Point72 Asia Singapore Pte. Ltd. Takes $141,000 Position in RLI Corp. (NYSE:RLI)

Point72 Asia Singapore Pte. Ltd. acquired a new position in RLI Corp. (NYSE:RLI) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,002 shares of the insurance provider’s stock, valued at approximately $141,000.

Several other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in RLI by 2.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 931,454 shares of the insurance provider’s stock worth $131,045,000 after purchasing an additional 24,125 shares during the last quarter. Maren Capital LLC grew its holdings in RLI by 21.3% in the 1st quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider’s stock worth $90,876,000 after buying an additional 107,655 shares in the last quarter. Van Berkom & Associates Inc. increased its position in RLI by 1.5% in the 2nd quarter. Van Berkom & Associates Inc. now owns 556,764 shares of the insurance provider’s stock valued at $78,331,000 after acquiring an additional 8,454 shares during the period. Bank of New York Mellon Corp raised its stake in RLI by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 428,331 shares of the insurance provider’s stock valued at $60,262,000 after acquiring an additional 1,979 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in RLI by 14.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 265,365 shares of the insurance provider’s stock worth $39,400,000 after acquiring an additional 33,435 shares during the period. 77.89% of the stock is currently owned by institutional investors.

RLI Stock Performance

NYSE RLI opened at $154.01 on Friday. The stock has a market capitalization of $7.05 billion, a P/E ratio of 21.27 and a beta of 0.41. The business’s fifty day moving average is $149.72 and its two-hundred day moving average is $145.52. RLI Corp. has a 1 year low of $125.77 and a 1 year high of $155.59.

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

RLI Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.75%. The ex-dividend date was Friday, August 30th. RLI’s payout ratio is 16.02%.

Wall Street Analysts Forecast Growth

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

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.