119,437 Shares in RLI Corp. $RLI Bought by Legal & General Group Plc

Legal & General Group Plc bought a new stake in shares of RLI Corp. (NYSE:RLI) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 119,437 shares of the insurance provider’s stock, valued at approximately $7,055,000.

Several other hedge funds have also bought and sold shares of the stock. Farther Finance Advisors LLC increased its position in RLI by 94.4% in the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock worth $26,000 after buying an additional 201 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position 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 valued at $30,000 after buying an additional 283 shares during the last quarter. IFP Advisors Inc increased its holdings in RLI by 85.9% in the 4th 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 last quarter. Advisory Services Network LLC purchased a new stake in shares of RLI in the third quarter worth about $47,000. Finally, Versant Capital Management Inc raised its holdings in shares of RLI by 28.5% during the 2nd quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 185 shares in the last quarter. Institutional investors own 77.89% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of RLI from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 28th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $74.00 price objective (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. UBS Group set a $74.00 price objective on RLI in a research report on Tuesday, July 28th. Wells Fargo & Company lowered RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective for the company. in a research note on Wednesday, July 29th. Finally, Jefferies Financial Group cut RLI from a “hold” rating to an “underperform” rating and set a $53.00 target price for the company. in a report on Tuesday, August 25th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, RLI has a consensus rating of “Reduce” and a consensus price target of $63.20.

RLI Trading Up 0.1%

Shares of RLI opened at $63.40 on Thursday. The company’s fifty day simple moving average is $62.26 and its 200-day simple moving average is $58.18. The company has a market cap of $5.82 billion, a P/E ratio of 13.32 and a beta of 0.38. RLI Corp. has a twelve month low of $47.26 and a twelve month high of $68.29.

RLI (NYSE:RLI) last released its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The firm had revenue of $575.57 million during 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 firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.82 EPS. Analysts predict that RLI Corp. will post 2.88 earnings per share for the current fiscal year.

RLI Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.72 annualized dividend and a yield of 1.1%. RLI’s dividend payout ratio (DPR) is presently 15.13%.

RLI Company 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.