Perigon Wealth Management LLC purchased a new stake in RLI Corp. (NYSE:RLI – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,244 shares of the insurance provider’s stock, valued at approximately $782,000.
Other hedge funds have also bought and sold shares of the company. Covestor Ltd boosted its holdings in RLI by 13.0% in the 4th quarter. Covestor Ltd now owns 1,590 shares of the insurance provider’s stock valued at $102,000 after purchasing an additional 183 shares during the period. Versant Capital Management Inc increased its holdings in shares of RLI by 28.5% during the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 185 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of RLI by 94.4% during the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 201 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of RLI by 0.3% in the third quarter. Public Employees Retirement System of Ohio now owns 75,502 shares of the insurance provider’s stock valued at $4,924,000 after buying an additional 207 shares in the last quarter. Finally, OLD National Bancorp IN raised its position in shares of RLI by 4.0% in the fourth quarter. OLD National Bancorp IN now owns 5,819 shares of the insurance provider’s stock valued at $372,000 after buying an additional 224 shares in the last quarter. 77.89% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other RLI news, CEO Craig W. Kliethermes purchased 5,000 shares of the stock in a transaction dated Thursday, May 21st. The stock was bought at an average price of $52.00 per share, with a total value of $260,000.00. Following the acquisition, the chief executive officer owned 148,990 shares of the company’s stock, valued at approximately $7,747,480. This represents a 3.47% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Klobnak acquired 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were acquired at an average price of $52.72 per share, with a total value of $105,440.00. Following the completion of the transaction, the chief operating officer owned 104,318 shares in the company, valued at $5,499,644.96. The trade was a 1.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 14,500 shares of company stock worth $752,115. 2.39% of the stock is currently owned by company insiders.
RLI Trading Up 2.8%
RLI (NYSE:RLI – Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.72 by $0.11. RLI had a net margin of 22.22% and a return on equity of 17.61%. The business had revenue of $575.57 million during the quarter, compared to the consensus estimate of $568.70 million. During the same period in the previous year, the business earned $0.82 earnings per share. The company’s revenue was up 15.2% on a year-over-year basis. On average, equities research analysts forecast that RLI Corp. will post 2.88 earnings per share for the current year.
RLI Dividend Announcement
The firm also recently declared 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. The ex-dividend date is Monday, August 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. RLI’s dividend payout ratio (DPR) is presently 15.13%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on RLI shares. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $74.00 price objective (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Wells Fargo & Company downgraded RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 target price for the company. in a research report on Wednesday, July 29th. Weiss Ratings raised RLI from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Finally, UBS Group set a $74.00 price target on RLI in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $63.00.
Read Our Latest Analysis on RLI
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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