State of New Jersey Common Pension Fund D Has $2.19 Million Stake in RLI Corp. (NYSE:RLI)

State of New Jersey Common Pension Fund D reduced its position in shares of RLI Corp. (NYSE:RLI) by 32.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,529 shares of the insurance provider’s stock after selling 7,434 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in RLI were worth $2,185,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Maren Capital LLC raised its holdings in shares of RLI by 21.3% in the 1st quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider’s stock valued at $90,876,000 after purchasing an additional 107,655 shares during the period. Van Berkom & Associates Inc. raised its stake in RLI by 1.5% in the second quarter. Van Berkom & Associates Inc. now owns 556,764 shares of the insurance provider’s stock valued at $78,331,000 after buying an additional 8,454 shares during the period. Bank of New York Mellon Corp lifted its position in shares of RLI by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 428,331 shares of the insurance provider’s stock valued at $60,262,000 after buying an additional 1,979 shares during the last quarter. Norges Bank bought a new position in shares of RLI during the 4th quarter worth approximately $52,592,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of RLI by 14.4% during 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 acquiring an additional 33,435 shares during the period. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Stock Up 0.3 %

Shares of NYSE:RLI opened at $153.32 on Friday. RLI Corp. has a 12-month low of $125.77 and a 12-month high of $155.59. The company’s 50 day moving average price is $148.61 and its two-hundred day moving average price is $145.31. The firm has a market cap of $7.01 billion, a PE ratio of 21.18 and a beta of 0.41.

RLI (NYSE:RLI) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $561.60 million. During the same period in the previous year, the firm earned $1.16 EPS. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, research analysts expect that RLI Corp. will post 6.14 EPS for the current year.

RLI Dividend Announcement

The company also recently announced 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. This represents a $1.16 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Friday, August 30th. RLI’s dividend payout ratio is currently 16.02%.

Analyst Upgrades and Downgrades

RLI has been the subject of several research reports. Compass Point cut their price target on RLI from $175.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. 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. Keefe, Bruyette & Woods raised their price objective on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group dropped their price target on RLI from $170.00 to $165.00 and set a “buy” rating for the company in a report on Friday, June 14th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, RLI presently has a consensus rating of “Moderate Buy” and an average target price of $166.25.

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.