Edgestream Partners L.P. Has $5.43 Million Stake in RLI Corp. (NYSE:RLI)

Edgestream Partners L.P. boosted its position in RLI Corp. (NYSE:RLI) by 15.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,584 shares of the insurance provider’s stock after purchasing an additional 5,167 shares during the period. Edgestream Partners L.P. owned 0.08% of RLI worth $5,428,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. American National Bank acquired a new position in shares of RLI in the second quarter valued at approximately $35,000. Riverview Trust Co bought a new stake in shares of RLI in the first quarter worth $44,000. Intelligent Financial Strategies acquired a new stake in RLI in the first quarter valued at $45,000. Benjamin F. Edwards & Company Inc. raised its position in RLI by 468.5% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after purchasing an additional 253 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in RLI during the 1st quarter worth about $73,000. 77.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RLI has been the subject of a number of analyst reports. Jefferies Financial Group lowered their price objective on RLI from $170.00 to $165.00 and set a “buy” rating for the company in a research report on Friday, June 14th. JMP Securities restated a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods increased their price objective on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Compass Point dropped their target price 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. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $155.00 price target on shares of RLI in a report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, RLI presently has a consensus rating of “Moderate Buy” and a consensus price target of $166.25.

RLI Stock Up 0.4 %

RLI stock opened at $152.22 on Tuesday. The company has a market capitalization of $6.96 billion, a PE ratio of 21.02 and a beta of 0.41. RLI Corp. has a 12-month low of $125.77 and a 12-month high of $155.59. The firm’s fifty day moving average is $147.73 and its 200 day moving average is $145.15.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.37. The firm had revenue of $416.44 million for the quarter, compared to analyst estimates of $561.60 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.16 earnings per share. Sell-side analysts expect that RLI Corp. will post 6.14 EPS for the current fiscal year.

RLI Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend is Friday, August 30th. RLI’s dividend payout ratio is currently 16.02%.

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.