Northwestern Mutual Wealth Management Co. Makes New $777,000 Investment in RLI Corp. $RLI

Northwestern Mutual Wealth Management Co. purchased a new stake in RLI Corp. (NYSE:RLI) in the 2nd quarter, HoldingsChannel reports. The fund purchased 13,162 shares of the insurance provider’s stock, valued at approximately $777,000.

Several other institutional investors have also recently made changes to their positions in the stock. Royal Bank of Canada grew its stake in shares of RLI by 115.1% in the 1st quarter. Royal Bank of Canada now owns 56,386 shares of the insurance provider’s stock valued at $4,529,000 after buying an additional 30,170 shares during the period. Goldman Sachs Group Inc. boosted its holdings in RLI by 110.8% in the first quarter. Goldman Sachs Group Inc. now owns 185,504 shares of the insurance provider’s stock worth $14,902,000 after acquiring an additional 97,501 shares in the last quarter. Empowered Funds LLC grew its stake in RLI by 472.3% in the first quarter. Empowered Funds LLC now owns 29,177 shares of the insurance provider’s stock valued at $2,344,000 after acquiring an additional 24,079 shares during the period. EverSource Wealth Advisors LLC grew its stake in RLI by 46.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,559 shares of the insurance provider’s stock valued at $113,000 after acquiring an additional 493 shares during the period. Finally, Amundi increased its holdings in shares of RLI by 16,550.0% during the second quarter. Amundi now owns 23,976 shares of the insurance provider’s stock valued at $1,689,000 after acquiring an additional 23,832 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RLI. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Jefferies Financial Group lowered shares of RLI from a “hold” rating to an “underperform” rating and set a $53.00 price target for the company. in a research note on Tuesday. Keefe, Bruyette & Woods restated an “outperform” rating and set a $74.00 price objective (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Weiss Ratings raised shares of RLI from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Finally, Wells Fargo & Company cut shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective for the company. in a report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $63.20.

Insider Buying and Selling at RLI

In other RLI news, Director Clark C. Kellogg bought 3,000 shares of RLI stock in a transaction dated Monday, June 1st. The stock was bought at an average cost of $50.90 per share, with a total value of $152,700.00. Following the completion of the acquisition, the director directly owned 4,502 shares in the company, valued at approximately $229,151.80. The trade was a 199.73% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.39% of the stock is owned by insiders.

RLI Price Performance

Shares of RLI stock opened at $64.91 on Thursday. The firm has a 50-day moving average of $61.24 and a 200-day moving average of $58.12. RLI Corp. has a one year low of $47.26 and a one year high of $68.69. The company has a market cap of $5.96 billion, a P/E ratio of 13.64 and a beta of 0.38.

RLI (NYSE:RLI) last released its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.11. RLI had a net margin of 22.22% and a return on equity of 17.61%. The business had revenue of $575.57 million for the quarter, compared to analysts’ expectations of $568.70 million. During the same period in the previous year, the company earned $0.82 earnings per share. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, research analysts expect that RLI Corp. will post 2.88 earnings per share for the current fiscal year.

RLI Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a $0.18 dividend. 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 payout ratio is presently 15.13%.

RLI 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.