Man Group plc Acquires Shares of 52,569 RLI Corp. $RLI

Man Group plc bought a new stake in RLI Corp. (NYSE:RLI) during the 2nd quarter, HoldingsChannel reports. The fund bought 52,569 shares of the insurance provider’s stock, valued at approximately $3,105,000.

Several other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its stake in shares of 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 purchasing an additional 201 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in RLI by 156.4% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 283 shares during the period. IFP Advisors Inc lifted its stake in RLI by 85.9% in the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock worth $44,000 after purchasing an additional 316 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of RLI during the third quarter valued at approximately $47,000. Finally, Versant Capital Management Inc boosted its position in shares of RLI by 28.5% during the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock valued at $49,000 after buying an additional 185 shares during the period. Institutional investors own 77.89% of the company’s stock.

Wall Street Analysts Forecast Growth

RLI has been the topic of several recent analyst reports. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Jefferies Financial Group downgraded RLI from a “hold” rating to an “underperform” rating and set a $53.00 price objective on the stock. in a research report on Tuesday, August 25th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $74.00 target price (up from $70.00) on shares of RLI in a research report on Tuesday, July 28th. Wells Fargo & Company lowered shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 target price for the company. in a research note on Wednesday, July 29th. Finally, UBS Group set a $74.00 price target on shares of RLI in a report on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, RLI currently has a consensus rating of “Reduce” and an average price target of $63.20.

RLI Stock Down 1.3%

RLI stock opened at $63.50 on Tuesday. The firm has a market cap of $5.83 billion, a P/E ratio of 13.34 and a beta of 0.38. The business has a fifty day moving average of $61.89 and a two-hundred day moving average of $58.17. 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 the consensus estimate of $0.72 by $0.11. RLI had a return on equity of 17.61% and a net margin of 22.22%.The firm had revenue of $575.57 million during the quarter, compared to analyst estimates of $568.70 million. During the same period in the previous year, the company posted $0.82 EPS. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts expect 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. Investors 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 dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. RLI’s payout ratio is 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.