Renaissance Technologies LLC Takes $4.08 Million Position in RLI Corp. $RLI

Renaissance Technologies LLC purchased a new position in RLI Corp. (NYSE:RLI) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 71,500 shares of the insurance provider’s stock, valued at approximately $4,078,000. Renaissance Technologies LLC owned 0.08% of RLI as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its position 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 during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of 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 buying an additional 283 shares during the period. Eagle Bay Advisors LLC bought a new position in shares of RLI in the 4th quarter worth about $43,000. IFP Advisors Inc increased its stake in shares of RLI by 85.9% in the 4th quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock worth $44,000 after acquiring an additional 316 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new position in RLI during the 3rd quarter valued at about $47,000. Institutional investors own 77.89% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on RLI. Wells Fargo & Company lowered shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective on the stock. in a research note on Wednesday, July 29th. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. 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. Weiss Ratings upgraded RLI from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Finally, UBS Group set a $74.00 price objective on RLI in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $63.00.

RLI Stock Performance

Shares of NYSE:RLI opened at $64.22 on Friday. RLI Corp. has a fifty-two week low of $47.26 and a fifty-two week high of $69.19. The business has a 50-day simple moving average of $58.15 and a two-hundred day simple moving average of $57.62. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of 13.49 and a beta of 0.38.

RLI (NYSE:RLI) last announced its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $575.57 million for the quarter, compared to the consensus estimate of $568.70 million. During the same quarter last year, the firm posted $0.82 EPS. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, research analysts predict that RLI Corp. will post 2.85 earnings per share for the current year.

RLI Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were given a $0.18 dividend. This is a boost from RLI’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. RLI’s payout ratio is presently 15.13%.

Insider Activity at RLI

In other news, Director David B. Duclos purchased 2,500 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were purchased at an average cost of $51.99 per share, for a total transaction of $129,975.00. Following the purchase, the director directly owned 9,780 shares in the company, valued at approximately $508,462.20. This represents a 34.34% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Craig W. Kliethermes acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was purchased at an average cost of $52.00 per share, with a total value of $104,000.00. Following the acquisition, the chief executive officer directly owned 150,990 shares of the company’s stock, valued at $7,851,480. This trade represents a 1.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 16,500 shares of company stock worth $858,955. Company insiders own 2.39% 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.