State of Wyoming purchased a new position in shares of RLI Corp. (NYSE:RLI – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 11,086 shares of the insurance provider’s stock, valued at approximately $655,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wasatch Advisors LP acquired a new position in RLI in the second quarter valued at $84,608,000. Norges Bank acquired a new stake in shares of RLI during the fourth quarter worth about $66,997,000. Victory Capital Management Inc. lifted its holdings in shares of RLI by 6,060.1% in the 4th quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider’s stock valued at $47,327,000 after purchasing an additional 727,701 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of RLI by 311.6% in the 1st quarter. First Trust Advisors LP now owns 688,318 shares of the insurance provider’s stock valued at $39,262,000 after purchasing an additional 521,096 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in shares of RLI by 3,664.4% in the 4th quarter. Bank of Montreal Can now owns 368,384 shares of the insurance provider’s stock valued at $23,569,000 after purchasing an additional 358,598 shares during the period. 77.89% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms recently issued reports on RLI. UBS Group set a $74.00 price target on RLI in a research note on Tuesday, July 28th. Wells Fargo & Company cut RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective for the company. in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $74.00 price objective (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Weiss Ratings raised RLI from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. One 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 data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $63.00.
Insider Activity
In other news, COO Jennifer L. Klobnak purchased 2,000 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were acquired at an average cost of $52.72 per share, for a total transaction of $105,440.00. Following the completion of the purchase, the chief operating officer directly owned 104,318 shares in the company, valued at $5,499,644.96. The trade was a 1.95% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Craig W. Kliethermes purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were purchased at an average cost of $52.00 per share, with a total value of $104,000.00. Following the completion of the acquisition, the chief executive officer directly owned 150,990 shares of the company’s stock, valued at $7,851,480. This represents a 1.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired 16,500 shares of company stock worth $858,955 in the last ninety days. 2.39% of the stock is currently owned by insiders.
RLI Price Performance
RLI stock opened at $63.80 on Monday. The business has a 50 day simple moving average of $59.42 and a 200-day simple moving average of $57.79. RLI Corp. has a 12 month low of $47.26 and a 12 month high of $69.19. The stock has a market capitalization of $5.86 billion, a PE ratio of 13.40 and a beta of 0.38.
RLI (NYSE:RLI – Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.11. The firm had revenue of $575.57 million for the quarter, compared to analyst estimates of $568.70 million. RLI had a net margin of 22.22% and a return on equity of 17.61%. RLI’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period last year, the firm posted $0.82 EPS. As a group, equities research analysts anticipate that RLI Corp. will post 2.88 EPS for the current year.
RLI Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. RLI’s dividend payout ratio (DPR) is 15.13%.
RLI Profile
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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