New York Life Investment Management LLC Acquires 289 Shares of RLI Corp. (NYSE:RLI)

New York Life Investment Management LLC lifted its holdings in shares of RLI Corp. (NYSE:RLI) by 6.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,577 shares of the insurance provider’s stock after purchasing an additional 289 shares during the period. New York Life Investment Management LLC’s holdings in RLI were worth $609,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in RLI. Charles Schwab Investment Management Inc. grew its holdings in shares of RLI by 39.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 400,532 shares of the insurance provider’s stock worth $54,428,000 after purchasing an additional 112,988 shares during the last quarter. Van Berkom & Associates Inc. boosted its holdings in RLI by 18.1% in the third quarter. Van Berkom & Associates Inc. now owns 526,679 shares of the insurance provider’s stock valued at $71,570,000 after acquiring an additional 80,552 shares during the last quarter. Nepsis Inc. bought a new position in RLI in the fourth quarter valued at about $9,424,000. AQR Capital Management LLC boosted its holdings in RLI by 106.9% in the third quarter. AQR Capital Management LLC now owns 89,106 shares of the insurance provider’s stock valued at $12,109,000 after acquiring an additional 46,031 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in RLI by 77.2% in the third quarter. Retirement Systems of Alabama now owns 92,600 shares of the insurance provider’s stock valued at $12,583,000 after acquiring an additional 40,351 shares during the last quarter. Institutional investors own 77.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Compass Point raised their price target on RLI from $158.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. JMP Securities reissued a “market perform” rating on shares of RLI in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods increased their target price on RLI from $160.00 to $168.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Finally, Royal Bank of Canada increased 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. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, RLI presently has an average rating of “Moderate Buy” and a consensus price target of $163.25.

RLI Trading Down 0.1 %

NYSE:RLI opened at $146.96 on Friday. RLI Corp. has a 1-year low of $123.04 and a 1-year high of $149.20. The business’s 50-day moving average price is $144.63 and its two-hundred day moving average price is $139.55. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 20.30 and a beta of 0.37.

RLI (NYSE:RLI) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.26. The company had revenue of $444.80 million for the quarter, compared to analyst estimates of $460.05 million. RLI had a return on equity of 17.24% and a net margin of 20.96%. RLI’s revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.63 earnings per share. Sell-side analysts predict that RLI Corp. will post 5.74 earnings per share for the current year.

RLI Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, May 31st will be given a dividend of $0.29 per share. The ex-dividend date is Friday, May 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.79%. This is a positive change from RLI’s previous quarterly dividend of $0.27. RLI’s dividend payout ratio (DPR) is currently 16.02%.

RLI Company 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.