Quarry LP Boosts Holdings in RLI Corp. (NYSE:RLI)

Quarry LP lifted its stake in RLI Corp. (NYSE:RLI) by 150.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 929 shares of the insurance provider’s stock after acquiring an additional 558 shares during the period. Quarry LP’s holdings in RLI were worth $131,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of RLI. American National Bank purchased a new position in shares of RLI in the 2nd quarter valued at $35,000. EverSource Wealth Advisors LLC grew its position in RLI by 45.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 77 shares during the last quarter. Riverview Trust Co purchased a new position in RLI during the 1st quarter worth $44,000. Intelligent Financial Strategies purchased a new position in RLI during the 1st quarter worth $45,000. Finally, Benjamin F. Edwards & Company Inc. grew 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 purchasing an additional 253 shares during the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

RLI Stock Performance

RLI stock opened at $157.51 on Wednesday. RLI Corp. has a one year low of $125.77 and a one year high of $157.81. The company has a fifty day moving average of $150.60 and a 200-day moving average of $145.67. The stock has a market capitalization of $7.21 billion, a PE ratio of 21.76 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 EPS for the quarter, beating the consensus estimate of $1.35 by $0.37. RLI had a net margin of 20.78% and a return on equity of 18.33%. The firm had revenue of $416.44 million during the quarter, compared to analysts’ expectations of $561.60 million. During the same quarter last year, the business earned $1.16 earnings per share. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. Equities 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. Investors 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 (DPR) is 16.02%.

Analysts Set New Price Targets

Several research analysts have issued reports on RLI shares. 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. Keefe, Bruyette & Woods raised their target price on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Royal Bank of Canada restated a “sector perform” rating and issued a $155.00 target price on shares of RLI in a research note on Wednesday, July 24th. Compass Point reduced their target price on shares of RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Finally, JMP Securities restated a “market perform” rating on shares of RLI in a research note on Tuesday, July 23rd. Three 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 currently has an average rating of “Moderate Buy” and a consensus price target 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.