The Manufacturers Life Insurance Company Acquires New Holdings in RLI Corp. $RLI

The Manufacturers Life Insurance Company acquired a new stake in RLI Corp. (NYSE:RLI) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 63,054 shares of the insurance provider’s stock, valued at approximately $3,725,000.

Other hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in RLI by 94.4% during the 4th quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 201 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of RLI by 156.4% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 283 shares during the last quarter. IFP Advisors Inc raised its stake in shares of RLI by 85.9% during the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock valued at $44,000 after acquiring an additional 316 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of RLI during the third quarter worth $47,000. Finally, Versant Capital Management Inc lifted its holdings in shares of RLI by 28.5% during the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 185 shares during the period. 77.89% of the stock is currently owned by institutional investors and hedge funds.

RLI Price Performance

NYSE RLI opened at $63.35 on Wednesday. The stock has a market capitalization of $5.81 billion, a P/E ratio of 13.31 and a beta of 0.38. The business has a 50 day simple moving average of $62.08 and a 200 day simple moving average of $58.17. RLI Corp. has a one year low of $47.26 and a one year high of $68.29.

RLI (NYSE:RLI) last issued its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.11. The firm had revenue of $575.57 million for the quarter, compared to analyst estimates of $568.70 million. RLI had a return on equity of 17.61% and a net margin of 22.22%.The company’s revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.82 earnings per share. Equities analysts expect that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders 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 currently 15.13%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $74.00 price objective (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. UBS Group set a $74.00 target price on RLI in a report on Tuesday, July 28th. Weiss Ratings upgraded RLI from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Jefferies Financial Group downgraded RLI from a “hold” rating to an “underperform” rating and set a $53.00 price objective for the company. in a research report on Tuesday, August 25th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $63.20.

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.