Squarepoint Ops LLC Buys 3,762 Shares of RLI Corp. (NYSE:RLI)

Squarepoint Ops LLC increased its position in shares of RLI Corp. (NYSE:RLI) by 47.4% during the 2nd quarter, Holdings Channel reports. The fund owned 11,697 shares of the insurance provider’s stock after buying an additional 3,762 shares during the quarter. Squarepoint Ops LLC’s holdings in RLI were worth $1,646,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its holdings in RLI by 45.6% in the second quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 77 shares during the period. American National Bank bought a new stake in shares of RLI in the 2nd quarter valued at $35,000. Riverview Trust Co acquired a new stake in RLI during the 1st quarter worth $44,000. Intelligent Financial Strategies acquired a new stake in RLI during the 1st quarter worth $45,000. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in RLI by 468.5% during the first 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. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Stock Performance

Shares of RLI stock opened at $160.42 on Friday. The firm has a market cap of $7.33 billion, a PE ratio of 22.16 and a beta of 0.41. The business’s 50 day simple moving average is $151.47 and its 200 day simple moving average is $145.94. RLI Corp. has a 52-week low of $125.77 and a 52-week high of $160.47.

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 analysts’ consensus estimates of $1.35 by $0.37. RLI had a net margin of 20.78% and a return on equity of 18.33%. The company had revenue of $416.44 million for the quarter, compared to the consensus estimate of $561.60 million. During the same period last year, the company earned $1.16 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. As a group, equities research analysts predict that RLI Corp. will post 6.14 EPS for the current year.

RLI Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.16 annualized dividend and a yield of 0.72%. RLI’s dividend payout ratio (DPR) is presently 16.02%.

Analyst Upgrades and Downgrades

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