7,855 Shares in RLI Corp. $RLI Acquired by Commerce Bank

Commerce Bank purchased a new position in shares of RLI Corp. (NYSE:RLI) in the 2nd quarter, Holdings Channel reports. The firm purchased 7,855 shares of the insurance provider’s stock, valued at approximately $464,000.

A number of other large investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of RLI in the 2nd quarter valued at $777,000. Callan Family Office LLC acquired a new position in shares of RLI during the second quarter worth $4,776,000. Allworth Financial LP acquired a new position in shares of RLI during the second quarter worth $285,000. B. Metzler seel. Sohn & Co. AG purchased a new position in RLI in the second quarter valued at $3,861,000. Finally, Virtus Advisers LLC purchased a new position in RLI in the second quarter valued at $501,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RLI has been the topic of a number of analyst reports. UBS Group set a $74.00 price target on RLI in a research note on Tuesday, July 28th. Weiss Ratings upgraded RLI from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Wells Fargo & Company downgraded RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective on the stock. in a report on Wednesday, July 29th. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $74.00 target price (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $63.20.

RLI Price Performance

NYSE RLI opened at $64.18 on Friday. The firm’s fifty day moving average price is $61.46 and its 200 day moving average price is $58.13. RLI Corp. has a 12 month low of $47.26 and a 12 month high of $68.46. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of 13.48 and a beta of 0.38.

RLI (NYSE:RLI) last announced its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.11. RLI had a net margin of 22.22% and a return on equity of 17.61%. The firm had revenue of $575.57 million during 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. RLI’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, sell-side analysts forecast that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Dividend Announcement

The company also recently announced 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. The ex-dividend date is Monday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. RLI’s payout ratio is 15.13%.

Insider Activity at RLI

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

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.