NewEdge Wealth LLC Makes New Investment in RLI Corp. $RLI

NewEdge Wealth LLC purchased a new position in shares of RLI Corp. (NYSE:RLI) during the second quarter, Holdings Channel.com reports. The fund purchased 37,891 shares of the insurance provider’s stock, valued at approximately $2,238,000.

Other institutional investors also recently made changes to their positions in the company. Covestor Ltd boosted its holdings in shares of RLI by 13.0% in 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 in the last quarter. Versant Capital Management Inc raised its holdings in RLI by 28.5% during the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 185 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in 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 purchasing an additional 201 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in RLI by 0.3% in 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 purchasing an additional 207 shares during the period. Finally, OLD National Bancorp IN lifted its position in RLI by 4.0% in the fourth quarter. OLD National Bancorp IN now owns 5,819 shares of the insurance provider’s stock worth $372,000 after purchasing an additional 224 shares during the period. 77.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RLI shares. Wells Fargo & Company cut RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price target on the stock. in a research report on Wednesday, July 29th. Weiss Ratings upgraded RLI from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $74.00 price objective (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. UBS Group set a $74.00 target price on RLI in a research note on Tuesday, July 28th. Finally, Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $63.00.

Insider Buying and Selling

In related news, COO Jennifer L. Klobnak bought 2,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were bought at an average cost of $52.72 per share, with a total value of $105,440.00. Following the completion of the transaction, the chief operating officer directly owned 104,318 shares of the company’s stock, valued at approximately $5,499,644.96. This trade represents a 1.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David B. Duclos bought 2,500 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were bought at an average cost of $51.99 per share, for a total transaction of $129,975.00. Following the completion of the transaction, the director directly owned 9,780 shares of the company’s stock, valued at $508,462.20. This trade represents a 34.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders acquired 9,500 shares of company stock valued at $492,115. 2.39% of the stock is owned by insiders.

RLI Price Performance

NYSE RLI opened at $65.11 on Friday. RLI Corp. has a 12 month low of $47.26 and a 12 month high of $69.19. The company has a market capitalization of $5.98 billion, a P/E ratio of 13.68 and a beta of 0.38. The company’s 50 day simple moving average is $60.29 and its 200 day simple moving average is $57.97.

RLI (NYSE:RLI) last issued its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The firm had revenue of $575.57 million during the quarter, compared to analysts’ expectations of $568.70 million. RLI had a net margin of 22.22% and a return on equity of 17.61%. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the firm posted $0.82 earnings per share. On average, analysts anticipate that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Announces Dividend

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

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.