Insider Buying: RLI (NYSE:RLI) COO Purchases $106,840.00 in Stock

RLI Corp. (NYSE:RLI) COO Jennifer Klobnak purchased 2,000 shares of RLI stock in a transaction dated Tuesday, May 19th. The shares were bought at an average price of $53.42 per share, with a total value of $106,840.00. Following the completion of the transaction, the chief operating officer owned 102,318 shares in the company, valued at approximately $5,465,827.56. This trade represents a 1.99% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

RLI Stock Down 1.6%

Shares of RLI traded down $0.87 on Tuesday, reaching $52.12. The stock had a trading volume of 912,969 shares, compared to its average volume of 822,240. RLI Corp. has a twelve month low of $47.26 and a twelve month high of $77.24. The firm has a market capitalization of $4.79 billion, a PE ratio of 12.18 and a beta of 0.42. The firm has a 50-day moving average of $55.96 and a 200 day moving average of $59.76.

RLI (NYSE:RLI) last issued its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.10. The firm had revenue of $423.87 million during the quarter, compared to analysts’ expectations of $564.47 million. RLI had a return on equity of 17.72% and a net margin of 20.81%.RLI’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 earnings per share. On average, sell-side analysts anticipate that RLI Corp. will post 2.7 earnings per share for the current fiscal year.

RLI Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be given a $0.18 dividend. This is an increase from RLI’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, May 29th. RLI’s dividend payout ratio (DPR) is 16.82%.

Analysts Set New Price Targets

RLI has been the subject of several recent research reports. Wall Street Zen downgraded shares of RLI from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Jefferies Financial Group upgraded shares of RLI from an “underperform” rating to a “hold” rating and set a $52.00 target price for the company in a report on Friday, January 23rd. Truist Financial set a $58.00 price objective on shares of RLI in a research note on Friday, January 23rd. Weiss Ratings restated a “hold (c-)” rating on shares of RLI in a research report on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods upgraded RLI from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $61.50.

Hedge Funds Weigh In On RLI

Several institutional investors and hedge funds have recently modified their holdings of RLI. Wasatch Advisors LP acquired a new stake in RLI during the second quarter worth approximately $84,608,000. Norges Bank acquired a new position in RLI in the 4th quarter valued at $66,997,000. Victory Capital Management Inc. raised its holdings in RLI by 6,060.1% in the 4th quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider’s stock valued at $47,327,000 after acquiring an additional 727,701 shares during the last quarter. First Trust Advisors LP raised its holdings in RLI by 311.6% in the 1st quarter. First Trust Advisors LP now owns 688,318 shares of the insurance provider’s stock valued at $39,262,000 after acquiring an additional 521,096 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in RLI by 3,664.4% in the 4th quarter. Bank of Montreal Can now owns 368,384 shares of the insurance provider’s stock valued at $23,569,000 after acquiring an additional 358,598 shares during the last quarter. Hedge funds and other institutional investors own 77.89% 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.