Laurus Investment Counsel Inc. Boosts Holdings in RLI Corp. (NYSE:RLI)

Laurus Investment Counsel Inc. increased its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 53.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,280 shares of the insurance provider's stock after purchasing an additional 3,570 shares during the quarter. RLI makes up approximately 0.8% of Laurus Investment Counsel Inc.'s portfolio, making the stock its 25th biggest position. Laurus Investment Counsel Inc.'s holdings in RLI were worth $1,593,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in RLI by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 931,454 shares of the insurance provider's stock worth $131,045,000 after acquiring an additional 24,125 shares in the last quarter. Maren Capital LLC lifted its holdings in shares of RLI by 21.3% in the 1st quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider's stock valued at $90,876,000 after purchasing an additional 107,655 shares during the last quarter. Van Berkom & Associates Inc. boosted its position in shares of RLI by 1.5% in 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 during the period. Bank of New York Mellon Corp increased its position 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 period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of RLI by 14.4% in 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 acquiring an additional 33,435 shares during the period. 77.89% of the stock is owned by institutional investors and hedge funds.

RLI Stock Down 0.7 %

Shares of NYSE:RLI traded down $1.22 during midday trading on Friday, reaching $162.99. The company's stock had a trading volume of 146,813 shares, compared to its average volume of 152,762. The business has a 50 day moving average price of $153.28 and a 200 day moving average price of $146.63. RLI Corp. has a 1 year low of $125.77 and a 1 year high of $164.25. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of 22.30 and a beta of 0.41.

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

RLI Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a dividend of $0.29 per share. The ex-dividend date was Friday, August 30th. This represents a $1.16 annualized dividend and a yield of 0.71%. RLI's dividend payout ratio is presently 15.83%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Jefferies Financial Group upped their price target on shares of RLI from $165.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Wolfe Research began coverage on shares of RLI in a report on Wednesday, October 9th. They issued an "outperform" rating and a $182.00 target price for the company. Royal Bank of Canada reissued a "sector perform" rating and set a $162.00 price target on shares of RLI in a report on Tuesday, October 8th. Keefe, Bruyette & Woods upped their price objective on RLI from $169.00 to $175.00 and gave the company an "outperform" rating in a research note on Monday, July 29th. Finally, Oppenheimer started coverage on RLI in a research note on Wednesday. They issued a "market perform" rating on the stock. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $173.80.

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.