WCM Investment Management LLC Boosts Stake in RLI Corp. $RLI

WCM Investment Management LLC raised its holdings in RLI Corp. (NYSE:RLI) by 3.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,909 shares of the insurance provider’s stock after acquiring an additional 1,438 shares during the period. WCM Investment Management LLC’s holdings in RLI were worth $3,203,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RLI. Vanguard Group Inc. raised its holdings in shares of RLI by 95.2% in the 1st quarter. Vanguard Group Inc. now owns 8,996,643 shares of the insurance provider’s stock valued at $722,700,000 after acquiring an additional 4,388,400 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of RLI by 117.0% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,226,797 shares of the insurance provider’s stock valued at $419,869,000 after acquiring an additional 2,817,616 shares in the last quarter. Neuberger Berman Group LLC raised its holdings in shares of RLI by 106.6% in the 1st quarter. Neuberger Berman Group LLC now owns 2,750,738 shares of the insurance provider’s stock valued at $220,967,000 after acquiring an additional 1,419,212 shares in the last quarter. Markel Group Inc. raised its holdings in shares of RLI by 100.0% in the 1st quarter. Markel Group Inc. now owns 2,394,544 shares of the insurance provider’s stock valued at $192,354,000 after acquiring an additional 1,197,272 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of RLI by 97.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,861,984 shares of the insurance provider’s stock valued at $149,569,000 after acquiring an additional 920,799 shares in the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

RLI Stock Performance

Shares of NYSE RLI opened at $59.10 on Friday. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 16.93 and a beta of 0.60. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI Corp. has a 1-year low of $59.01 and a 1-year high of $91.14. The stock’s 50-day moving average is $65.87 and its 200 day moving average is $70.69.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, July 21st. The insurance provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The company had revenue of $562.28 million for the quarter, compared to analysts’ expectations of $445.55 million. RLI had a return on equity of 15.82% and a net margin of 17.81%.RLI’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the firm posted $1.72 EPS. On average, sell-side analysts anticipate that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, August 29th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, August 29th. RLI’s dividend payout ratio (DPR) is presently 18.34%.

Insider Transactions at RLI

In related news, COO Jennifer L. Klobnak purchased 3,000 shares of RLI stock in a transaction that occurred on Thursday, July 24th. The shares were acquired at an average cost of $69.15 per share, for a total transaction of $207,450.00. Following the transaction, the chief operating officer directly owned 98,450 shares in the company, valued at $6,807,817.50. The trade was a 3.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.16% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

RLI has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLI in a report on Wednesday, October 8th. Truist Financial set a $62.00 price target on RLI and gave the company a “hold” rating in a report on Friday, October 3rd. Finally, Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $72.80.

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.