Connor Clark & Lunn Investment Management Ltd. Takes $7.76 Million Position in RLI Corp. $RLI

Connor Clark & Lunn Investment Management Ltd. bought a new stake in RLI Corp. (NYSE:RLI) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 131,446 shares of the insurance provider’s stock, valued at approximately $7,765,000.

A number of other institutional investors have also added to or reduced their stakes in RLI. Farther Finance Advisors LLC lifted its position in shares of RLI by 94.4% in 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. raised its stake in shares of RLI by 156.4% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 283 shares in the last quarter. IFP Advisors Inc raised its stake in shares of RLI by 85.9% in the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock valued at $44,000 after purchasing an additional 316 shares in the last quarter. Advisory Services Network LLC bought a new position in RLI in the third quarter worth $47,000. Finally, Versant Capital Management Inc boosted its stake in RLI by 28.5% during the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock worth $49,000 after buying an additional 185 shares in the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RLI has been the topic of several analyst reports. Weiss Ratings raised shares of RLI from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. UBS Group set a $74.00 price objective on shares of RLI in a report on Tuesday, July 28th. Jefferies Financial Group lowered shares of RLI from a “hold” rating to an “underperform” rating and set a $53.00 target price on the stock. in a research report on Tuesday. Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $74.00 price target (up from $70.00) on shares of RLI in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, RLI currently has an average rating of “Reduce” and a consensus price target of $63.20.

Insiders Place Their Bets

In other news, Director Clark C. Kellogg acquired 3,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was bought at an average price of $50.90 per share, with a total value of $152,700.00. Following the completion of the acquisition, the director owned 4,502 shares in the company, valued at approximately $229,151.80. This represents a 199.73% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.39% of the company’s stock.

RLI Stock Performance

Shares of NYSE RLI opened at $64.91 on Thursday. RLI Corp. has a 52-week low of $47.26 and a 52-week high of $68.69. The business has a fifty day moving average of $61.24 and a two-hundred day moving average of $58.12. The stock has a market cap of $5.96 billion, a PE ratio of 13.64 and a beta of 0.38.

RLI (NYSE:RLI) last announced its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. RLI had a net margin of 22.22% and a return on equity of 17.61%. The business had revenue of $575.57 million during the quarter, compared to analysts’ expectations of $568.70 million. During the same quarter last year, the company posted $0.82 EPS. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. Analysts predict that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Dividend Announcement

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 dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. RLI’s dividend payout ratio is currently 15.13%.

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.