPR) is 21.05%.
RLI Profile
(
Free Report)
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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