GAMMA Investing LLC Buys 234 Shares of RLI Corp. (NYSE:RLI)

GAMMA Investing LLC grew its position in RLI Corp. (NYSE:RLI) by 42.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 785 shares of the insurance provider’s stock after acquiring an additional 234 shares during the period. GAMMA Investing LLC’s holdings in RLI were worth $122,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. American National Bank bought a new position in RLI in the second quarter valued at about $35,000. EverSource Wealth Advisors LLC raised its holdings in RLI by 45.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after buying an additional 77 shares during the last quarter. Riverview Trust Co acquired a new stake in RLI during the 1st quarter worth approximately $44,000. Benjamin F. Edwards & Company Inc. boosted its position in RLI by 468.5% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after buying an additional 253 shares during the period. Finally, American National Bank & Trust grew its holdings in RLI by 62.5% during the 3rd quarter. American National Bank & Trust now owns 403 shares of the insurance provider’s stock worth $62,000 after acquiring an additional 155 shares during the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Trading Up 0.3 %

Shares of RLI stock opened at $157.45 on Monday. The business has a 50-day moving average price of $152.03 and a two-hundred day moving average price of $146.24. RLI Corp. has a 1-year low of $125.77 and a 1-year high of $160.47. The company has a market cap of $7.20 billion, a P/E ratio of 21.48 and a beta of 0.41.

RLI (NYSE:RLI) last released its earnings results on Monday, July 22nd. The insurance provider reported $1.72 EPS for the quarter, topping 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 business had revenue of $416.44 million during the quarter, compared to analysts’ expectations of $561.60 million. During the same quarter last year, the firm posted $1.16 earnings per share. The firm’s revenue was up 9.1% on a year-over-year basis. Equities research analysts forecast that RLI Corp. will post 6.14 EPS for the current fiscal year.

RLI Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.74%. RLI’s payout ratio is presently 15.83%.

Analysts Set New Price Targets

Several research firms have recently issued reports on RLI. Wolfe Research initiated coverage on shares of RLI in a research note on Wednesday, October 9th. They set an “outperform” rating and a $182.00 price target for the company. Compass Point cut their target price 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 increased their price target on RLI from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their price objective on RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Finally, JMP Securities reiterated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, RLI currently has a consensus rating of “Moderate Buy” and a consensus price target of $173.80.

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.