2,129 Shares in RLI Corp. (NYSE:RLI) Purchased by Cynosure Group LLC

Cynosure Group LLC purchased a new position in shares of RLI Corp. (NYSE:RLI) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 2,129 shares of the insurance provider’s stock, valued at approximately $316,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. bought a new stake in RLI in the fourth quarter worth about $25,000. Riverview Trust Co bought a new stake in RLI in the first quarter worth about $44,000. Intelligent Financial Strategies bought a new stake in RLI in the first quarter worth about $45,000. GAMMA Investing LLC bought a new stake in RLI in the fourth quarter worth about $41,000. Finally, Benjamin F. Edwards & Company Inc. raised its position in RLI by 468.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 253 shares during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

RLI Trading Up 3.6 %

Shares of RLI stock traded up $5.01 during trading on Tuesday, reaching $144.58. 115,858 shares of the company’s stock traded hands, compared to its average volume of 162,690. The company has a market capitalization of $6.61 billion, a P/E ratio of 19.97 and a beta of 0.41. The firm’s 50-day moving average is $142.11 and its 200 day moving average is $142.69. RLI Corp. has a 1 year low of $125.77 and a 1 year high of $149.20.

RLI (NYSE:RLI) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.37. RLI had a net margin of 20.96% and a return on equity of 17.24%. The company had revenue of $416.44 million for the quarter, compared to analysts’ expectations of $561.60 million. During the same period in the prior year, the company posted $1.16 EPS. RLI’s revenue was up 9.1% compared to the same quarter last year. As a group, sell-side analysts predict that RLI Corp. will post 5.84 earnings per share for the current fiscal year.

RLI Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Friday, May 31st were paid a $0.29 dividend. The ex-dividend date was Friday, May 31st. This is a boost from RLI’s previous quarterly dividend of $0.27. This represents a $1.16 annualized dividend and a yield of 0.80%. RLI’s dividend payout ratio is currently 16.02%.

Analyst Upgrades and Downgrades

RLI has been the topic of several research reports. Compass Point lifted their price objective on shares of RLI from $158.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Jefferies Financial Group lowered their price objective on shares of RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of RLI in a research report on Tuesday. Royal Bank of Canada upped their price target on shares of RLI from $148.00 to $155.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $168.00 price target on shares of RLI in a research note on Friday, June 21st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, RLI presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.75.

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.