RLI Corp. (NYSE:RLI) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its holdings in RLI Corp. (NYSE:RLI) by 4.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,208 shares of the insurance provider’s stock after selling 2,048 shares during the period. Corebridge Financial Inc. owned about 0.05% of RLI worth $7,781,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in RLI by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 4,608,243 shares of the insurance provider’s stock worth $759,577,000 after purchasing an additional 41,884 shares in the last quarter. State Street Corp boosted its stake in shares of RLI by 1.3% in the 3rd quarter. State Street Corp now owns 4,393,250 shares of the insurance provider’s stock valued at $680,866,000 after buying an additional 58,167 shares during the period. Geode Capital Management LLC grew its position in shares of RLI by 5.9% during the third quarter. Geode Capital Management LLC now owns 908,430 shares of the insurance provider’s stock worth $140,817,000 after buying an additional 50,654 shares in the last quarter. Port Capital LLC increased its stake in shares of RLI by 0.4% during the third quarter. Port Capital LLC now owns 759,988 shares of the insurance provider’s stock worth $117,783,000 after buying an additional 3,200 shares during the period. Finally, Maren Capital LLC raised its holdings in RLI by 4.3% in the third quarter. Maren Capital LLC now owns 674,729 shares of the insurance provider’s stock valued at $104,570,000 after acquiring an additional 27,940 shares in the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Insider Buying and Selling at RLI

In other news, insider Jeffrey D. Fick acquired 2,000 shares of the business’s stock in a transaction on Friday, January 24th. The stock was bought at an average price of $72.13 per share, for a total transaction of $144,260.00. Following the transaction, the insider now owns 142,061 shares in the company, valued at $10,246,859.93. This represents a 1.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Craig W. Kliethermes bought 5,000 shares of the stock in a transaction dated Friday, January 24th. The stock was purchased at an average cost of $71.35 per share, for a total transaction of $356,750.00. Following the acquisition, the chief executive officer now owns 139,190 shares of the company’s stock, valued at approximately $9,931,206.50. This represents a 3.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 11,200 shares of company stock valued at $805,774 in the last ninety days. Insiders own 5.09% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on RLI shares. Jefferies Financial Group cut shares of RLI from a “buy” rating to an “underperform” rating and lowered their price target for the stock from $95.00 to $61.00 in a report on Monday, January 27th. Keefe, Bruyette & Woods dropped their target price on RLI from $100.50 to $100.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Royal Bank of Canada decreased their price target on RLI from $88.00 to $80.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Compass Point dropped their price objective on RLI from $185.00 to $82.00 and set a “buy” rating on the stock in a report on Monday, January 27th. Finally, JMP Securities restated a “market perform” rating on shares of RLI in a research note on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $82.80.

RLI Stock Up 1.2 %

Shares of NYSE RLI opened at $79.27 on Friday. The stock has a market cap of $7.27 billion, a PE ratio of 21.17 and a beta of 0.39. RLI Corp. has a 52-week low of $67.53 and a 52-week high of $91.15. The business has a 50-day moving average price of $75.59 and a 200 day moving average price of $79.36. The company has a quick ratio of 0.38, a current ratio of 0.34 and a debt-to-equity ratio of 0.07.

RLI (NYSE:RLI) last announced its earnings results on Wednesday, January 22nd. The insurance provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.64). RLI had a net margin of 19.53% and a return on equity of 16.63%. Equities research analysts forecast that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, February 28th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend was Friday, February 28th. This is a boost from RLI’s previous quarterly dividend of $0.15. RLI’s payout ratio is 16.00%.

RLI Profile

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.