44,084 Shares in RLI Corp. $RLI Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. bought a new position in RLI Corp. (NYSE:RLI) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 44,084 shares of the insurance provider’s stock, valued at approximately $2,604,000.

Several other large investors have also recently bought and sold shares of the company. Covestor Ltd increased its holdings in shares of RLI by 13.0% in the fourth quarter. Covestor Ltd now owns 1,590 shares of the insurance provider’s stock worth $102,000 after purchasing an additional 183 shares during the period. Versant Capital Management Inc boosted its stake in RLI by 28.5% during the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock valued at $49,000 after buying an additional 185 shares during the period. Farther Finance Advisors LLC boosted its stake in RLI by 94.4% during the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after buying an additional 201 shares during the period. Public Employees Retirement System of Ohio grew its position in RLI by 0.3% during the third quarter. Public Employees Retirement System of Ohio now owns 75,502 shares of the insurance provider’s stock worth $4,924,000 after buying an additional 207 shares in the last quarter. Finally, OLD National Bancorp IN grew its position in RLI by 4.0% during the fourth quarter. OLD National Bancorp IN now owns 5,819 shares of the insurance provider’s stock worth $372,000 after buying an additional 224 shares in the last quarter. 77.89% of the stock is owned by institutional investors.

RLI Stock Down 0.3%

NYSE RLI opened at $63.80 on Friday. The stock’s 50-day simple moving average is $59.42 and its two-hundred day simple moving average is $57.80. RLI Corp. has a twelve month low of $47.26 and a twelve month high of $69.19. The company has a market capitalization of $5.86 billion, a price-to-earnings ratio of 13.40 and a beta of 0.38.

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

RLI Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings raised RLI from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $74.00 price objective (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Wells Fargo & Company cut shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective on the stock. in a research report on Wednesday, July 29th. Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, UBS Group set a $74.00 target price on shares of RLI in a research report on Tuesday, July 28th. One 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 a consensus target price of $63.00.

Insider Transactions at RLI

In other RLI news, CEO Craig W. Kliethermes purchased 2,000 shares of RLI stock in a transaction on Wednesday, May 27th. The shares were acquired at an average cost of $52.00 per share, for a total transaction of $104,000.00. Following the completion of the transaction, the chief executive officer directly owned 150,990 shares of the company’s stock, valued at approximately $7,851,480. The trade was a 1.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Klobnak purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were acquired at an average cost of $52.72 per share, for a total transaction of $105,440.00. Following the completion of the purchase, the chief operating officer directly owned 104,318 shares of the company’s stock, valued at approximately $5,499,644.96. This represents a 1.95% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 16,500 shares of company stock worth $858,955 in the last three months. Corporate insiders own 2.39% of the company’s stock.

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.