Palisade Capital Management LP Acquires Shares of 231,092 RLI Corp. $RLI

Palisade Capital Management LP bought a new stake in RLI Corp. (NYSE:RLI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 231,092 shares of the insurance provider’s stock, valued at approximately $13,651,000. Palisade Capital Management LP owned 0.25% of RLI at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in RLI. Royal Bank of Canada grew its holdings in RLI by 115.1% during the 1st quarter. Royal Bank of Canada now owns 56,386 shares of the insurance provider’s stock valued at $4,529,000 after purchasing an additional 30,170 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of RLI by 110.8% during the first quarter. Goldman Sachs Group Inc. now owns 185,504 shares of the insurance provider’s stock valued at $14,902,000 after buying an additional 97,501 shares during the period. Empowered Funds LLC boosted its position in shares of RLI by 472.3% during the first quarter. Empowered Funds LLC now owns 29,177 shares of the insurance provider’s stock valued at $2,344,000 after buying an additional 24,079 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of RLI by 46.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,559 shares of the insurance provider’s stock valued at $113,000 after buying an additional 493 shares during the last quarter. Finally, Amundi grew its stake in shares of RLI by 16,550.0% during the second quarter. Amundi now owns 23,976 shares of the insurance provider’s stock valued at $1,689,000 after buying an additional 23,832 shares during the last quarter. Institutional investors own 77.89% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RLI shares. UBS Group set a $74.00 price target on 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 research report on Wednesday, July 29th. Jefferies Financial Group lowered RLI from a “hold” rating to an “underperform” rating and set a $53.00 target price on the stock. in a research note on Tuesday. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $74.00 target price (up from $70.00) on shares of RLI in a research report on Tuesday, July 28th. Finally, Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $63.20.

Insider Activity

In other RLI news, Director David B. Duclos acquired 2,500 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were bought at an average cost of $51.99 per share, with a total value of $129,975.00. Following the completion of the acquisition, the director directly owned 9,780 shares in the company, valued at $508,462.20. This represents a 34.34% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Clark C. Kellogg acquired 3,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were acquired at an average cost of $50.90 per share, for a total transaction of $152,700.00. Following the completion of the acquisition, the director 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.39% of the company’s stock.

RLI Stock Performance

Shares of NYSE RLI opened at $64.90 on Wednesday. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of 13.63 and a beta of 0.38. The stock has a 50 day moving average price of $60.99 and a 200 day moving average price of $58.10. RLI Corp. has a 52-week low of $47.26 and a 52-week high of $68.69.

RLI (NYSE:RLI) last released its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. The company had revenue of $575.57 million for the quarter, compared to the consensus estimate of $568.70 million. RLI had a return on equity of 17.61% and a net margin of 22.22%.RLI’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period last year, the business posted $0.82 EPS. Analysts forecast that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. RLI’s dividend payout ratio (DPR) is 15.13%.

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.