13,447 Shares in RLI Corp. $RLI Purchased by Simplicity Wealth LLC

Simplicity Wealth LLC bought a new position in shares of RLI Corp. (NYSE:RLI) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,447 shares of the insurance provider’s stock, valued at approximately $794,000.

A number of other hedge funds also recently added to or reduced their stakes in RLI. Chase Investment Counsel Corp purchased a new position in RLI in the second quarter valued at about $2,126,000. Global Retirement Partners LLC purchased a new stake in shares of RLI during the 2nd quarter worth approximately $126,000. Bank of New York Mellon Corp purchased a new stake in shares of RLI during the 2nd quarter worth approximately $46,855,000. State of Wyoming acquired a new stake in shares of RLI in the 2nd quarter worth approximately $655,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of RLI in the 2nd quarter worth approximately $748,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Wells Fargo & Company downgraded RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 target price on the stock. in a research report on Wednesday, July 29th. UBS Group set a $74.00 target price on RLI in a report on Tuesday, July 28th. Weiss Ratings upgraded RLI from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $74.00 price target (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $63.00.

RLI Price Performance

RLI stock opened at $63.80 on Monday. The company’s 50 day simple moving average is $59.42 and its 200-day simple moving average is $57.79. RLI Corp. has a 12 month low of $47.26 and a 12 month high of $69.19. The firm has a market capitalization of $5.86 billion, a PE ratio of 13.40 and a beta of 0.38.

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

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, August 31st. RLI’s dividend payout ratio (DPR) is currently 15.13%.

Insider Activity

In other news, Director David B. Duclos bought 2,500 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was purchased at an average price of $51.99 per share, with a total value of $129,975.00. Following the purchase, the director owned 9,780 shares of the company’s stock, valued at $508,462.20. This trade represents a 34.34% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Craig W. Kliethermes bought 5,000 shares of RLI stock in a transaction on Thursday, May 21st. The stock was purchased at an average price of $52.00 per share, for a total transaction of $260,000.00. Following the completion of the acquisition, the chief executive officer owned 148,990 shares in the company, valued at $7,747,480. This represents a 3.47% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 16,500 shares of company stock worth $858,955. Company insiders own 2.39% 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.