Quest Partners LLC Increases Stake in RLI Corp. (NYSE:RLI)

Quest Partners LLC boosted its position in RLI Corp. (NYSE:RLI) by 442.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,342 shares of the insurance provider’s stock after acquiring an additional 5,172 shares during the period. Quest Partners LLC’s holdings in RLI were worth $892,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RLI. Oak Thistle LLC raised its holdings in RLI by 46.2% in the second quarter. Oak Thistle LLC now owns 4,604 shares of the insurance provider’s stock worth $648,000 after buying an additional 1,455 shares during the last quarter. Los Angeles Capital Management LLC grew its position in RLI by 1.9% during the second quarter. Los Angeles Capital Management LLC now owns 92,746 shares of the insurance provider’s stock valued at $13,048,000 after buying an additional 1,758 shares during the period. Arizona State Retirement System grew its position in RLI by 2.0% during the second quarter. Arizona State Retirement System now owns 11,514 shares of the insurance provider’s stock valued at $1,620,000 after buying an additional 229 shares during the period. Victory Capital Management Inc. increased its stake in shares of RLI by 1.5% in the second quarter. Victory Capital Management Inc. now owns 133,747 shares of the insurance provider’s stock worth $18,817,000 after purchasing an additional 2,028 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in shares of RLI by 12.8% in the second quarter. TD Asset Management Inc now owns 12,186 shares of the insurance provider’s stock worth $1,714,000 after purchasing an additional 1,386 shares in the last quarter. Institutional investors own 77.89% of the company’s stock.

Wall Street Analyst Weigh In

RLI has been the subject of several research analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $155.00 price objective on shares of RLI in a research 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 for the company in a report on Wednesday, July 24th. Jefferies Financial Group lowered their target price on shares of RLI from $170.00 to $165.00 and set a “buy” rating for the company in a report on Friday, June 14th. Keefe, Bruyette & Woods raised their target price on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, JMP Securities restated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $166.25.

RLI Price Performance

RLI opened at $152.42 on Wednesday. The firm has a fifty day moving average price of $146.71 and a 200 day moving average price of $145.05. RLI Corp. has a 1 year low of $125.77 and a 1 year high of $155.59. The stock has a market cap of $6.97 billion, a P/E ratio of 21.05 and a beta of 0.41.

RLI (NYSE:RLI) last posted its quarterly earnings data 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 analysts’ expectations of $561.60 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.16 earnings per share. Equities analysts expect that RLI Corp. will post 6.14 EPS for the current year.

RLI Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend is Friday, August 30th. RLI’s payout ratio is 16.02%.

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.