Bank of New York Mellon Corp Grows Position in RLI Corp. (NYSE:RLI)

Bank of New York Mellon Corp boosted its position in RLI Corp. (NYSE:RLI) by 0.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 428,331 shares of the insurance provider’s stock after purchasing an additional 1,979 shares during the period. Bank of New York Mellon Corp’s holdings in RLI were worth $60,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Maren Capital LLC lifted its stake in shares of RLI by 21.3% during the 1st quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider’s stock worth $90,876,000 after acquiring an additional 107,655 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of RLI by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 411,787 shares of the insurance provider’s stock valued at $54,817,000 after purchasing an additional 11,255 shares during the period. Norges Bank bought a new position in shares of RLI in the fourth quarter worth about $52,592,000. Price T Rowe Associates Inc. MD increased its stake in RLI by 14.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 265,365 shares of the insurance provider’s stock worth $39,400,000 after buying an additional 33,435 shares during the period. Finally, Global Alpha Capital Management Ltd. lifted its holdings in RLI by 9.5% during the 4th quarter. Global Alpha Capital Management Ltd. now owns 231,388 shares of the insurance provider’s stock valued at $30,802,000 after buying an additional 20,100 shares in the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on RLI shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $155.00 price target on shares of RLI in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods upped their target price on RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Compass Point cut their price target on RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research note on Tuesday, July 23rd. Finally, Jefferies Financial Group reduced their price target 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. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, RLI has a consensus rating of “Moderate Buy” and a consensus target price of $166.25.

RLI Stock Performance

Shares of RLI stock opened at $154.11 on Friday. The company has a market capitalization of $7.04 billion, a PE ratio of 21.29 and a beta of 0.41. The company has a 50-day simple moving average of $144.94 and a two-hundred day simple moving average of $144.50. RLI Corp. has a one year low of $125.77 and a one year high of $154.26.

RLI (NYSE:RLI) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 EPS for the quarter, topping the consensus estimate of $1.35 by $0.37. The firm had revenue of $416.44 million during the quarter, compared to analyst estimates of $561.60 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. RLI’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.16 EPS. On average, equities analysts predict that RLI Corp. will post 6.12 earnings per share for the current fiscal year.

RLI Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a $0.29 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.75%. RLI’s payout ratio is 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.