Alaska Permanent Fund Corp Boosts Stock Position in RLI Corp. (NYSE:RLI)

Alaska Permanent Fund Corp boosted its stake in RLI Corp. (NYSE:RLI) by 14.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,337 shares of the insurance provider’s stock after acquiring an additional 2,560 shares during the period. Alaska Permanent Fund Corp’s holdings in RLI were worth $3,019,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Kapitalo Investimentos Ltda raised its stake in RLI by 57.6% in the fourth quarter. Kapitalo Investimentos Ltda now owns 939 shares of the insurance provider’s stock worth $125,000 after buying an additional 343 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of RLI in the 4th quarter worth approximately $1,194,000. Royal London Asset Management Ltd. purchased a new position in shares of RLI in the 4th quarter valued at approximately $2,079,000. Creekmur Asset Management LLC bought a new stake in shares of RLI during the fourth quarter valued at approximately $1,024,000. Finally, Argent Capital Management LLC grew its stake in RLI by 10.6% in the fourth quarter. Argent Capital Management LLC now owns 4,583 shares of the insurance provider’s stock worth $610,000 after purchasing an additional 440 shares during the period. 77.89% of the stock is currently owned by institutional investors.

RLI Stock Up 0.6 %

Shares of NYSE RLI opened at $142.44 on Friday. The company has a 50 day moving average of $143.31 and a 200 day moving average of $141.45. RLI Corp. has a twelve month low of $125.77 and a twelve month high of $149.20. The firm has a market cap of $6.51 billion, a P/E ratio of 19.67 and a beta of 0.41.

RLI (NYSE:RLI) last announced its quarterly earnings results on Monday, April 22nd. The insurance provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.26. RLI had a return on equity of 17.24% and a net margin of 20.96%. The firm had revenue of $444.80 million for the quarter, compared to the consensus estimate of $460.05 million. During the same period in the prior year, the company posted $1.63 earnings per share. The company’s quarterly revenue was up 21.9% on a year-over-year basis. As a group, equities analysts expect that RLI Corp. will post 5.85 earnings per share for the current fiscal year.

RLI Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Friday, May 31st were paid a $0.29 dividend. The ex-dividend date was Friday, May 31st. This is a positive change from RLI’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.81%. RLI’s payout ratio is currently 16.02%.

Wall Street Analyst Weigh In

RLI has been the subject of several recent research reports. Royal Bank of Canada raised their price objective on RLI from $148.00 to $155.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods raised their target price on shares of RLI from $160.00 to $168.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. JMP Securities reissued a “market perform” rating on shares of RLI in a research report on Tuesday, April 23rd. Jefferies Financial Group cut their price target on RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Finally, Compass Point lifted their price objective on RLI from $158.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, RLI presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.75.

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.