432,621 Shares in RLI Corp. $RLI Purchased by Jupiter Topco LLC

Jupiter Topco LLC acquired a new position in RLI Corp. (NYSE:RLI) in the second quarter, Holdings Channel reports. The fund acquired 432,621 shares of the insurance provider’s stock, valued at approximately $25,555,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RLI. BlackRock Inc. bought a new position in shares of RLI during the 2nd quarter worth approximately $492,175,000. Wasatch Advisors LP purchased a new position in shares of RLI in the 2nd quarter worth approximately $84,608,000. Norges Bank bought a new position in shares of RLI in the fourth quarter valued at approximately $66,997,000. Bank of New York Mellon Corp bought a new position in shares of RLI in the second quarter valued at approximately $46,855,000. Finally, Victory Capital Management Inc. increased its position in shares of RLI by 6,060.1% during the fourth quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider’s stock valued at $47,327,000 after acquiring an additional 727,701 shares during the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Insider Activity

In other news, Director Clark C. Kellogg bought 3,000 shares of the stock in a transaction on Monday, June 1st. The shares were purchased at an average cost of $50.90 per share, for a total transaction of $152,700.00. Following the completion of the purchase, the director directly owned 4,502 shares in the company, valued at $229,151.80. This represents a 199.73% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.39% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RLI shares. UBS Group set a $74.00 price target on RLI in a report on Tuesday, July 28th. Jefferies Financial Group lowered RLI from a “hold” rating to an “underperform” rating and set a $53.00 target price for the company. in a research report on Tuesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $74.00 target price (up from $70.00) on shares of RLI in a research report on Tuesday, July 28th. Weiss Ratings upgraded RLI from a “sell (d+)” rating to a “hold (c-)” rating 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 report on Saturday, August 1st. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $63.20.

RLI Stock Up 0.2%

Shares of RLI stock opened at $64.38 on Friday. The company has a 50 day moving average of $61.68 and a 200-day moving average of $58.18. RLI Corp. has a 12-month low of $47.26 and a 12-month high of $68.29. The firm has a market cap of $5.91 billion, a P/E ratio of 13.53 and a beta of 0.38.

RLI (NYSE:RLI) last posted its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 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 business had revenue of $575.57 million for the quarter, compared to the consensus estimate of $568.70 million. During the same quarter in the prior year, the business earned $0.82 earnings per share. RLI’s revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities analysts expect that RLI Corp. will post 2.88 EPS for the current year.

RLI Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $0.18 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. RLI’s payout ratio is presently 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.