Sei Investments Co. lifted its holdings in shares of RLI Corp. (NYSE:RLI – Free Report) by 24.9% during the 1st quarter, Holdings Channel reports. The firm owned 320,071 shares of the insurance provider’s stock after purchasing an additional 63,857 shares during the quarter. Sei Investments Co.’s holdings in RLI were worth $18,258,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of RLI by 115.1% during the 1st quarter. Royal Bank of Canada now owns 56,386 shares of the insurance provider’s stock worth $4,529,000 after buying an additional 30,170 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of RLI by 110.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 185,504 shares of the insurance provider’s stock worth $14,902,000 after buying an additional 97,501 shares during the period. Empowered Funds LLC increased its stake in shares of RLI by 472.3% in the 1st quarter. Empowered Funds LLC now owns 29,177 shares of the insurance provider’s stock valued at $2,344,000 after acquiring an additional 24,079 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of RLI by 46.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,559 shares of the insurance provider’s stock valued at $113,000 after acquiring an additional 493 shares during the period. Finally, Amundi lifted its position in shares of RLI by 16,550.0% during the 2nd quarter. Amundi now owns 23,976 shares of the insurance provider’s stock valued at $1,689,000 after acquiring an additional 23,832 shares during the period. Institutional investors and hedge funds own 77.89% of the company’s stock.
RLI Trading Up 0.7%
RLI stock opened at $65.58 on Thursday. RLI Corp. has a 1-year low of $47.26 and a 1-year high of $69.19. The firm has a market capitalization of $6.02 billion, a price-to-earnings ratio of 13.78 and a beta of 0.38. The firm’s fifty day moving average price is $56.70 and its two-hundred day moving average price is $57.46.
RLI Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were paid a dividend of $0.18 per share. This is an increase from RLI’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, May 29th. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. RLI’s dividend payout ratio (DPR) is presently 15.13%.
Insider Buying and Selling
In related news, Director Clark C. Kellogg bought 3,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were bought at an average price of $50.90 per share, for a total transaction 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Klobnak bought 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were bought at an average cost of $53.42 per share, for a total transaction of $106,840.00. Following the transaction, the chief operating officer owned 102,318 shares of the company’s stock, valued at $5,465,827.56. The trade was a 1.99% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 16,500 shares of company stock worth $858,955 over the last 90 days. Company insiders own 2.39% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms have commented on RLI. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $74.00 price target (up from $70.00) on shares of RLI in a report on Tuesday. Wall Street Zen cut shares of RLI from a “hold” rating to a “sell” rating in a research report on Monday, July 20th. Zacks Research upgraded RLI from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 2nd. UBS Group set a $74.00 target price on RLI in a research report on Tuesday. Finally, Wells Fargo & Company downgraded RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price target on the stock. in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $63.00.
Get Our Latest Analysis on RLI
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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