197,011 Shares in RLI Corp. $RLI Acquired by Woodline Partners LP

Key Points

• Woodline Partners LP has acquired a new position in RLI Corp. with an investment of approximately $15.83 million, purchasing 197,011 shares, which constitutes about 0.21% of the company.
• RLI Corp. reported earnings of $0.84 per share for the last quarter, exceeding estimates by $0.09, while their revenue increased by 20.0% year-over-year to $562.28 million.
• The company announced a quarterly dividend of $0.16 per share, with a payment date set for September 19th, reflecting a 1.0% annualized yield based on a payout ratio of 18.34%.

Woodline Partners LP acquired a new position in shares of RLI Corp. (NYSE:RLI - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 197,011 shares of the insurance provider's stock, valued at approximately $15,826,000. Woodline Partners LP owned 0.21% of RLI at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Illinois Municipal Retirement Fund raised its stake in RLI by 100.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 19,526 shares of the insurance provider's stock valued at $1,569,000 after acquiring an additional 9,763 shares in the last quarter. New York State Teachers Retirement System raised its stake 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 valued at $9,046,000 after purchasing an additional 56,208 shares in the last quarter. Empower Advisory Group LLC raised its stake in shares of RLI by 105.5% during the first quarter. Empower Advisory Group LLC now owns 253,074 shares of the insurance provider's stock valued at $20,329,000 after purchasing an additional 129,901 shares in the last quarter. Alaska Permanent Fund Corp lifted its holdings in RLI by 100.0% in the first quarter. Alaska Permanent Fund Corp now owns 41,476 shares of the insurance provider's stock worth $3,070,000 after purchasing an additional 20,738 shares during the period. Finally, Hsbc Holdings PLC grew its position in RLI by 255.2% in the 1st quarter. Hsbc Holdings PLC now owns 11,321 shares of the insurance provider's stock valued at $909,000 after buying an additional 8,134 shares in the last quarter. 77.89% of the stock is owned by institutional investors.

RLI Price Performance

Shares of RLI traded down $0.03 during mid-day trading on Friday, hitting $66.92. The company's stock had a trading volume of 465,954 shares, compared to its average volume of 458,892. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a 50-day moving average price of $68.02 and a 200 day moving average price of $72.69. RLI Corp. has a fifty-two week low of $65.14 and a fifty-two week high of $91.14. The stock has a market capitalization of $6.15 billion, a price-to-earnings ratio of 19.17 and a beta of 0.65.

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

RLI Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.0%. RLI's payout ratio is 18.34%.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RLI has an average rating of "Hold" and a consensus price target of $78.60.

Insider Activity at RLI

In related news, COO Jennifer L. Klobnak purchased 3,000 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was acquired at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the transaction, the chief operating officer directly owned 98,450 shares of the company's stock, valued at $6,807,817.50. This trade represents a 3.14% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.16% of the stock is currently owned by corporate insiders.

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.