California Public Employees Retirement System Sells 1,001 Shares of RLI Corp. (NYSE:RLI)

California Public Employees Retirement System reduced its position in shares of RLI Corp. (NYSE:RLI) by 0.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 212,060 shares of the insurance provider’s stock after selling 1,001 shares during the quarter. California Public Employees Retirement System’s holdings in RLI were worth $28,229,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. SG Americas Securities LLC bought a new stake in shares of RLI in the third quarter worth approximately $734,000. State of Alaska Department of Revenue grew its stake in shares of RLI by 34.5% in the third quarter. State of Alaska Department of Revenue now owns 6,760 shares of the insurance provider’s stock worth $918,000 after acquiring an additional 1,733 shares during the period. Harbor Capital Advisors Inc. grew its stake in shares of RLI by 12.6% in the third quarter. Harbor Capital Advisors Inc. now owns 1,072 shares of the insurance provider’s stock worth $146,000 after acquiring an additional 120 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of RLI by 4.7% in the third quarter. Commonwealth Equity Services LLC now owns 35,293 shares of the insurance provider’s stock worth $4,796,000 after acquiring an additional 1,595 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of RLI by 3.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 38,614 shares of the insurance provider’s stock worth $5,247,000 after acquiring an additional 1,201 shares during the period. 77.89% of the stock is currently owned by institutional investors.

RLI Price Performance

Shares of NYSE:RLI opened at $144.15 on Friday. RLI Corp. has a 1-year low of $123.04 and a 1-year high of $149.20. The company has a market capitalization of $6.59 billion, a P/E ratio of 19.91 and a beta of 0.37. The firm’s 50 day simple moving average is $144.77 and its two-hundred day simple moving average is $139.03.

RLI (NYSE:RLI) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.26. RLI had a net margin of 20.96% and a return on equity of 17.24%. The business had revenue of $444.80 million for the quarter, compared to the consensus estimate of $460.05 million. During the same quarter in the previous year, the firm earned $1.63 earnings per share. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, sell-side analysts anticipate that RLI Corp. will post 5.74 earnings per share for the current fiscal year.

RLI Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Thursday, February 29th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.75%. The ex-dividend date was Wednesday, February 28th. RLI’s dividend payout ratio (DPR) is presently 14.92%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of RLI from $160.00 to $168.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Compass Point boosted their target price on shares of RLI from $158.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday. JMP Securities restated a “market perform” rating on shares of RLI in a research report on Tuesday, April 23rd. Finally, Royal Bank of Canada boosted their target price on shares of RLI from $148.00 to $155.00 and gave the company a “sector perform” rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $163.25.

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.