Quantinno Capital Management LP boosted its stake in RLI Corp. (NYSE:RLI – Free Report) by 23.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,386 shares of the insurance provider’s stock after acquiring an additional 20,554 shares during the quarter. Quantinno Capital Management LP’s holdings in RLI were worth $6,125,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Lazard Asset Management LLC raised its stake in shares of RLI by 11.2% in the 1st quarter. Lazard Asset Management LLC now owns 24,209 shares of the insurance provider’s stock valued at $1,381,000 after purchasing an additional 2,444 shares during the period. Entropy Technologies LP bought a new stake in shares of RLI in the first quarter valued at about $845,000. Renaissance Technologies LLC acquired a new position in shares of RLI during the first quarter worth about $4,078,000. Arrowstreet Capital Limited Partnership boosted its position in shares of RLI by 6.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 520,422 shares of the insurance provider’s stock worth $29,685,000 after buying an additional 33,547 shares during the period. Finally, Sei Investments Co. grew its holdings in shares of RLI by 24.9% during the first quarter. Sei Investments Co. now owns 320,071 shares of the insurance provider’s stock worth $18,258,000 after buying an additional 63,857 shares in the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.
RLI Trading Up 1.6%
RLI stock opened at $62.81 on Thursday. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 13.19 and a beta of 0.38. RLI Corp. has a 12 month low of $47.26 and a 12 month high of $69.19. The stock’s 50 day moving average is $57.61 and its 200-day moving average is $57.53.
RLI Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were issued a dividend of $0.18 per share. This is an increase from RLI’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, May 29th. RLI’s payout ratio is 15.13%.
Insider Buying and Selling at RLI
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 shares were acquired at an average cost of $50.90 per share, with a total value of $152,700.00. Following the completion of the transaction, the director owned 4,502 shares in the company, valued at $229,151.80. The trade was a 199.73% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Klobnak acquired 2,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was acquired at an average price of $52.72 per share, with a total value of $105,440.00. Following the purchase, the chief operating officer directly owned 104,318 shares in the company, valued at approximately $5,499,644.96. This represents a 1.95% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders purchased 16,500 shares of company stock worth $858,955. Insiders own 2.39% of the company’s stock.
Analysts Set New Price Targets
RLI has been the subject of a number of analyst reports. Weiss Ratings raised shares of RLI from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods restated 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 on the stock. in a research report on Wednesday, July 29th. UBS Group set a $74.00 target price on RLI in a report on Tuesday, July 28th. Finally, Wall Street Zen raised 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 given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $63.00.
Check Out Our Latest Report on RLI
RLI Company 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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