The Manufacturers Life Insurance Company Takes $3.73 Million Position in RLI Corp. $RLI

The Manufacturers Life Insurance Company purchased a new position in shares of RLI Corp. (NYSE:RLI) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 63,054 shares of the insurance provider’s stock, valued at approximately $3,725,000. The Manufacturers Life Insurance Company owned about 0.07% of RLI at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in RLI by 94.4% in the 4th quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after buying an additional 201 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of RLI by 156.4% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock worth $30,000 after buying an additional 283 shares in the last quarter. IFP Advisors Inc boosted its position in shares of RLI by 85.9% in the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock valued at $44,000 after acquiring an additional 316 shares during the period. Advisory Services Network LLC bought a new stake in shares of RLI in the third quarter valued at about $47,000. Finally, Versant Capital Management Inc grew its stake in shares of RLI by 28.5% in the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 185 shares in the last quarter. 77.89% of the stock is currently owned by institutional investors.

RLI Price Performance

Shares of NYSE:RLI opened at $63.35 on Wednesday. The company has a market cap of $5.81 billion, a price-to-earnings ratio of 13.31 and a beta of 0.38. The firm has a 50 day simple moving average of $62.08 and a 200 day simple moving average of $58.17. RLI Corp. has a one year low of $47.26 and a one year high of $68.29.

RLI (NYSE:RLI) last posted its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The firm had revenue of $575.57 million for the quarter, compared to analysts’ expectations of $568.70 million. RLI had a net margin of 22.22% and a return on equity of 17.61%. The company’s revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.82 earnings per share. As a group, analysts expect that RLI Corp. will post 2.88 EPS for the current year.

RLI Dividend Announcement

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

Analysts Set New Price Targets

RLI has been the topic of a number of recent research reports. Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings upgraded shares of RLI from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $74.00 target price (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. UBS Group set a $74.00 target price on shares of RLI in a report on Tuesday, July 28th. Finally, Wells Fargo & Company cut RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price target for the company. in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, RLI has an average rating of “Reduce” and an average price target of $63.20.

About RLI

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.