Point72 Asset Management L.P. Sells 26,866 Shares of RLI Corp. (NYSE:RLI)

Point72 Asset Management L.P. decreased its stake in shares of RLI Corp. (NYSE:RLI) by 20.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,890 shares of the insurance provider’s stock after selling 26,866 shares during the period. Point72 Asset Management L.P.’s holdings in RLI were worth $14,476,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. American National Bank bought a new position in RLI during the 2nd quarter worth about $35,000. EverSource Wealth Advisors LLC raised its position in RLI by 45.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after buying an additional 77 shares during the last quarter. Riverview Trust Co bought a new stake in RLI in the 1st quarter valued at approximately $44,000. Intelligent Financial Strategies acquired a new position in RLI during the 1st quarter worth approximately $45,000. Finally, Benjamin F. Edwards & Company Inc. grew its stake in shares of RLI by 468.5% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 253 shares in the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on RLI. Keefe, Bruyette & Woods boosted their price objective on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Jefferies Financial Group reduced their price objective on shares of RLI from $170.00 to $165.00 and set a “buy” rating for the company in a research note on Friday, June 14th. JMP Securities restated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $155.00 target price on shares of RLI in a report on Wednesday, July 24th. Finally, Compass Point reduced their price target on RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, RLI currently has a consensus rating of “Moderate Buy” and a consensus price target of $166.25.

RLI Stock Performance

Shares of NYSE:RLI opened at $155.02 on Tuesday. The company has a 50-day simple moving average of $150.32 and a 200 day simple moving average of $145.60. The company has a market capitalization of $7.09 billion, a P/E ratio of 21.41 and a beta of 0.41. RLI Corp. has a 52-week low of $125.77 and a 52-week high of $155.59.

RLI (NYSE:RLI) last issued its earnings results on Monday, July 22nd. The insurance provider reported $1.72 EPS for the quarter, topping the consensus estimate of $1.35 by $0.37. RLI had a return on equity of 18.33% and a net margin of 20.78%. The company had revenue of $416.44 million during the quarter, compared to the consensus estimate of $561.60 million. During the same period in the previous year, the company posted $1.16 EPS. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, equities analysts forecast that RLI Corp. will post 6.14 earnings per share for the current year.

RLI Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.75%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s payout ratio is 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.