Perigon Wealth Management LLC Takes Position in RLI Corp. $RLI

Perigon Wealth Management LLC acquired a new position in RLI Corp. (NYSE:RLI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,244 shares of the insurance provider’s stock, valued at approximately $782,000.

Other large investors have also added to or reduced their stakes in the company. OneDigital Investment Advisors LLC acquired a new stake in RLI in the 2nd quarter valued at $1,070,000. Simplicity Wealth LLC acquired a new position in shares of RLI during the 2nd quarter worth about $794,000. Chase Investment Counsel Corp acquired a new position in shares of RLI during the 2nd quarter worth about $2,126,000. Global Retirement Partners LLC bought a new position in shares of RLI in the 2nd quarter valued at about $126,000. Finally, Bank of New York Mellon Corp bought a new position in shares of RLI in the 2nd quarter valued at about $46,855,000. Institutional investors and hedge funds own 77.89% of the company’s stock.

Insider Activity at RLI

In related news, Director David B. Duclos bought 2,500 shares of RLI stock in a transaction that occurred on Thursday, May 28th. The stock was acquired at an average price of $51.99 per share, with a total value of $129,975.00. Following the acquisition, the director 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Craig W. Kliethermes purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was bought at an average price of $52.00 per share, for a total transaction of $260,000.00. Following the purchase, the chief executive officer owned 148,990 shares in the company, valued at $7,747,480. The trade was a 3.47% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 14,500 shares of company stock valued at $752,115 in the last ninety days. Company insiders own 2.39% of the company’s stock.

RLI Stock Up 2.8%

NYSE:RLI opened at $64.19 on Wednesday. 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 $5.89 billion, a price-to-earnings ratio of 13.49 and a beta of 0.38. The stock’s 50 day moving average price is $59.86 and its two-hundred day moving average price is $57.88.

RLI (NYSE:RLI) last issued its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 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 company 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 company posted $0.82 EPS. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts expect that RLI Corp. will post 2.88 EPS for the current year.

RLI Announces Dividend

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

Analyst Upgrades and Downgrades

RLI has been the topic of several analyst reports. Wells Fargo & Company lowered RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 target price on the stock. in a report on Wednesday, July 29th. UBS Group set a $74.00 price target on RLI in a research report on Tuesday, July 28th. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Keefe, Bruyette & Woods reissued 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. Finally, Weiss Ratings raised shares of RLI from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, RLI has a consensus rating of “Hold” and an average price target of $63.00.

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.