D. E. Shaw & Co. Inc. Acquires 24,865 Shares of RLI Corp. (NYSE:RLI)

D. E. Shaw & Co. Inc. boosted its holdings in RLI Corp. (NYSE:RLI) by 18.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,880 shares of the insurance provider’s stock after buying an additional 24,865 shares during the period. D. E. Shaw & Co. Inc.’s holdings in RLI were worth $22,775,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Maren Capital LLC bought a new position in shares of RLI in the fourth quarter valued at approximately $67,149,000. Jacobs Levy Equity Management Inc. boosted its stake in RLI by 237.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock valued at $30,864,000 after buying an additional 146,324 shares during the period. Russell Investments Group Ltd. grew its position in RLI by 585.0% during the first quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock worth $6,184,000 after buying an additional 35,569 shares in the last quarter. Cubist Systematic Strategies LLC increased its stake in RLI by 2,611.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 34,838 shares of the insurance provider’s stock worth $4,901,000 after acquiring an additional 33,553 shares during the last quarter. Finally, Verition Fund Management LLC raised its holdings in shares of RLI by 237.8% in the 4th quarter. Verition Fund Management LLC now owns 47,657 shares of the insurance provider’s stock valued at $6,344,000 after acquiring an additional 33,550 shares in the last quarter. Institutional investors own 77.89% of the company’s stock.

RLI Stock Performance

Shares of RLI stock opened at $153.94 on Monday. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of 21.26 and a beta of 0.41. The company has a fifty day moving average of $150.01 and a 200-day moving average of $145.55. RLI Corp. has a 52-week low of $125.77 and a 52-week high of $155.59.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $561.60 million. During the same period last year, the firm earned $1.16 earnings per share. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts forecast that RLI Corp. will post 6.14 earnings per share for the current fiscal year.

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were given a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.16 annualized dividend and a yield of 0.75%. RLI’s payout ratio is currently 16.02%.

Analyst Ratings Changes

RLI has been the topic of several research analyst reports. JMP Securities restated a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Jefferies Financial Group lowered their price objective on shares of RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday, June 14th. Compass Point dropped their price objective 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $155.00 target price on shares of RLI in a research note on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods lifted their price target on RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $166.25.

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.