Renaissance Technologies LLC Takes $3.05 Million Position in RLI Corp. (NYSE:RLI)

Renaissance Technologies LLC bought a new stake in shares of RLI Corp. (NYSE:RLI) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,700 shares of the insurance provider’s stock, valued at approximately $3,053,000.

Several other large investors also recently modified their holdings of the stock. American National Bank bought a new position in shares of RLI in the 2nd quarter worth $35,000. Riverview Trust Co bought a new stake in shares of RLI during the 1st quarter valued at about $44,000. Intelligent Financial Strategies bought a new stake in RLI in the 1st quarter worth approximately $45,000. Benjamin F. Edwards & Company Inc. lifted its position in RLI by 468.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after buying an additional 253 shares during the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in RLI in the first quarter valued at approximately $73,000. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Trading Up 0.7 %

NYSE:RLI opened at $155.02 on Tuesday. The stock has a market capitalization of $7.09 billion, a P/E ratio of 21.41 and a beta of 0.41. The stock has a 50-day moving average price of $150.32 and a 200 day moving average price of $145.60. RLI Corp. has a 12-month low of $125.77 and a 12-month high of $155.59.

RLI (NYSE:RLI) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share (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 analyst estimates of $561.60 million. RLI had a return on equity of 18.33% and a net margin of 20.78%. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period last year, the company earned $1.16 EPS. On average, research analysts predict that RLI Corp. will post 6.14 earnings per share for the current fiscal year.

RLI Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s dividend payout ratio is currently 16.02%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods boosted their target price on RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $155.00 price target on shares of RLI in a report on Wednesday, July 24th. Jefferies Financial Group lowered their target price on RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a report on Friday, June 14th. 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 analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, RLI currently has a consensus rating of “Moderate Buy” and an average 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.