Point72 Asset Management L.P. Has $14.48 Million Stock Holdings in RLI Corp. (NYSE:RLI)

Point72 Asset Management L.P. cut its stake in RLI Corp. (NYSE:RLI) by 20.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 102,890 shares of the insurance provider’s stock after selling 26,866 shares during the period. Point72 Asset Management L.P. owned about 0.23% of RLI worth $14,476,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of RLI. American National Bank bought a new position in shares of RLI during the second quarter valued at $35,000. EverSource Wealth Advisors LLC boosted its position in RLI by 45.6% in the second quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after buying an additional 77 shares in the last quarter. Riverview Trust Co bought a new stake in RLI during the first quarter worth about $44,000. Intelligent Financial Strategies acquired a new stake in shares of RLI during the first quarter worth approximately $45,000. Finally, Benjamin F. Edwards & Company Inc. raised its stake in shares of RLI by 468.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock valued at $46,000 after acquiring an additional 253 shares during the last quarter. Institutional investors own 77.89% of the company’s stock.

RLI Stock Up 0.7 %

Shares of RLI stock opened at $155.02 on Tuesday. RLI Corp. has a 12 month low of $125.77 and a 12 month high of $155.59. The business has a fifty day simple moving average of $150.32 and a 200 day simple moving average of $145.60. The stock has a market cap of $7.09 billion, a PE ratio of 21.41 and a beta of 0.41.

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

RLI Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s dividend payout ratio is currently 16.02%.

Analyst Ratings Changes

A number of research firms recently weighed in on RLI. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $155.00 price target on shares of RLI in a report on Wednesday, July 24th. Jefferies Financial Group cut their price target on RLI from $170.00 to $165.00 and set a “buy” rating for the company in a report on Friday, June 14th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods increased their price target on shares of RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Compass Point dropped their price objective on shares of RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $166.25.

RLI 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.