Short Interest in RLI Corp. (NYSE:RLI) Rises By 19.2%

RLI Corp. (NYSE:RLI) saw a large increase in short interest in the month of February. As of February 27th, there was short interest totaling 3,719,519 shares, an increase of 19.2% from the February 12th total of 3,119,737 shares. Based on an average trading volume of 785,875 shares, the days-to-cover ratio is presently 4.7 days. Approximately 4.1% of the shares of the company are short sold. Approximately 4.1% of the shares of the company are short sold. Based on an average trading volume of 785,875 shares, the days-to-cover ratio is presently 4.7 days.

Wall Street Analysts Forecast Growth

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

RLI Price Performance

Shares of RLI stock traded down $0.22 during mid-day trading on Tuesday, hitting $61.26. The stock had a trading volume of 492,163 shares, compared to its average volume of 761,979. The company’s 50-day simple moving average is $60.46 and its 200-day simple moving average is $62.49. The firm has a market cap of $5.63 billion, a PE ratio of 14.05 and a beta of 0.50. RLI has a fifty-two week low of $55.80 and a fifty-two week high of $81.79.

RLI (NYSE:RLI) last announced its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share (EPS) for the quarter, beating 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 quarter last year, the firm posted $0.41 EPS. On average, analysts expect that RLI will post 3.08 EPS for the current year.

RLI Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, March 2nd. RLI’s payout ratio is currently 14.68%.

Insider Activity

In other RLI news, COO Jennifer L. Klobnak bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, January 23rd. The stock was bought at an average cost of $57.99 per share, for a total transaction of $115,980.00. Following the completion of the transaction, the chief operating officer directly owned 100,318 shares of the company’s stock, valued at approximately $5,817,440.82. This trade represents a 2.03% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Craig W. Kliethermes acquired 5,000 shares of the firm’s stock in a transaction dated Friday, January 23rd. The stock was bought at an average cost of $57.45 per share, with a total value of $287,250.00. Following the acquisition, the chief executive officer owned 143,990 shares in the company, valued at approximately $8,272,225.50. This trade represents a 3.60% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Chatham Capital Group Inc. grew its holdings in RLI by 0.7% in the fourth quarter. Chatham Capital Group Inc. now owns 26,460 shares of the insurance provider’s stock valued at $1,693,000 after purchasing an additional 180 shares during the period. Covestor Ltd grew its position in shares of RLI by 13.0% during the fourth quarter. Covestor Ltd now owns 1,590 shares of the insurance provider’s stock worth $102,000 after buying an additional 183 shares in the last quarter. Allworth Financial LP increased its position in shares of RLI by 5.3% in the 3rd quarter. Allworth Financial LP now owns 3,760 shares of the insurance provider’s stock worth $245,000 after purchasing an additional 189 shares during the last quarter. Farther Finance Advisors LLC raised its stake in RLI by 94.4% during the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after buying an additional 201 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in shares of RLI by 0.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 75,502 shares of the insurance provider’s stock valued at $4,924,000 after acquiring an additional 207 shares in the last quarter. Hedge funds and other 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.