Insider Buying: RLI (NYSE:RLI) Director Purchases 3,000 Shares of Stock

RLI Corp. (NYSE:RLI) Director Clark Kellogg bought 3,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was bought at an average price of $50.90 per share, with a total value of $152,700.00. Following the completion of the acquisition, the director owned 4,502 shares of the company’s stock, valued at $229,151.80. This trade represents a 199.73% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

RLI Stock Performance

RLI stock traded up $0.72 during trading on Monday, reaching $50.76. The company had a trading volume of 1,043,402 shares, compared to its average volume of 822,498. RLI Corp. has a 12-month low of $47.26 and a 12-month high of $77.24. The stock’s 50 day moving average price is $54.54 and its two-hundred day moving average price is $59.30. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of 11.86 and a beta of 0.41.

RLI (NYSE:RLI) last released its earnings results on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. The firm had revenue of $423.87 million during the quarter, compared to the consensus estimate of $564.47 million. RLI had a net margin of 20.81% and a return on equity of 17.72%. RLI’s revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 earnings per share. As a group, research analysts expect 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 given a dividend of $0.18 per share. This is a boost from RLI’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.72 dividend on an annualized basis and a yield of 1.4%. RLI’s dividend payout ratio is currently 16.82%.

Institutional Trading of RLI

A number of hedge funds have recently made changes to their positions in the stock. Chatham Capital Group Inc. grew its position 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 worth $1,693,000 after buying an additional 180 shares in the last quarter. Covestor Ltd grew its position in shares of RLI by 13.0% during the fourth quarter. Covestor Ltd now owns 1,590 shares of the insurance provider’s stock worth $102,000 after buying an additional 183 shares in the last quarter. Allworth Financial LP grew its position 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 worth $245,000 after buying an additional 189 shares in the last quarter. Farther Finance Advisors LLC grew its position 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 worth $26,000 after buying an additional 201 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its position 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 worth $4,924,000 after buying an additional 207 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of RLI from $59.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. Weiss Ratings downgraded shares of RLI from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Wall Street Zen downgraded shares of RLI from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. 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. Finally, Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, RLI has an average rating of “Hold” and a consensus target price 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.