MQS Management LLC Buys New Shares in RLI Corp. (NYSE:RLI)

MQS Management LLC purchased a new position in RLI Corp. (NYSE:RLI) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,079 shares of the insurance provider’s stock, valued at approximately $292,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Maren Capital LLC acquired a new stake in shares of RLI in the 4th quarter valued at about $67,149,000. Norges Bank acquired a new stake in RLI in the fourth quarter valued at approximately $52,592,000. Jacobs Levy Equity Management Inc. increased its holdings in shares of RLI by 237.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock valued at $30,864,000 after acquiring an additional 146,324 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of RLI by 585.0% during the first quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock worth $6,184,000 after purchasing an additional 35,569 shares during the period. Finally, Verition Fund Management LLC lifted its holdings in shares of RLI by 237.8% in the 4th quarter. Verition Fund Management LLC now owns 47,657 shares of the insurance provider’s stock worth $6,344,000 after purchasing an additional 33,550 shares in the last quarter. 77.89% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RLI has been the topic of several research reports. JMP Securities restated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $155.00 price target on shares of RLI in a research report on Wednesday, July 24th. Jefferies Financial Group decreased their price objective on RLI from $170.00 to $165.00 and set a “buy” rating for the company in a report on Friday, June 14th. Compass Point dropped their target price on RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods upped their price target on RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $166.25.

RLI Stock Down 0.5 %

Shares of NYSE RLI opened at $152.66 on Friday. The company has a market capitalization of $6.98 billion, a PE ratio of 21.09 and a beta of 0.41. The stock’s 50 day moving average price is $148.86 and its 200-day moving average price is $145.35. RLI Corp. has a twelve month low of $125.77 and a twelve month high of $155.59.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.37. The firm had revenue of $416.44 million during the quarter, compared to the consensus estimate of $561.60 million. RLI had a return on equity of 18.33% and a net margin of 20.78%. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 EPS. As a group, research analysts expect that RLI Corp. will post 6.14 EPS for the current fiscal year.

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s dividend payout ratio is 16.02%.

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.