1,032,022 Shares in RLI Corp. $RLI Purchased by Norges Bank

Norges Bank purchased a new position in shares of RLI Corp. (NYSE:RLI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,032,022 shares of the insurance provider’s stock, valued at approximately $74,533,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mutual of America Capital Management LLC increased its holdings in shares of RLI by 94.9% during the 1st quarter. Mutual of America Capital Management LLC now owns 42,922 shares of the insurance provider’s stock worth $3,448,000 after acquiring an additional 20,896 shares during the last quarter. Cetera Investment Advisers boosted its position in RLI by 128.3% during the first quarter. Cetera Investment Advisers now owns 15,943 shares of the insurance provider’s stock worth $1,281,000 after purchasing an additional 8,961 shares during the period. LPL Financial LLC increased its holdings in shares of RLI by 111.7% in the first quarter. LPL Financial LLC now owns 80,291 shares of the insurance provider’s stock valued at $6,450,000 after purchasing an additional 42,365 shares during the last quarter. US Bancorp DE raised its position in shares of RLI by 210.5% in the first quarter. US Bancorp DE now owns 3,816 shares of the insurance provider’s stock valued at $307,000 after purchasing an additional 2,587 shares during the period. Finally, Commerce Bank raised its position in shares of RLI by 96.4% in the first quarter. Commerce Bank now owns 8,363 shares of the insurance provider’s stock valued at $672,000 after purchasing an additional 4,104 shares during the period. Institutional investors own 77.89% of the company’s stock.

Analyst Upgrades and Downgrades

RLI has been the topic of a number of research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of RLI in a research note on Wednesday, October 8th. Truist Financial set a $62.00 price objective on RLI and gave the stock a “hold” rating in a report on Friday, October 3rd. One equities 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $72.80.

RLI Stock Performance

Shares of NYSE:RLI opened at $63.13 on Friday. The firm has a market cap of $5.80 billion, a PE ratio of 16.57 and a beta of 0.56. RLI Corp. has a 12-month low of $57.75 and a 12-month high of $86.86. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average price is $62.36 and its two-hundred day moving average price is $67.26.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, October 20th. The insurance provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.21. RLI had a return on equity of 16.51% and a net margin of 19.02%.The firm had revenue of $509.26 million during the quarter, compared to analysts’ expectations of $444.75 million. During the same period in the previous year, the firm earned $1.31 EPS. Equities research analysts predict that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, November 28th will be given a $0.16 dividend. The ex-dividend date is Friday, November 28th. This represents a $0.64 annualized dividend and a yield of 1.0%. RLI’s dividend payout ratio (DPR) is currently 16.80%.

RLI Company Profile

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.