RLI (NYSE:RLI) Director Clark Kellogg Purchases 3,000 Shares

RLI Corp. (NYSE:RLI) Director Clark Kellogg acquired 3,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were bought at an average cost of $50.90 per share, for a total transaction of $152,700.00. Following the acquisition, the director owned 4,502 shares of the company’s stock, valued at $229,151.80. This represents a 199.73% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

RLI Stock Performance

RLI stock traded up $0.72 during midday trading on Monday, reaching $50.76. 1,043,402 shares of the company were exchanged, compared to its average volume of 822,498. RLI Corp. has a 1-year low of $47.26 and a 1-year high of $77.24. The stock’s 50-day simple moving average is $54.54 and its 200 day simple moving average is $59.30. The company has a market cap of $4.67 billion, a price-to-earnings ratio of 11.86 and a beta of 0.41.

RLI (NYSE:RLI) last released its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. The company had revenue of $423.87 million for the quarter, compared to analysts’ expectations of $564.47 million. RLI had a net margin of 20.81% and a return on equity of 17.72%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the company earned $0.92 earnings per share. On average, research analysts anticipate that RLI Corp. will post 2.75 earnings per share for the current year.

RLI Increases Dividend

The firm also recently announced 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 dividend payout ratio is presently 16.82%.

Institutional Investors Weigh In On RLI

Several institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its holdings in shares of RLI by 8.0% during the 3rd quarter. Principal Financial Group Inc. now owns 274,777 shares of the insurance provider’s stock worth $17,921,000 after acquiring an additional 20,438 shares during the period. Van Berkom & Associates Inc. grew its holdings in RLI by 14.6% in the third quarter. Van Berkom & Associates Inc. now owns 1,229,649 shares of the insurance provider’s stock valued at $80,198,000 after purchasing an additional 156,241 shares during the period. JPMorgan Chase & Co. grew its holdings in RLI by 15.5% in the third quarter. JPMorgan Chase & Co. now owns 1,422,596 shares of the insurance provider’s stock valued at $92,782,000 after purchasing an additional 191,020 shares during the period. UBS Group AG grew its holdings in RLI by 8.7% in the fourth quarter. UBS Group AG now owns 607,176 shares of the insurance provider’s stock valued at $38,847,000 after purchasing an additional 48,563 shares during the period. Finally, SG Americas Securities LLC grew its holdings in RLI by 1,030.2% in the fourth quarter. SG Americas Securities LLC now owns 34,009 shares of the insurance provider’s stock valued at $2,176,000 after purchasing an additional 31,000 shares during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RLI shares. Weiss Ratings cut shares of RLI from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Wall Street Zen cut shares of RLI from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a report on Thursday, April 2nd. Wells Fargo & Company cut their target price 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, 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, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $61.50.

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.