RLI (NYSE:RLI) Director David Duclos Acquires 2,500 Shares of Stock

RLI Corp. (NYSE:RLI) Director David Duclos acquired 2,500 shares of RLI stock in a transaction that occurred on Thursday, May 28th. The stock was purchased at an average cost of $51.99 per share, for a total transaction of $129,975.00. Following the completion of the transaction, the director directly owned 9,780 shares in the company, valued at $508,462.20. This trade represents a 34.34% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

RLI Price Performance

RLI stock opened at $50.03 on Friday. RLI Corp. has a 1-year low of $47.26 and a 1-year high of $77.24. The firm has a market capitalization of $4.60 billion, a P/E ratio of 11.69 and a beta of 0.42. The company’s 50-day moving average is $54.54 and its 200 day moving average is $59.32.

RLI (NYSE:RLI) last posted its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. RLI had a net margin of 20.81% and a return on equity of 17.72%. The company had revenue of $423.87 million for the quarter, compared to analyst estimates of $564.47 million. During the same period in the prior year, the company posted $0.92 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Research analysts anticipate that RLI Corp. will post 2.75 earnings per share for the current fiscal year.

RLI Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a $0.18 dividend. The ex-dividend date is Friday, May 29th. This is a positive change from RLI’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 1.4%. RLI’s payout ratio is 14.95%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RLI shares. Wall Street Zen lowered RLI from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 2nd. Keefe, Bruyette & Woods raised shares of RLI from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. Weiss Ratings lowered shares of RLI from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Company reduced their target price on shares of RLI from $59.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, RLI has an average rating of “Hold” and an average target price of $61.50.

Hedge Funds Weigh In On RLI

Several institutional investors have recently made changes to their positions in RLI. Wasatch Advisors LP purchased a new position in shares of RLI during the second quarter valued at $84,608,000. Norges Bank purchased a new position in RLI during the fourth quarter valued at approximately $66,997,000. Victory Capital Management Inc. increased its holdings in 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 buying an additional 727,701 shares during the period. First Trust Advisors LP increased its holdings in RLI by 311.6% during the first quarter. First Trust Advisors LP now owns 688,318 shares of the insurance provider’s stock valued at $39,262,000 after buying an additional 521,096 shares during the period. Finally, Bank of Montreal Can increased its holdings in RLI by 3,664.4% during the fourth quarter. Bank of Montreal Can now owns 368,384 shares of the insurance provider’s stock valued at $23,569,000 after buying an additional 358,598 shares during the period. Hedge funds and other institutional investors own 77.89% of the company’s stock.

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.