Insider Buying: RLI (NYSE:RLI) Director Buys 2,500 Shares of Stock

RLI Corp. (NYSE:RLI) Director David Duclos purchased 2,500 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were purchased at an average cost of $51.99 per share, for a total transaction of $129,975.00. Following the completion of the purchase, the director directly owned 9,780 shares of the company’s stock, valued at approximately $508,462.20. This represents a 34.34% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

RLI Stock Down 2.9%

Shares of RLI stock traded down $1.47 during mid-day trading on Friday, reaching $50.03. 1,135,441 shares of the stock traded hands, compared to its average volume of 820,001. The stock’s fifty day simple moving average is $54.72 and its two-hundred day simple moving average is $59.38. RLI Corp. has a 1-year low of $47.26 and a 1-year high of $77.24. The company has a market cap of $4.60 billion, a price-to-earnings ratio of 11.69 and a beta of 0.42.

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

RLI Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend 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 dividend yield of 1.4%. RLI’s payout ratio is 14.95%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On RLI

A number of hedge funds and other institutional investors have recently made changes to their positions in RLI. Royal Bank of Canada lifted its stake in shares of RLI by 115.1% in the first quarter. Royal Bank of Canada now owns 56,386 shares of the insurance provider’s stock worth $4,529,000 after acquiring an additional 30,170 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of RLI by 110.8% in the first quarter. Goldman Sachs Group Inc. now owns 185,504 shares of the insurance provider’s stock worth $14,902,000 after acquiring an additional 97,501 shares during the period. Empowered Funds LLC lifted its stake in shares of RLI by 472.3% in the first quarter. Empowered Funds LLC now owns 29,177 shares of the insurance provider’s stock worth $2,344,000 after acquiring an additional 24,079 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of RLI by 46.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,559 shares of the insurance provider’s stock worth $113,000 after acquiring an additional 493 shares during the period. Finally, Amundi lifted its stake in shares of RLI by 16,550.0% in the second quarter. Amundi now owns 23,976 shares of the insurance provider’s stock worth $1,689,000 after acquiring an additional 23,832 shares during the period. 77.89% of the stock is owned by institutional investors and hedge funds.

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.