Exchange Traded Concepts LLC Grows Stake in RLI Corp. (NYSE:RLI)

Exchange Traded Concepts LLC increased its holdings in RLI Corp. (NYSE:RLI) by 9.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,819 shares of the insurance provider’s stock after purchasing an additional 401 shares during the period. Exchange Traded Concepts LLC’s holdings in RLI were worth $747,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RLI. Jacobs Levy Equity Management Inc. lifted its holdings in shares of RLI by 237.7% in the first quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock worth $30,864,000 after buying an additional 146,324 shares in the last quarter. Maren Capital LLC lifted its stake in RLI by 21.3% in the 1st quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider’s stock worth $90,876,000 after purchasing an additional 107,655 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of RLI by 585.0% during the 1st quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock valued at $6,184,000 after purchasing an additional 35,569 shares during the last quarter. Cubist Systematic Strategies LLC boosted its holdings in shares of RLI by 2,611.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 34,838 shares of the insurance provider’s stock valued at $4,901,000 after purchasing an additional 33,553 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of RLI by 14.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 265,365 shares of the insurance provider’s stock valued at $39,400,000 after purchasing an additional 33,435 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Oppenheimer assumed coverage on shares of RLI in a report on Wednesday. They set a “market perform” rating for the company. 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 report on Wednesday, July 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $162.00 price objective on shares of RLI in a report on Tuesday, October 8th. JMP Securities reissued a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Finally, 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 report on Monday, July 29th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $173.80.

RLI Price Performance

Shares of NYSE RLI opened at $162.98 on Friday. The company has a market cap of $7.46 billion, a P/E ratio of 22.23 and a beta of 0.41. RLI Corp. has a 1 year low of $125.77 and a 1 year high of $164.25. The firm has a 50-day simple moving average of $153.60 and a two-hundred day simple moving average of $146.74.

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, topping the consensus estimate of $1.35 by $0.37. The business had revenue of $416.44 million during the quarter, compared to the consensus estimate of $561.60 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.16 earnings per share. As a group, equities research analysts expect that RLI Corp. will post 6.14 EPS for the current year.

RLI Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s dividend payout ratio (DPR) is presently 15.83%.

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.