CX Institutional Buys New Shares in RLI Corp. (NYSE:RLI)

CX Institutional acquired a new stake in RLI Corp. (NYSE:RLI) in the first quarter, HoldingsChannel reports. The institutional investor acquired 3,501 shares of the insurance provider’s stock, valued at approximately $281,000.

Other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc increased its position in shares of RLI by 100.0% during the 1st quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 203 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in RLI by 88.5% during the 1st quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 224 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of RLI in the 4th quarter valued at about $56,000. EverSource Wealth Advisors LLC boosted its stake in shares of RLI by 47.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 497 shares of the insurance provider’s stock valued at $82,000 after purchasing an additional 159 shares during the last quarter. Finally, Quarry LP bought a new position in shares of RLI in the 4th quarter valued at about $108,000. Institutional investors and hedge funds own 77.89% of the company’s stock.

Analysts Set New Price Targets

RLI has been the topic of several recent analyst reports. Compass Point lowered shares of RLI from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Keefe, Bruyette & Woods dropped their target price on shares of RLI from $95.00 to $85.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. JMP Securities reiterated a “market perform” rating on shares of RLI in a report on Thursday, April 24th. Finally, Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, RLI presently has an average rating of “Hold” and a consensus target price of $78.60.

RLI Trading Down 1.8%

RLI stock opened at $73.03 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.34 and a quick ratio of 0.38. The company has a fifty day moving average price of $75.27 and a two-hundred day moving average price of $77.33. RLI Corp. has a one year low of $68.50 and a one year high of $91.15. The stock has a market cap of $6.70 billion, a price-to-earnings ratio of 19.50 and a beta of 0.70.

RLI (NYSE:RLI) last released its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The firm had revenue of $36.73 million during the quarter, compared to analysts’ expectations of $442.20 million. RLI had a net margin of 19.53% and a return on equity of 16.63%. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. Equities analysts anticipate that RLI Corp. will post 3.08 EPS for the current year.

RLI Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, May 30th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Friday, May 30th. This is a boost from RLI’s previous quarterly dividend of $0.15. RLI’s payout ratio is presently 21.05%.

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.