Texas Permanent School Fund Corp raised its position in RLI Corp. (NYSE:RLI – Free Report) by 1.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,150 shares of the insurance provider’s stock after acquiring an additional 465 shares during the quarter. Texas Permanent School Fund Corp owned 0.08% of RLI worth $5,219,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. acquired a new stake in shares of RLI during the fourth quarter worth approximately $25,000. Riverview Trust Co acquired a new stake in shares of RLI during the first quarter worth approximately $44,000. Intelligent Financial Strategies acquired a new stake in shares of RLI during the first quarter worth approximately $45,000. GAMMA Investing LLC acquired a new stake in shares of RLI during the fourth quarter worth approximately $41,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of RLI by 468.5% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after buying an additional 253 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.
RLI Stock Up 0.8 %
RLI stock opened at $140.43 on Friday. The company has a market capitalization of $6.42 billion, a P/E ratio of 19.40 and a beta of 0.41. The company has a 50-day simple moving average of $142.73 and a 200 day simple moving average of $142.24. RLI Corp. has a fifty-two week low of $125.77 and a fifty-two week high of $149.20.
RLI (NYSE:RLI – Get Free Report) last posted its quarterly earnings data on Monday, April 22nd. The insurance provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.26. The business had revenue of $444.80 million during the quarter, compared to the consensus estimate of $460.05 million. RLI had a net margin of 20.96% and a return on equity of 17.24%. The company’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.63 earnings per share. Equities analysts anticipate that RLI Corp. will post 5.84 EPS for the current year.
RLI Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Friday, May 31st were given a $0.29 dividend. The ex-dividend date was Friday, May 31st. This is a boost from RLI’s previous quarterly dividend of $0.27. This represents a $1.16 annualized dividend and a yield of 0.83%. RLI’s payout ratio is 16.02%.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on RLI shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $168.00 price objective on shares of RLI in a research note on Friday, June 21st. JMP Securities restated a “market perform” rating on shares of RLI in a research note on Tuesday, April 23rd. Royal Bank of Canada raised their target price on RLI from $148.00 to $155.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 24th. 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. Finally, Compass Point boosted their price target on shares of RLI from $158.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $165.75.
View Our Latest Stock Report on RLI
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.
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