Bruce & Co. Inc. Buys 20,400 Shares of RLI Corp. (NYSE:RLI)

Bruce & Co. Inc. increased its stake in shares of RLI Corp. (NYSE:RLI) by 1,020.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,400 shares of the insurance provider’s stock after acquiring an additional 20,400 shares during the quarter. RLI makes up about 1.0% of Bruce & Co. Inc.’s portfolio, making the stock its 20th largest position. Bruce & Co. Inc.’s holdings in RLI were worth $3,151,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of RLI. Maren Capital LLC increased its holdings in shares of RLI by 21.3% during the first quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider’s stock valued at $90,876,000 after acquiring an additional 107,655 shares in the last quarter. Van Berkom & Associates Inc. increased its stake in RLI by 1.5% during the 2nd quarter. Van Berkom & Associates Inc. now owns 556,764 shares of the insurance provider’s stock valued at $78,331,000 after purchasing an additional 8,454 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in RLI by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 428,331 shares of the insurance provider’s stock worth $60,262,000 after buying an additional 1,979 shares during the last quarter. Norges Bank bought a new position in shares of RLI in the fourth quarter valued at $52,592,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of RLI by 14.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 265,365 shares of the insurance provider’s stock valued at $39,400,000 after buying an additional 33,435 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RLI shares. Royal Bank of Canada restated a “sector perform” rating and issued a $155.00 target price on shares of RLI in a report on Wednesday, July 24th. Keefe, Bruyette & Woods increased their price objective on RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Compass Point cut their target price on RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Jefferies Financial Group decreased their price target on RLI from $170.00 to $165.00 and set a “buy” rating for the company in a report on Friday, June 14th. Finally, JMP Securities restated a “market perform” rating on shares of RLI in a research note on Tuesday, July 23rd. 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, the company presently has an average rating of “Moderate Buy” and an average price target of $166.25.

RLI Stock Up 0.9 %

RLI stock opened at $151.63 on Monday. The firm has a market cap of $6.94 billion, a PE ratio of 20.94 and a beta of 0.41. The business has a 50 day moving average of $147.46 and a 200-day moving average of $145.11. RLI Corp. has a 12-month low of $125.77 and a 12-month high of $155.59.

RLI (NYSE:RLI) last announced 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. The firm had revenue of $416.44 million during the quarter, compared to the consensus estimate of $561.60 million. RLI had a return on equity of 18.33% and a net margin of 20.78%. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 EPS. On average, research analysts expect that RLI Corp. will post 6.14 earnings per share for the current year.

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.77%. The ex-dividend date is Friday, August 30th. RLI’s dividend payout ratio is 16.02%.

RLI Company Profile

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.