Van ECK Associates Corp Boosts Holdings in RLI Corp. (NYSE:RLI)

Van ECK Associates Corp grew its position in RLI Corp. (NYSE:RLI) by 39.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,837 shares of the insurance provider’s stock after acquiring an additional 3,892 shares during the quarter. Van ECK Associates Corp’s holdings in RLI were worth $1,842,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in RLI by 39.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 400,532 shares of the insurance provider’s stock worth $54,428,000 after purchasing an additional 112,988 shares during the period. Van Berkom & Associates Inc. lifted its stake in shares of RLI by 18.1% during the 3rd quarter. Van Berkom & Associates Inc. now owns 526,679 shares of the insurance provider’s stock worth $71,570,000 after acquiring an additional 80,552 shares during the last quarter. Nepsis Inc. purchased a new position in RLI during the 4th quarter valued at $9,424,000. AQR Capital Management LLC grew its position in RLI by 106.9% in the 3rd quarter. AQR Capital Management LLC now owns 89,106 shares of the insurance provider’s stock valued at $12,109,000 after acquiring an additional 46,031 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in RLI by 77.2% in the third quarter. Retirement Systems of Alabama now owns 92,600 shares of the insurance provider’s stock worth $12,583,000 after purchasing an additional 40,351 shares during the period. Institutional investors own 77.89% of the company’s stock.

RLI Stock Performance

Shares of RLI opened at $147.21 on Thursday. The company has a market capitalization of $6.73 billion, a P/E ratio of 20.33 and a beta of 0.37. RLI Corp. has a fifty-two week low of $123.04 and a fifty-two week high of $149.20. The business’s 50-day moving average is $144.63 and its two-hundred day moving average is $139.50.

RLI (NYSE:RLI) last announced its earnings results on Monday, April 22nd. The insurance provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.26. RLI had a return on equity of 17.24% and a net margin of 20.96%. The business had revenue of $444.80 million during the quarter, compared to the consensus estimate of $460.05 million. During the same period in the prior year, the company posted $1.63 EPS. The business’s quarterly revenue was up 21.9% on a year-over-year basis. Analysts forecast that RLI Corp. will post 5.74 EPS for the current year.

RLI Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.79%. The ex-dividend date is Friday, May 31st. This is a positive change from RLI’s previous quarterly dividend of $0.27. RLI’s payout ratio is currently 16.02%.

Wall Street Analysts Forecast Growth

A number of analysts have 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 note on Wednesday, April 10th. Compass Point upped their target price on shares of RLI from $158.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. JMP Securities reiterated a “market perform” rating on shares of RLI in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada lifted their price objective on RLI from $148.00 to $155.00 and gave the company a “sector perform” rating in a report on Wednesday, April 24th. Three 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, the stock currently has an average rating of “Moderate Buy” and a consensus 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.