Gotham Asset Management LLC Boosts Position in RLI Corp. $RLI

Gotham Asset Management LLC lifted its holdings in shares of RLI Corp. (NYSE:RLI) by 39.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 452,522 shares of the insurance provider’s stock after acquiring an additional 128,883 shares during the quarter. Gotham Asset Management LLC’s holdings in RLI were worth $29,513,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quent Capital LLC purchased a new position in RLI during the 3rd quarter valued at $26,000. Clarity Asset Management Inc. purchased a new stake in shares of RLI in the 2nd quarter worth about $28,000. AlphaQuest LLC bought a new stake in shares of RLI during the 3rd quarter valued at about $43,000. Winnow Wealth LLC purchased a new position in shares of RLI during the third quarter valued at about $49,000. Finally, Covestor Ltd increased its position in shares of RLI by 130.7% during the third quarter. Covestor Ltd now owns 1,407 shares of the insurance provider’s stock valued at $92,000 after buying an additional 797 shares during the period. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Insider Activity

In other news, CEO Craig W. Kliethermes acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The shares were bought at an average cost of $57.45 per share, with a total value of $287,250.00. Following the transaction, the chief executive officer owned 143,990 shares of the company’s stock, valued at $8,272,225.50. This trade represents a 3.60% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Klobnak acquired 2,000 shares of RLI stock in a transaction on Friday, January 23rd. The shares were purchased at an average price of $57.99 per share, with a total value of $115,980.00. Following the completion of the purchase, the chief operating officer owned 100,318 shares in the company, valued at $5,817,440.82. This represents a 2.03% increase in their position. The SEC filing for this purchase provides additional information. 2.16% of the stock is owned by insiders.

RLI Stock Down 0.6%

Shares of RLI opened at $61.46 on Tuesday. The stock has a market cap of $5.65 billion, a P/E ratio of 14.10 and a beta of 0.50. The business’s 50 day moving average price is $60.45 and its 200-day moving average price is $62.54. RLI Corp. has a 52 week low of $55.80 and a 52 week high of $81.79.

RLI (NYSE:RLI) last posted its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.18. The company had revenue of $465.69 million during the quarter, compared to analyst estimates of $447.53 million. RLI had a return on equity of 18.67% and a net margin of 21.43%.During the same quarter last year, the company earned $0.41 EPS. On average, equities analysts anticipate that RLI Corp. will post 3.08 EPS for the current year.

RLI Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a dividend of $0.16 per share. The ex-dividend date was Monday, March 2nd. This represents a $0.64 annualized dividend and a dividend yield of 1.0%. RLI’s dividend payout ratio (DPR) is presently 14.68%.

Analyst Upgrades and Downgrades

Several analysts have commented on RLI shares. Citizens Jmp restated a “market perform” rating on shares of RLI in a report on Friday, January 23rd. Jefferies Financial Group raised RLI from an “underperform” rating to a “hold” rating and set a $52.00 target price for the company in a research report on Friday, January 23rd. Keefe, Bruyette & Woods upgraded RLI from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. Truist Financial set a $58.00 price target on RLI in a research note on Friday, January 23rd. Finally, Zacks Research downgraded RLI from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $65.20.

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.