New York State Teachers Retirement System Boosts Holdings in RLI Corp. (NYSE:RLI)

New York State Teachers Retirement System boosted its position in shares of RLI Corp. (NYSE:RLI) by 99.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 112,616 shares of the insurance provider’s stock after buying an additional 56,208 shares during the quarter. New York State Teachers Retirement System’s holdings in RLI were worth $9,046,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new position in RLI during the fourth quarter worth $56,000. Golden State Wealth Management LLC boosted its stake in shares of RLI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 186 shares during the period. Versant Capital Management Inc boosted its stake in shares of RLI by 100.0% during the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 203 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of RLI by 88.5% during the first quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 224 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of RLI by 47.0% during the fourth 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 period. 77.89% of the stock is owned by hedge funds and other institutional investors.

RLI Stock Performance

RLI stock opened at $71.70 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. The business has a 50-day moving average price of $73.91 and a 200 day moving average price of $75.96. The company has a market capitalization of $6.58 billion, a P/E ratio of 23.59 and a beta of 0.67. RLI Corp. has a 1-year low of $68.50 and a 1-year high of $91.15.

RLI (NYSE:RLI) last released its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The firm had revenue of $36.73 million during the quarter, compared to the consensus estimate of $442.20 million. RLI had a return on equity of 16.26% and a net margin of 16.22%. The firm’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 earnings per share. As a group, equities research analysts forecast that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, May 30th were issued a $0.16 dividend. This is an increase from RLI’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend was Friday, May 30th. RLI’s payout ratio is presently 21.05%.

Wall Street Analyst Weigh In

RLI has been the subject of a number of 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 lowered their target price on shares of RLI from $95.00 to $85.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. JMP Securities reissued a “market perform” rating on shares of RLI in a research note on Thursday, April 24th. Finally, Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, RLI has a consensus rating of “Hold” and a consensus target price of $78.60.

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.