Jennifer Klobnak Purchases 2,000 Shares of RLI (NYSE:RLI) Stock

RLI Corp. (NYSE:RLI) COO Jennifer Klobnak purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $53.42 per share, with a total value of $106,840.00. Following the completion of the purchase, the chief operating officer directly owned 102,318 shares of the company’s stock, valued at approximately $5,465,827.56. This represents a 1.99% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

RLI Stock Performance

NYSE:RLI opened at $52.63 on Thursday. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of 12.30 and a beta of 0.42. RLI Corp. has a one year low of $47.26 and a one year high of $77.24. The stock has a 50-day simple moving average of $55.79 and a 200 day simple moving average of $59.72.

RLI (NYSE:RLI) last posted its quarterly 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. The business had revenue of $423.87 million during the quarter, compared to the consensus estimate of $564.47 million. RLI had a return on equity of 17.72% and a net margin of 20.81%.The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned $0.92 earnings per share. On average, equities research analysts forecast that RLI Corp. will post 2.7 EPS for the current fiscal year.

RLI Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.4%. This is a positive change from RLI’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, May 29th. RLI’s payout ratio is 14.95%.

Hedge Funds Weigh In On RLI

A number of hedge funds and other institutional investors have recently bought and sold shares of RLI. Chatham Capital Group Inc. boosted its holdings in shares of RLI by 0.7% during the fourth quarter. Chatham Capital Group Inc. now owns 26,460 shares of the insurance provider’s stock valued at $1,693,000 after acquiring an additional 180 shares during the period. Covestor Ltd boosted its holdings in shares of RLI by 13.0% during the fourth quarter. Covestor Ltd now owns 1,590 shares of the insurance provider’s stock valued at $102,000 after acquiring an additional 183 shares during the period. Allworth Financial LP boosted its holdings in shares of RLI by 5.3% during the third quarter. Allworth Financial LP now owns 3,760 shares of the insurance provider’s stock valued at $245,000 after acquiring an additional 189 shares during the period. Farther Finance Advisors LLC boosted 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 acquiring an additional 201 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of RLI by 0.3% during the third quarter. Public Employees Retirement System of Ohio now owns 75,502 shares of the insurance provider’s stock valued at $4,924,000 after acquiring an additional 207 shares during the period. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on RLI. Truist Financial set a $58.00 price objective on shares of RLI in a report on Friday, January 23rd. Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a report on Thursday, April 2nd. Citizens Jmp reaffirmed a “market perform” rating on shares of RLI in a report on Friday, January 23rd. Keefe, Bruyette & Woods raised shares of RLI from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, February 24th. Finally, Wall Street Zen downgraded shares of RLI from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $61.50.

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.