Magnetar Financial LLC Makes New $1.24 Million Investment in RLI Corp. $RLI

Magnetar Financial LLC bought a new position in RLI Corp. (NYSE:RLI) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 19,016 shares of the insurance provider’s stock, valued at approximately $1,240,000.

A number of other large investors have also recently made changes to their positions in RLI. Wasatch Advisors LP purchased a new stake in RLI during the 2nd quarter valued at $84,608,000. Norges Bank bought a new stake in RLI during the 2nd quarter worth approximately $74,533,000. JPMorgan Chase & Co. lifted its stake in shares of RLI by 15.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,422,596 shares of the insurance provider’s stock valued at $92,782,000 after buying an additional 191,020 shares in the last quarter. Jane Street Group LLC bought a new position in shares of RLI in the second quarter worth about $13,677,000. Finally, Sei Investments Co. boosted its stake in RLI by 220.7% in the 2nd quarter. Sei Investments Co. now owns 271,999 shares of the insurance provider’s stock worth $19,643,000 after purchasing an additional 187,189 shares during the period. 77.89% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, COO Jennifer L. Klobnak bought 2,000 shares of the business’s stock in a transaction dated Friday, January 23rd. The stock was purchased at an average cost of $57.99 per share, with a total value of $115,980.00. Following the acquisition, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Craig W. Kliethermes acquired 5,000 shares of the business’s stock in a transaction on Friday, January 23rd. The stock was purchased at an average cost of $57.45 per share, with a total value of $287,250.00. Following the acquisition, the chief executive officer directly owned 143,990 shares of the company’s stock, valued at $8,272,225.50. This 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 company insiders.

RLI Stock Performance

Shares of RLI opened at $62.03 on Friday. The stock has a 50-day moving average of $60.48 and a two-hundred day moving average of $62.70. The stock has a market cap of $5.70 billion, a P/E ratio of 14.23 and a beta of 0.50. RLI Corp. has a one year low of $55.80 and a one year high of $81.79.

RLI (NYSE:RLI) last issued its quarterly 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. The company had revenue of $465.69 million for the quarter, compared to the consensus estimate of $447.53 million. RLI had a net margin of 21.43% and a return on equity of 18.67%. During the same quarter in the prior year, the company earned $0.41 EPS. Analysts predict that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a dividend of $0.16 per share. 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 dividend payout ratio (DPR) is 14.68%.

Analyst Ratings Changes

Several equities analysts have weighed in on RLI shares. Keefe, Bruyette & Woods upgraded RLI from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, February 24th. Zacks Research cut RLI from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Truist Financial set a $58.00 target price 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 stock an “equal weight” rating in a research report on Friday, January 23rd. Finally, Citizens Jmp reissued a “market perform” rating on shares of RLI in a report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $65.20.

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.