Point72 Asia Singapore Pte. Ltd. Invests $141,000 in RLI Corp. (NYSE:RLI)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of RLI Corp. (NYSE:RLI) in the 2nd quarter, Holdings Channel reports. The fund purchased 1,002 shares of the insurance provider’s stock, valued at approximately $141,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC bought a new stake in shares of RLI in the 4th quarter worth $1,024,000. Russell Investments Group Ltd. increased its holdings in RLI by 585.0% in the 1st 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. BNP Paribas Financial Markets raised its position in RLI by 52.2% in the 1st quarter. BNP Paribas Financial Markets now owns 11,645 shares of the insurance provider’s stock worth $1,729,000 after buying an additional 3,993 shares during the last quarter. Cetera Advisors LLC bought a new position in RLI during the 1st quarter valued at about $515,000. Finally, Royal London Asset Management Ltd. purchased a new stake in shares of RLI during the 4th quarter valued at about $2,079,000. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RLI shares. Royal Bank of Canada reissued a “sector perform” rating and set a $155.00 price objective on shares of RLI in a report on Wednesday, July 24th. Keefe, Bruyette & Woods boosted their target price on shares of RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Jefferies Financial Group dropped their price target on RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Compass Point reduced their price objective on RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Finally, JMP Securities reissued a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $166.25.

RLI Price Performance

Shares of RLI stock opened at $157.60 on Friday. RLI Corp. has a 1-year low of $125.77 and a 1-year high of $158.97. The company’s fifty day simple moving average is $151.20 and its 200-day simple moving average is $145.83. The stock has a market capitalization of $7.21 billion, a PE ratio of 21.77 and a beta of 0.41.

RLI (NYSE:RLI) last announced its earnings results on Monday, July 22nd. The insurance provider reported $1.72 EPS for the quarter, topping 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 company 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 EPS. RLI’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, research analysts anticipate that RLI Corp. will post 6.14 EPS for the current year.

RLI Dividend Announcement

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 dividend of $0.29 per share. The ex-dividend date was Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.74%. RLI’s dividend payout ratio (DPR) is presently 16.02%.

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.