New York State Teachers Retirement System Reduces Holdings in RLI Corp. $RLI

New York State Teachers Retirement System cut its holdings in RLI Corp. (NYSE:RLI) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,566 shares of the insurance provider’s stock after selling 1,050 shares during the quarter. New York State Teachers Retirement System owned approximately 0.12% of RLI worth $8,057,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its holdings 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 in the last quarter. GAMMA Investing LLC raised its position in shares of RLI by 92.7% during the 1st quarter. GAMMA Investing LLC now owns 1,994 shares of the insurance provider’s stock valued at $160,000 after purchasing an additional 959 shares during the period. QRG Capital Management Inc. boosted its stake in shares of RLI by 70.0% in the first quarter. QRG Capital Management Inc. now owns 9,019 shares of the insurance provider’s stock worth $724,000 after acquiring an additional 3,714 shares during the period. State of Alaska Department of Revenue grew its holdings in RLI by 415.1% during the 1st quarter. State of Alaska Department of Revenue now owns 34,745 shares of the insurance provider’s stock valued at $2,790,000 after buying an additional 28,000 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in RLI by 69.0% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,146 shares of the insurance provider’s stock worth $253,000 after purchasing an additional 1,285 shares in the last quarter. 77.89% of the stock is currently owned by institutional investors.

Insider Transactions at RLI

In other RLI news, COO Jennifer L. Klobnak acquired 3,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was bought at an average cost of $69.15 per share, for a total transaction of $207,450.00. Following the completion of the transaction, the chief operating officer owned 98,450 shares of the company’s stock, valued at approximately $6,807,817.50. The trade was a 3.14% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.16% of the company’s stock.

RLI Trading Up 0.7%

Shares of NYSE:RLI opened at $59.62 on Monday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI Corp. has a 52-week low of $59.01 and a 52-week high of $91.14. The business has a 50-day moving average price of $65.73 and a 200-day moving average price of $70.40. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of 17.08 and a beta of 0.60.

RLI (NYSE:RLI) last posted its earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.09. RLI had a net margin of 17.81% and a return on equity of 15.82%. The firm had revenue of $562.28 million during the quarter, compared to analysts’ expectations of $445.55 million. During the same period in the previous year, the business posted $1.72 EPS. The business’s revenue was up 20.0% compared to the same quarter last year. Equities analysts predict that RLI Corp. will post 3.08 EPS for the current year.

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, August 29th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. RLI’s payout ratio is 18.34%.

Analyst Ratings Changes

Several research firms have commented on RLI. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Weiss Ratings reissued a “hold (c)” rating on shares of RLI in a research note on Wednesday, October 8th. Finally, Truist Financial set a $62.00 price objective on shares of RLI and gave the company a “hold” rating in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, RLI currently has a consensus rating of “Hold” and a consensus price target of $72.80.

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.