GAMMA Investing LLC Makes New $41,000 Investment in RLI Corp. (NYSE:RLI)

GAMMA Investing LLC bought a new stake in RLI Corp. (NYSE:RLI) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 302 shares of the insurance provider’s stock, valued at approximately $41,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. New York State Common Retirement Fund grew its stake in RLI by 2.2% in the 4th quarter. New York State Common Retirement Fund now owns 127,746 shares of the insurance provider’s stock valued at $17,006,000 after purchasing an additional 2,769 shares during the period. Duncker Streett & Co. Inc. purchased a new position in shares of RLI in the 4th quarter worth about $127,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in RLI by 17.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,525 shares of the insurance provider’s stock valued at $1,268,000 after buying an additional 1,413 shares during the period. Lecap Asset Management Ltd. purchased a new stake in RLI during the fourth quarter worth about $330,000. Finally, Louisiana State Employees Retirement System bought a new stake in RLI in the fourth quarter worth about $1,504,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

RLI Price Performance

NYSE:RLI opened at $143.57 on Friday. RLI Corp. has a 1 year low of $123.04 and a 1 year high of $149.20. The stock’s fifty day moving average price is $144.74 and its two-hundred day moving average price is $139.21. The company has a market cap of $6.56 billion, a P/E ratio of 19.83 and a beta of 0.37.

RLI (NYSE:RLI) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.26. The business had revenue of $444.80 million for the quarter, compared to analysts’ expectations of $460.05 million. RLI had a return on equity of 17.24% and a net margin of 20.96%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.63 EPS. On average, analysts expect that RLI Corp. will post 5.74 earnings per share for the current fiscal year.

RLI Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, May 31st will be paid a dividend of $0.29 per share. The ex-dividend date is Friday, May 31st. This represents a $1.16 annualized dividend and a yield of 0.81%. This is a boost from RLI’s previous quarterly dividend of $0.27. RLI’s payout ratio is currently 14.92%.

Analysts Set New Price Targets

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

About RLI

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.