New York State Teachers Retirement System Trims Stock Holdings in RLI Corp. (NYSE:RLI)

New York State Teachers Retirement System decreased its holdings in RLI Corp. (NYSE:RLI) by 2.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,208 shares of the insurance provider’s stock after selling 1,493 shares during the period. New York State Teachers Retirement System’s holdings in RLI were worth $8,049,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of RLI. Maren Capital LLC purchased a new position in shares of RLI in the fourth quarter worth about $67,149,000. Norges Bank purchased a new position in shares of RLI in the fourth quarter worth about $52,592,000. Jacobs Levy Equity Management Inc. increased its stake 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 purchasing an additional 146,324 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in shares of RLI by 65.6% in the fourth quarter. Los Angeles Capital Management LLC now owns 203,046 shares of the insurance provider’s stock worth $27,029,000 after purchasing an additional 80,451 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of RLI by 585.0% in 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 in the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Wall Street Analyst Weigh In

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

RLI Stock Up 0.9 %

NYSE:RLI opened at $151.36 on Friday. The business’s 50-day moving average price is $143.83 and its two-hundred day moving average price is $144.07. RLI Corp. has a twelve month low of $125.77 and a twelve month high of $152.34. The stock has a market cap of $6.92 billion, a P/E ratio of 20.91 and a beta of 0.41.

RLI (NYSE:RLI) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.37. RLI had a return on equity of 18.33% and a net margin of 20.78%. The firm had revenue of $416.44 million for the quarter, compared to analysts’ expectations of $561.60 million. During the same quarter last year, the firm posted $1.16 EPS. The company’s revenue was up 9.1% compared to the same quarter last year. On average, equities research analysts expect that RLI Corp. will post 6.12 EPS for the current fiscal year.

RLI Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a $0.29 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.16 annualized dividend and a dividend yield of 0.77%. RLI’s payout ratio is currently 16.02%.

About RLI

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.