Neuberger Berman Group LLC Sells 1,998,757 Shares of RLI Corp. $RLI

Neuberger Berman Group LLC cut its position in RLI Corp. (NYSE:RLI) by 97.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 45,657 shares of the insurance provider’s stock after selling 1,998,757 shares during the quarter. Neuberger Berman Group LLC’s holdings in RLI were worth $2,978,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in shares of RLI by 8.0% during the 3rd quarter. Principal Financial Group Inc. now owns 274,777 shares of the insurance provider’s stock valued at $17,921,000 after purchasing an additional 20,438 shares in the last quarter. JPMorgan Chase & Co. increased its stake in RLI by 15.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,422,596 shares of the insurance provider’s stock worth $92,782,000 after purchasing an additional 191,020 shares in the last quarter. AGF Management Ltd. raised its holdings in RLI by 12.4% during the 2nd quarter. AGF Management Ltd. now owns 39,948 shares of the insurance provider’s stock worth $2,885,000 after buying an additional 4,419 shares during the period. Van Berkom & Associates Inc. raised its holdings in RLI by 14.6% during the 3rd quarter. Van Berkom & Associates Inc. now owns 1,229,649 shares of the insurance provider’s stock worth $80,198,000 after buying an additional 156,241 shares during the period. Finally, Hsbc Holdings PLC lifted its stake in RLI by 222.1% in the second quarter. Hsbc Holdings PLC now owns 36,461 shares of the insurance provider’s stock valued at $2,613,000 after buying an additional 25,140 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

Insiders Place Their Bets

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

RLI Stock Performance

RLI stock opened at $61.72 on Friday. The stock has a 50-day simple moving average of $60.75 and a 200 day simple moving average of $62.86. The stock has a market capitalization of $5.67 billion, a P/E ratio of 14.16 and a beta of 0.50. RLI Corp. has a 52 week low of $55.80 and a 52 week high of $81.79.

RLI (NYSE:RLI) last released its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.18. RLI had a return on equity of 18.67% and a net margin of 21.43%.The firm had revenue of $465.69 million for the quarter, compared to analyst estimates of $447.53 million. During the same quarter in the prior year, the company earned $0.41 earnings per share. Research analysts forecast that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.64 annualized dividend and a yield of 1.0%. RLI’s dividend payout ratio (DPR) is currently 14.68%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RLI shares. Wells Fargo & Company set a $59.00 price objective on shares of RLI and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Zacks Research cut shares of RLI from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Citizens Jmp reaffirmed a “market perform” rating on shares of RLI in a research note on Friday, January 23rd. Truist Financial set a $58.00 price target on RLI in a research note 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 report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, RLI currently has an average rating of “Hold” and an average price target of $65.20.

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.