Legal & General Group Plc Buys Shares of 119,437 RLI Corp. $RLI

Legal & General Group Plc bought a new position in RLI Corp. (NYSE:RLI) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 119,437 shares of the insurance provider’s stock, valued at approximately $7,055,000. Legal & General Group Plc owned approximately 0.13% of RLI at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Farther Finance Advisors LLC lifted its holdings in shares of RLI by 94.4% during the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 201 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in RLI by 156.4% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock worth $30,000 after buying an additional 283 shares in the last quarter. IFP Advisors Inc raised its position in RLI by 85.9% in the 4th quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock worth $44,000 after buying an additional 316 shares during the last quarter. Advisory Services Network LLC purchased a new position in RLI in the 3rd quarter worth about $47,000. Finally, Versant Capital Management Inc lifted its stake in RLI by 28.5% during the 2nd quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 185 shares during the period. Hedge funds and other institutional investors own 77.89% of the company’s stock.

RLI Stock Performance

Shares of NYSE:RLI opened at $63.40 on Thursday. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 13.32 and a beta of 0.38. The stock’s 50-day simple moving average is $62.26 and its two-hundred day simple moving average is $58.18. RLI Corp. has a 52-week low of $47.26 and a 52-week high of $68.29.

RLI (NYSE:RLI) last released its quarterly 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. 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 the consensus estimate of $568.70 million. During the same period in the previous year, the company posted $0.82 EPS. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, equities analysts forecast that RLI Corp. will post 2.88 earnings per share for the current fiscal year.

RLI Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.1%. The ex-dividend date is Monday, August 31st. RLI’s payout ratio is 15.13%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wells Fargo & Company downgraded shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price target on the stock. in a report on Wednesday, July 29th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $74.00 price objective (up from $70.00) on shares of RLI in a research report on Tuesday, July 28th. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings raised shares of RLI from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 28th. Finally, UBS Group set a $74.00 target price on shares of RLI in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $63.20.

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.