Insider Buying: RLI (NYSE:RLI) COO Purchases $106,840.00 in Stock

RLI Corp. (NYSE:RLI) COO Jennifer Klobnak purchased 2,000 shares of RLI stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average cost of $53.42 per share, with a total value of $106,840.00. Following the acquisition, the chief operating officer owned 102,318 shares of the company’s stock, valued at approximately $5,465,827.56. This trade represents a 1.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

RLI Stock Up 0.7%

RLI stock opened at $53.02 on Friday. The company has a market capitalization of $4.87 billion, a P/E ratio of 12.39 and a beta of 0.42. The company has a 50-day simple moving average of $55.64 and a 200 day simple moving average of $59.67. RLI Corp. has a fifty-two week low of $47.26 and a fifty-two week high of $77.24.

RLI (NYSE:RLI) last posted its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.10. The business had revenue of $423.87 million during the quarter, compared to the consensus estimate of $564.47 million. RLI had a net margin of 20.81% and a return on equity of 17.72%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.92 earnings per share. Equities analysts anticipate that RLI Corp. will post 2.7 EPS for the current year.

RLI Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Friday, May 29th. This is an increase from RLI’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 1.4%. RLI’s dividend payout ratio is currently 14.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RLI shares. Truist Financial set a $58.00 price objective on shares of RLI in a report on Friday, January 23rd. Citizens Jmp reaffirmed a “market perform” rating on shares of RLI in a report on Friday, January 23rd. Jefferies Financial Group raised shares of RLI from an “underperform” rating to a “hold” rating and set a $52.00 price objective for the company in a report on Friday, January 23rd. Wall Street Zen downgraded shares of RLI from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Finally, Keefe, Bruyette & Woods raised shares of RLI from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $61.50.

Hedge Funds Weigh In On RLI

Several large investors have recently made changes to their positions in the business. Wasatch Advisors LP bought a new position in shares of RLI in the second quarter valued at $84,608,000. Norges Bank bought a new position in shares of RLI in the fourth quarter valued at $66,997,000. Victory Capital Management Inc. increased its holdings in shares of RLI by 6,060.1% in the fourth quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider’s stock valued at $47,327,000 after buying an additional 727,701 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of RLI by 311.6% in the first quarter. First Trust Advisors LP now owns 688,318 shares of the insurance provider’s stock valued at $39,262,000 after buying an additional 521,096 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of RLI by 3,664.4% in the fourth quarter. Bank of Montreal Can now owns 368,384 shares of the insurance provider’s stock valued at $23,569,000 after buying an additional 358,598 shares in the last quarter. Institutional investors own 77.89% of the company’s stock.

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.