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

New York State Teachers Retirement System reduced its holdings in shares of RLI Corp. (NYSE:RLI) by 0.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,908 shares of the insurance provider’s stock after selling 300 shares during the period. New York State Teachers Retirement System owned about 0.12% of RLI worth $8,820,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Klein Pavlis & Peasley Financial Inc. increased its stake in shares of RLI by 1.2% in the third quarter. Klein Pavlis & Peasley Financial Inc. now owns 5,757 shares of the insurance provider’s stock worth $892,000 after purchasing an additional 68 shares in the last quarter. Motiv8 Investments LLC purchased a new stake in shares of RLI in the third quarter worth $217,000. State of Alaska Department of Revenue increased its stake in shares of RLI by 7.8% in the third quarter. State of Alaska Department of Revenue now owns 6,820 shares of the insurance provider’s stock worth $1,056,000 after purchasing an additional 495 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of RLI by 0.9% in the third quarter. Louisiana State Employees Retirement System now owns 11,500 shares of the insurance provider’s stock worth $1,782,000 after purchasing an additional 100 shares in the last quarter. Finally, Values First Advisors Inc. purchased a new stake in shares of RLI in the third quarter worth $70,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Oppenheimer assumed coverage on shares of RLI in a research note on Wednesday, October 16th. They issued a “market perform” rating for the company. Jefferies Financial Group upped their target price on shares of RLI from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Compass Point upped their target price on shares of RLI from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada upped their target price on shares of RLI from $162.00 to $165.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Finally, JMP Securities restated a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $177.40.

RLI Stock Up 0.8 %

RLI stock opened at $157.21 on Monday. RLI Corp. has a 52 week low of $125.77 and a 52 week high of $164.25. The company has a fifty day simple moving average of $155.38 and a two-hundred day simple moving average of $147.97. The firm has a market capitalization of $7.20 billion, a P/E ratio of 17.28 and a beta of 0.41.

RLI (NYSE:RLI) last released its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.31 EPS for the quarter, beating the consensus estimate of $0.98 by $0.33. RLI had a net margin of 23.77% and a return on equity of 19.03%. The business had revenue of $470.00 million during the quarter, compared to analyst estimates of $491.54 million. During the same quarter last year, the business earned $0.61 earnings per share. RLI’s quarterly revenue was up 41.7% compared to the same quarter last year. As a group, analysts anticipate that RLI Corp. will post 5.93 EPS for the current year.

RLI Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.74%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s dividend payout ratio is currently 12.75%.

RLI Company 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.