Jennison Associates LLC Has $1.07 Million Stake in RLI Corp. (RLI)
Jennison Associates LLC increased its stake in RLI Corp. (NYSE:RLI) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,597 shares of the insurance provider’s stock after buying an additional 77 shares during the period. Jennison Associates LLC’s holdings in RLI Corp. were worth $1,070,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. UBS Asset Management Americas Inc. raised its stake in RLI Corp. by 14.8% in the first quarter. UBS Asset Management Americas Inc. now owns 47,180 shares of the insurance provider’s stock valued at $2,832,000 after buying an additional 6,070 shares during the period. Van Berkom & Associates Inc. raised its stake in RLI Corp. by 0.5% in the first quarter. Van Berkom & Associates Inc. now owns 675,330 shares of the insurance provider’s stock valued at $40,533,000 after buying an additional 3,030 shares during the period. Comerica Bank raised its stake in RLI Corp. by 4.2% in the first quarter. Comerica Bank now owns 42,838 shares of the insurance provider’s stock valued at $2,487,000 after buying an additional 1,709 shares during the period. Elkfork Partners LLC raised its stake in RLI Corp. by 1.3% in the first quarter. Elkfork Partners LLC now owns 2,652 shares of the insurance provider’s stock valued at $159,000 after buying an additional 34 shares during the period. Finally, American Century Companies Inc. raised its stake in RLI Corp. by 59.8% in the first quarter. American Century Companies Inc. now owns 393,863 shares of the insurance provider’s stock valued at $23,640,000 after buying an additional 147,314 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.
Shares of RLI Corp. (NYSE RLI) opened at 53.79 on Wednesday. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 23.80 and a beta of 1.21. RLI Corp. has a one year low of $52.51 and a one year high of $71.46. The firm has a 50-day moving average price of $55.57 and a 200 day moving average price of $56.74.
RLI Corp. (NYSE:RLI) last released its quarterly earnings results on Wednesday, July 19th. The insurance provider reported $0.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.09. The company had revenue of $196.20 million for the quarter, compared to analysts’ expectations of $198.09 million. RLI Corp. had a return on equity of 10.10% and a net margin of 12.38%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.61 earnings per share. Equities analysts forecast that RLI Corp. will post $2.01 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Thursday, August 31st will be issued a dividend of $0.21 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.56%. RLI Corp.’s dividend payout ratio (DPR) is presently 37.17%.
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Several analysts recently commented on the company. Zacks Investment Research raised RLI Corp. from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Monday, July 24th. FBR & Co reaffirmed a “hold” rating on shares of RLI Corp. in a report on Friday, July 21st. ValuEngine raised RLI Corp. from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub lowered RLI Corp. from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Finally, Keefe, Bruyette & Woods set a $51.00 target price on RLI Corp. and gave the stock a “hold” rating in a report on Wednesday, May 24th. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $47.00.
In other RLI Corp. news, Director Robert P. Restrepo, Jr. purchased 1,200 shares of the business’s stock in a transaction dated Monday, July 24th. The shares were bought at an average price of $57.58 per share, with a total value of $69,096.00. Following the completion of the acquisition, the director now owns 7,000 shares in the company, valued at approximately $403,060. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael J. Stone sold 3,000 shares of RLI Corp. stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $57.95, for a total value of $173,850.00. The disclosure for this sale can be found here. Insiders own 6.09% of the company’s stock.
About RLI Corp.
RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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