Virtus Advisers LLC Acquires Shares of 8,482 RLI Corp. $RLI

Virtus Advisers LLC bought a new stake in RLI Corp. (NYSE:RLI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,482 shares of the insurance provider’s stock, valued at approximately $501,000.

Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of RLI in the 2nd quarter worth about $492,175,000. Wasatch Advisors LP bought a new position in RLI during the 2nd quarter valued at about $84,608,000. Norges Bank purchased a new stake in RLI in the 4th quarter worth about $66,997,000. Bank of New York Mellon Corp purchased a new stake in RLI in the 2nd quarter worth about $46,855,000. Finally, Victory Capital Management Inc. lifted its stake in RLI by 6,060.1% in the fourth quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider’s stock worth $47,327,000 after purchasing an additional 727,701 shares during the last quarter. Institutional investors own 77.89% of the company’s stock.

RLI Stock Up 1.2%

RLI opened at $65.11 on Friday. The stock’s fifty day moving average is $60.29 and its two-hundred day moving average is $57.97. The company has a market capitalization of $5.98 billion, a P/E ratio of 13.68 and a beta of 0.38. RLI Corp. has a 52 week low of $47.26 and a 52 week high of $69.19.

RLI (NYSE:RLI) last issued its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share 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 business had revenue of $575.57 million during the quarter, compared to analysts’ expectations of $568.70 million. During the same period in the prior year, the business earned $0.82 EPS. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts anticipate that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RLI. Wells Fargo & Company lowered RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 target price for the company. in a research report on Wednesday, July 29th. UBS Group set a $74.00 price target on RLI in a report on Tuesday, July 28th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $74.00 price target (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Weiss Ratings upgraded RLI from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $63.00.

Insider Buying and Selling at RLI

In other RLI news, Director David B. Duclos acquired 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 completion of the purchase, the director owned 9,780 shares in the company, valued at approximately $508,462.20. This trade represents a 34.34% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Craig W. Kliethermes acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were acquired at an average cost of $52.00 per share, for a total transaction of $104,000.00. Following the completion of the acquisition, the chief executive officer 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. Insiders have purchased 9,500 shares of company stock valued at $492,115 in the last 90 days. Insiders own 2.39% of the company’s stock.

RLI Profile

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.