Craig Kliethermes Purchases 2,000 Shares of RLI (NYSE:RLI) Stock

RLI Corp. (NYSE:RLI) CEO Craig Kliethermes bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was acquired at an average price of $52.00 per share, for a total transaction of $104,000.00. Following the completion of the acquisition, the chief executive officer directly owned 150,990 shares in the company, valued at approximately $7,851,480. This represents a 1.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

RLI Price Performance

NYSE RLI opened at $50.03 on Friday. The company’s 50 day simple moving average is $54.54 and its 200 day simple moving average is $59.32. RLI Corp. has a 12 month low of $47.26 and a 12 month high of $77.24. The company has a market capitalization of $4.60 billion, a P/E ratio of 11.69 and a beta of 0.42.

RLI (NYSE:RLI) last released its earnings results on Wednesday, April 22nd. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. RLI had a net margin of 20.81% and a return on equity of 17.72%. The business had revenue of $423.87 million for the quarter, compared to the consensus estimate of $564.47 million. During the same period in the previous year, the firm earned $0.92 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts anticipate that RLI Corp. will post 2.75 earnings per share for the current year.

RLI Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be issued a $0.18 dividend. 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. This is an increase from RLI’s previous quarterly dividend of $0.16. RLI’s payout ratio is presently 14.95%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RLI. Wasatch Advisors LP purchased a new position in shares of RLI in the second quarter worth approximately $84,608,000. Norges Bank purchased a new position in shares of RLI in the fourth quarter worth approximately $66,997,000. Victory Capital Management Inc. grew its position in RLI by 6,060.1% during the fourth quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider’s stock valued at $47,327,000 after purchasing an additional 727,701 shares in the last quarter. First Trust Advisors LP grew its position in RLI by 311.6% during the first quarter. First Trust Advisors LP now owns 688,318 shares of the insurance provider’s stock valued at $39,262,000 after purchasing an additional 521,096 shares in the last quarter. Finally, Bank of Montreal Can grew its position in RLI by 3,664.4% during the fourth quarter. Bank of Montreal Can now owns 368,384 shares of the insurance provider’s stock valued at $23,569,000 after purchasing an additional 358,598 shares in the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RLI shares. Weiss Ratings downgraded shares of RLI from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Wells Fargo & Company dropped their target price on shares of RLI from $59.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Wall Street Zen downgraded shares of RLI from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods raised shares of RLI from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $61.50.

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.