Vanguard Group Inc. Boosts Stock Position in RLI Corp. $RLI

Vanguard Group Inc. raised its position in shares of RLI Corp. (NYSE:RLI) by 1.6% in the third quarter, Holdings Channel reports. The firm owned 9,138,072 shares of the insurance provider’s stock after acquiring an additional 148,019 shares during the quarter. Vanguard Group Inc. owned 0.10% of RLI worth $595,985,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Allianz Asset Management GmbH lifted its stake in RLI by 2.3% in the 2nd quarter. Allianz Asset Management GmbH now owns 7,104 shares of the insurance provider’s stock worth $513,000 after purchasing an additional 163 shares in the last quarter. Brookstone Capital Management grew its stake in RLI by 5.6% in the 2nd quarter. Brookstone Capital Management now owns 3,876 shares of the insurance provider’s stock worth $280,000 after acquiring an additional 207 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of RLI by 4.6% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 4,866 shares of the insurance provider’s stock worth $351,000 after buying an additional 214 shares in the last quarter. SkyView Investment Advisors LLC increased its holdings in RLI by 2.9% during the second quarter. SkyView Investment Advisors LLC now owns 8,281 shares of the insurance provider’s stock valued at $591,000 after buying an additional 237 shares during the period. Finally, Franklin Resources Inc. grew its stake in RLI by 6.1% in the second quarter. Franklin Resources Inc. now owns 4,491 shares of the insurance provider’s stock valued at $324,000 after purchasing an additional 257 shares during the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

RLI Stock Up 1.9%

RLI stock opened at $61.14 on Wednesday. RLI Corp. has a 52-week low of $55.80 and a 52-week high of $81.79. The business has a fifty day moving average of $61.30 and a two-hundred day moving average of $63.11. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 14.02 and a beta of 0.53.

RLI (NYSE:RLI) last announced its earnings results on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.18. RLI had a net margin of 21.43% and a return on equity of 18.67%. The firm had revenue of $465.69 million for the quarter, compared to the consensus estimate of $447.53 million. During the same period in the prior year, the firm earned $0.41 EPS. As a group, sell-side analysts anticipate that RLI Corp. will post 3.08 EPS for the current year.

RLI Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Monday, March 2nd. RLI’s payout ratio is presently 14.68%.

Insider Buying and Selling at RLI

In other RLI news, COO Jennifer L. Klobnak acquired 2,000 shares of the stock in a transaction on Friday, January 23rd. The stock was purchased at an average price of $57.99 per share, for a total transaction of $115,980.00. Following the purchase, the chief operating officer directly owned 100,318 shares in the company, valued at $5,817,440.82. This trade represents a 2.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Craig W. Kliethermes bought 5,000 shares of the company’s stock in a transaction on Friday, January 23rd. The stock was bought at an average cost of $57.45 per share, for a total transaction of $287,250.00. Following the completion of the transaction, the chief executive officer directly owned 143,990 shares of the company’s stock, valued at $8,272,225.50. This trade represents a 3.60% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.16% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Zacks Research downgraded RLI from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Keefe, Bruyette & Woods reduced their price target on shares of RLI from $85.00 to $81.00 and set an “outperform” rating for the company in a research report on Tuesday, January 6th. Wells Fargo & Company set a $59.00 target price on RLI and gave the company an “equal weight” rating in a report on Friday, January 23rd. Citizens Jmp restated a “market perform” rating on shares of RLI in a research report on Friday, January 23rd. Finally, Truist Financial set a $58.00 price target on RLI in a research report on Friday, January 23rd. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, RLI presently has a consensus rating of “Hold” and an average price target of $65.20.

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.