Confluence Investment Management LLC Has $21.28 Million Stake in RLI Corp. $RLI

Confluence Investment Management LLC lowered its holdings in RLI Corp. (NYSE:RLI) by 5.7% in the second quarter, HoldingsChannel.com reports. The firm owned 360,253 shares of the insurance provider’s stock after selling 21,896 shares during the quarter. Confluence Investment Management LLC’s holdings in RLI were worth $21,280,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in RLI. Farther Finance Advisors LLC increased 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 worth $26,000 after purchasing an additional 201 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of RLI by 156.4% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock valued at $30,000 after buying an additional 283 shares during the period. Eagle Bay Advisors LLC bought a new stake in shares of RLI in the fourth quarter valued at approximately $43,000. IFP Advisors Inc grew its position in RLI by 85.9% during the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock worth $44,000 after buying an additional 316 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in RLI during the third quarter worth approximately $47,000. Institutional investors and hedge funds own 77.89% of the company’s stock.

Analyst Upgrades and Downgrades

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

RLI Stock Performance

Shares of RLI stock opened at $61.27 on Tuesday. The stock’s fifty day moving average price is $57.21 and its two-hundred day moving average price is $57.50. The company has a market cap of $5.62 billion, a PE ratio of 12.87 and a beta of 0.38. RLI Corp. has a fifty-two week low of $47.26 and a fifty-two week high of $69.19.

RLI (NYSE:RLI) last issued its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.11. RLI had a return on equity of 17.61% and a net margin of 22.22%.The company had revenue of $575.57 million for the quarter, compared to analyst estimates of $568.70 million. During the same quarter last year, the company posted $0.82 EPS. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, equities analysts predict that RLI Corp. will post 2.85 EPS for the current fiscal year.

RLI Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.2%. This is a boost from RLI’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, May 29th. RLI’s payout ratio is 15.13%.

Insiders Place Their Bets

In related news, COO Jennifer L. Klobnak bought 2,000 shares of the company’s stock in a transaction dated 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 acquisition, the chief operating officer owned 102,318 shares of the company’s stock, valued at $5,465,827.56. The trade was a 1.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Craig W. Kliethermes purchased 5,000 shares of RLI stock in a transaction dated Thursday, May 21st. The stock was bought at an average price of $52.00 per share, for a total transaction of $260,000.00. Following the completion of the purchase, the chief executive officer owned 148,990 shares in the company, valued at $7,747,480. This represents a 3.47% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 16,500 shares of company stock worth $858,955. Insiders own 2.39% of the company’s stock.

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.