RLI Corp. $RLI Stock Position Increased by Wellington Management Group LLP

Wellington Management Group LLP increased its position in RLI Corp. (NYSE:RLI) by 22.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 634,602 shares of the insurance provider’s stock after buying an additional 117,876 shares during the quarter. Wellington Management Group LLP’s holdings in RLI were worth $37,486,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in RLI in the 2nd quarter valued at about $492,175,000. Port Capital LLC acquired a new position in shares of RLI in the 2nd quarter worth approximately $79,499,000. Wasatch Advisors LP acquired a new stake in RLI during the second quarter valued at approximately $84,608,000. Norges Bank acquired a new stake in RLI during the fourth quarter valued at approximately $66,997,000. Finally, Bank of New York Mellon Corp bought a new stake in RLI during the second quarter worth approximately $46,855,000. 77.89% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on RLI. Jefferies Financial Group cut RLI from a “hold” rating to an “underperform” rating and set a $53.00 price target on the stock. in a report on Tuesday, August 25th. Weiss Ratings raised RLI from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 28th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $74.00 target price (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Wells Fargo & Company downgraded RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective on the stock. in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, RLI presently has an average rating of “Reduce” and an average price target of $63.20.

RLI Stock Performance

RLI stock opened at $62.43 on Friday. RLI Corp. has a 52 week low of $47.26 and a 52 week high of $68.29. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 13.12 and a beta of 0.38. The company has a 50 day moving average price of $62.54 and a 200 day moving average price of $58.23.

RLI (NYSE:RLI) last released its 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. The company had revenue of $575.57 million during the quarter, compared to analyst estimates of $568.70 million. RLI had a return on equity of 17.61% and a net margin of 22.22%.The company’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 earnings per share. Equities analysts forecast that RLI Corp. will post 2.88 earnings per share for the current fiscal year.

RLI Dividend Announcement

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. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, August 31st. RLI’s dividend payout ratio is currently 15.13%.

RLI Company 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.