Geode Capital Management LLC Purchases 67,025 Shares of RLI Corp. $RLI

Geode Capital Management LLC increased its position in shares of RLI Corp. (NYSE:RLI) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,191,891 shares of the insurance provider’s stock after acquiring an additional 67,025 shares during the period. Geode Capital Management LLC’s holdings in RLI were worth $140,260,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC increased its holdings in RLI by 94.4% during the 4th quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 201 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in RLI by 156.4% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 283 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in RLI by 72.1% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 618 shares of the insurance provider’s stock worth $40,000 after acquiring an additional 259 shares during the period. AlphaQuest LLC bought a new stake in RLI during the 3rd quarter worth approximately $43,000. Finally, Eagle Bay Advisors LLC bought a new stake in RLI during the 4th quarter worth approximately $43,000. Institutional investors own 77.89% of the company’s stock.

Insider Activity at RLI

In related news, COO Jennifer L. Klobnak purchased 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average price of $53.42 per share, with a total value of $106,840.00. Following the acquisition, the chief operating officer directly owned 102,318 shares of the company’s stock, valued at approximately $5,465,827.56. This represents a 1.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David B. Duclos acquired 2,500 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was acquired at an average cost of $51.99 per share, with a total value of $129,975.00. Following the purchase, 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 disclosure for this purchase is available in the SEC filing. Insiders bought 16,500 shares of company stock worth $858,955 over the last quarter. 2.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RLI shares. Weiss Ratings lowered shares of RLI from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Keefe, Bruyette & Woods raised shares of RLI from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, February 24th. Wall Street Zen lowered shares of RLI from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Wells Fargo & Company decreased their price target on shares of RLI from $59.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Finally, Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a report on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, RLI presently has an average rating of “Hold” and an average target price of $61.50.

RLI Price Performance

Shares of NYSE:RLI opened at $50.36 on Friday. The company’s fifty day moving average price is $53.96 and its 200-day moving average price is $58.96. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 11.77 and a beta of 0.41. RLI Corp. has a one year low of $47.26 and a one year high of $76.41.

RLI (NYSE:RLI) last issued its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. The firm had revenue of $423.87 million for the quarter, compared to analyst estimates of $564.47 million. RLI had a net margin of 20.81% and a return on equity of 17.72%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.92 EPS. As a group, equities research analysts expect that RLI Corp. will post 2.75 EPS for the current year.

RLI Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, May 29th. This is a positive change from RLI’s previous quarterly dividend of $0.16. RLI’s payout ratio is currently 16.82%.

RLI 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.