Norges Bank purchased a new position in shares of RLI Corp. (NYSE:RLI – Free Report) during the fourth quarter, Holdings Channel.com reports. The fund purchased 1,047,153 shares of the insurance provider’s stock, valued at approximately $66,997,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Rothschild Investment LLC increased its stake in RLI by 213.1% during the fourth quarter. Rothschild Investment LLC now owns 886 shares of the insurance provider’s stock worth $57,000 after purchasing an additional 603 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in RLI by 172.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,264 shares of the insurance provider’s stock worth $81,000 after purchasing an additional 800 shares during the period. Geode Capital Management LLC increased its stake in RLI by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 2,191,891 shares of the insurance provider’s stock worth $140,260,000 after purchasing an additional 67,025 shares during the period. Royce & Associates LP increased its stake in RLI by 18.4% during the fourth quarter. Royce & Associates LP now owns 586,402 shares of the insurance provider’s stock worth $37,518,000 after purchasing an additional 91,073 shares during the period. Finally, Hantz Financial Services Inc. increased its stake in RLI by 242.1% during the fourth quarter. Hantz Financial Services Inc. now owns 9,626 shares of the insurance provider’s stock worth $616,000 after purchasing an additional 6,812 shares during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.
RLI Stock Performance
Shares of RLI stock opened at $52.43 on Friday. The business has a 50-day simple moving average of $53.86 and a 200-day simple moving average of $58.91. The company has a market cap of $4.82 billion, a PE ratio of 12.25 and a beta of 0.41. RLI Corp. has a one year low of $47.26 and a one year high of $76.41.
RLI Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.4%. This is a positive change from RLI’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, May 29th. RLI’s dividend payout ratio is currently 16.82%.
Analyst Ratings Changes
RLI has been the topic of a number of recent research reports. Wells Fargo & Company cut their price target on shares of RLI from $59.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings downgraded RLI from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Wall Street Zen downgraded RLI from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Keefe, Bruyette & Woods raised RLI from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. Finally, Zacks Research raised RLI from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $61.50.
Check Out Our Latest Report on RLI
Insiders Place Their Bets
In other RLI news, Director Clark C. Kellogg purchased 3,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was purchased at an average cost of $50.90 per share, with a total value of $152,700.00. Following the completion of the acquisition, the director directly owned 4,502 shares of the company’s stock, valued at $229,151.80. This trade represents a 199.73% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David B. Duclos purchased 2,500 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was acquired at an average cost of $51.99 per share, with a total value of $129,975.00. Following the completion of the acquisition, the director directly owned 9,780 shares of the company’s stock, valued at $508,462.20. This represents a 34.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 16,500 shares of company stock valued at $858,955. 2.39% of the stock is owned by company insiders.
About RLI
RLI Corporation (NYSE:RLI) is a specialty property and casualty insurance company focused on underwriting niche risks for businesses and individuals. Headquartered in Peoria, Illinois, the company operates through a network of independent agents and brokers, offering customized coverage solutions. RLI’s approach emphasizes disciplined underwriting, targeted product development and strong customer service to maintain profitability and long-term growth.
Founded in 1965 as Replacement Lens, Inc, RLI initially provided insurance for contact lens manufacturers before shifting its focus to specialty insurance in the 1980s.
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