Neuberger Berman Group LLC Has $2.98 Million Position in RLI Corp. $RLI

Neuberger Berman Group LLC cut its stake in shares of RLI Corp. (NYSE:RLI) by 97.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 45,657 shares of the insurance provider’s stock after selling 1,998,757 shares during the quarter. Neuberger Berman Group LLC’s holdings in RLI were worth $2,978,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Barclays PLC increased its position in shares of RLI by 184.2% during the 3rd quarter. Barclays PLC now owns 154,860 shares of the insurance provider’s stock worth $10,100,000 after purchasing an additional 100,379 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of RLI by 4.3% during the third quarter. Crossmark Global Holdings Inc. now owns 8,104 shares of the insurance provider’s stock worth $529,000 after buying an additional 332 shares in the last quarter. Champlain Investment Partners LLC raised its stake in shares of RLI by 11.7% in the third quarter. Champlain Investment Partners LLC now owns 633,497 shares of the insurance provider’s stock valued at $41,317,000 after acquiring an additional 66,581 shares during the last quarter. Strive Asset Management LLC acquired a new position in shares of RLI in the 3rd quarter worth approximately $978,000. Finally, Royce & Associates LP boosted its holdings in shares of RLI by 25.6% in the 3rd quarter. Royce & Associates LP now owns 495,329 shares of the insurance provider’s stock worth $32,305,000 after acquiring an additional 100,843 shares in the last quarter. Institutional investors own 77.89% of the company’s stock.

Insiders Place Their Bets

In related news, COO Jennifer L. Klobnak bought 2,000 shares of RLI stock in a transaction on Friday, January 23rd. The shares were purchased at an average price of $57.99 per share, for a total transaction of $115,980.00. Following the completion of the acquisition, the chief operating officer owned 100,318 shares in the company, valued at approximately $5,817,440.82. This represents a 2.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Craig W. Kliethermes bought 5,000 shares of the firm’s stock in a transaction dated Friday, January 23rd. The shares were bought at an average price of $57.45 per share, with a total value of $287,250.00. Following the completion of the transaction, the chief executive officer directly owned 143,990 shares in the company, valued at approximately $8,272,225.50. This trade represents a 3.60% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.16% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group raised RLI from an “underperform” rating to a “hold” rating and set a $52.00 price target for the company in a report on Friday, January 23rd. Zacks Research cut RLI from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Citizens Jmp restated a “market perform” rating on shares of RLI in a research note on Friday, January 23rd. Wells Fargo & Company set a $59.00 price target on RLI and gave the company an “equal weight” rating in a report on Friday, January 23rd. Finally, Truist Financial set a $58.00 price objective on shares of RLI in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $65.20.

RLI Price Performance

Shares of NYSE:RLI opened at $61.72 on Friday. RLI Corp. has a one year low of $55.80 and a one year high of $81.79. The company has a 50 day moving average of $60.75 and a 200-day moving average of $62.86. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 14.16 and a beta of 0.50.

RLI (NYSE:RLI) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.18. RLI had a net margin of 21.43% and a return on equity of 18.67%. The business had revenue of $465.69 million during the quarter, compared to the consensus estimate of $447.53 million. During the same period in the previous year, the firm posted $0.41 earnings per share. Equities research analysts anticipate that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Monday, March 2nd. RLI’s dividend payout ratio (DPR) is currently 14.68%.

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.