RLI Corp. $RLI Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its stake in RLI Corp. (NYSE:RLI) by 14.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 133,209 shares of the insurance provider’s stock after selling 22,375 shares during the quarter. Federated Hermes Inc. owned about 0.15% of RLI worth $8,688,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of RLI in the 2nd quarter valued at $221,000. Equitable Trust Co. grew its position in RLI by 60.0% in the 2nd quarter. Equitable Trust Co. now owns 13,013 shares of the insurance provider’s stock valued at $940,000 after acquiring an additional 4,880 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in RLI by 228.4% during the second quarter. Mutual of America Capital Management LLC now owns 140,971 shares of the insurance provider’s stock worth $10,181,000 after purchasing an additional 98,049 shares during the period. AGF Management Ltd. lifted its position in shares of RLI by 12.4% during the second quarter. AGF Management Ltd. now owns 39,948 shares of the insurance provider’s stock worth $2,885,000 after purchasing an additional 4,419 shares in the last quarter. Finally, MGO One Seven LLC boosted its stake in shares of RLI by 732.3% in the second quarter. MGO One Seven LLC now owns 42,037 shares of the insurance provider’s stock valued at $3,036,000 after purchasing an additional 36,986 shares during the period. Hedge funds and other institutional investors own 77.89% of the company’s stock.

RLI Price Performance

RLI stock opened at $58.47 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.35 and a current ratio of 0.32. The firm has a market cap of $5.37 billion, a P/E ratio of 13.41 and a beta of 0.53. RLI Corp. has a 1 year low of $55.80 and a 1 year high of $81.79. The stock’s 50 day moving average price is $62.02 and its 200 day moving average price is $63.90.

RLI (NYSE:RLI) last announced its earnings results on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.18. RLI had a net margin of 21.43% and a return on equity of 18.67%. The firm had revenue of $465.69 million during the quarter, compared to the consensus estimate of $447.53 million. During the same quarter in the previous year, the company posted $0.41 EPS. On average, sell-side analysts expect that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, November 28th were issued a $0.16 dividend. The ex-dividend date was Friday, November 28th. This represents a $0.64 annualized dividend and a yield of 1.1%. RLI’s payout ratio is 14.68%.

Insider Buying and Selling

In related news, COO Jennifer L. Klobnak purchased 2,000 shares of the firm’s stock in a transaction on Friday, January 23rd. The shares were bought at an average price of $57.99 per share, for a total transaction of $115,980.00. Following the acquisition, the chief operating officer directly owned 100,318 shares in the company, valued at $5,817,440.82. This trade represents a 2.03% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Craig W. Kliethermes acquired 5,000 shares of the company’s stock in a transaction dated Friday, January 23rd. The shares were purchased at an average price of $57.45 per share, with a total value of $287,250.00. Following the completion of the acquisition, the chief executive officer owned 143,990 shares in the company, valued at approximately $8,272,225.50. The trade was a 3.60% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 2.16% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RLI. Keefe, Bruyette & Woods reduced their price objective on RLI from $85.00 to $81.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 6th. Truist Financial set a $58.00 price objective on shares of RLI in a report on Friday, January 23rd. Zacks Research cut RLI from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Wells Fargo & Company set a $59.00 price target on shares of RLI and gave the company an “equal weight” rating in a research report on Friday, January 23rd. Finally, Jefferies Financial Group raised RLI from an “underperform” rating to a “hold” rating and set a $52.00 price objective for the company in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $65.20.

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.