Mackenzie Financial Corp Has $607,000 Holdings in RLI Corp. (NYSE:RLI)

Mackenzie Financial Corp decreased its holdings in RLI Corp. (NYSE:RLI) by 5.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,311 shares of the insurance provider’s stock after selling 226 shares during the period. Mackenzie Financial Corp’s holdings in RLI were worth $607,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in RLI. Dimensional Fund Advisors LP boosted its holdings in shares of RLI by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 931,454 shares of the insurance provider’s stock worth $131,045,000 after buying an additional 24,125 shares during the period. Maren Capital LLC boosted its holdings in shares of RLI by 21.3% during the first quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider’s stock worth $90,876,000 after acquiring an additional 107,655 shares during the period. Van Berkom & Associates Inc. grew its position in shares of RLI by 1.5% in the second quarter. Van Berkom & Associates Inc. now owns 556,764 shares of the insurance provider’s stock valued at $78,331,000 after purchasing an additional 8,454 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of RLI by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 428,331 shares of the insurance provider’s stock worth $60,262,000 after purchasing an additional 1,979 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in 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 worth $39,400,000 after purchasing an additional 33,435 shares during the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

RLI Stock Up 1.8 %

RLI opened at $160.42 on Friday. The stock has a market capitalization of $7.34 billion, a price-to-earnings ratio of 22.16 and a beta of 0.41. RLI Corp. has a twelve month low of $125.77 and a twelve month high of $160.47. The company has a 50-day simple moving average of $151.47 and a 200 day simple moving average of $145.94.

RLI (NYSE:RLI) last issued its quarterly earnings results on Monday, July 22nd. The insurance provider reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.37. The company 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.16 EPS. Sell-side analysts anticipate that RLI Corp. will post 6.14 EPS for the current fiscal year.

RLI Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were paid a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.16 annualized dividend and a dividend yield of 0.72%. RLI’s payout ratio is 16.02%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RLI. Compass Point decreased their price objective on RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Jefferies Financial Group lowered their price target on shares of RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods increased their target price on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $155.00 price target on shares of RLI in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, RLI currently 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.