Hsbc Holdings PLC Buys Shares of 25,295 RLI Corp. $RLI

Hsbc Holdings PLC bought a new stake in shares of RLI Corp. (NYSE:RLI) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 25,295 shares of the insurance provider’s stock, valued at approximately $1,492,000.

A number of other hedge funds have also made changes to their positions in RLI. Vanguard Group Inc. increased its position in shares of RLI by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 9,448,929 shares of the insurance provider’s stock worth $604,542,000 after purchasing an additional 310,857 shares during the last quarter. State Street Corp lifted its position in shares of RLI by 1.4% during the fourth quarter. State Street Corp now owns 8,875,002 shares of the insurance provider’s stock worth $567,823,000 after purchasing an additional 124,687 shares during the last quarter. BlackRock Inc. acquired a new position in RLI in the second quarter worth about $492,175,000. Wasatch Advisors LP grew its stake in RLI by 40.7% in the second quarter. Wasatch Advisors LP now owns 3,631,273 shares of the insurance provider’s stock worth $214,499,000 after purchasing an additional 1,051,318 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in RLI by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 2,191,891 shares of the insurance provider’s stock valued at $140,260,000 after buying an additional 67,025 shares during the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Stock Down 1.3%

Shares of NYSE RLI opened at $63.50 on Tuesday. The business has a fifty day simple moving average of $61.89 and a 200-day simple moving average of $58.17. RLI Corp. has a 12 month low of $47.26 and a 12 month high of $68.29. The company has a market cap of $5.83 billion, a price-to-earnings ratio of 13.34 and a beta of 0.38.

RLI (NYSE:RLI) last announced 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. The firm had revenue of $575.57 million during the quarter, compared to the consensus estimate of $568.70 million. RLI had a return on equity of 17.61% and a net margin of 22.22%.The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.82 EPS. As a group, sell-side analysts expect that RLI Corp. will post 2.88 EPS for the current fiscal year.

RLI Announces Dividend

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

Analyst Ratings Changes

Several analysts have weighed in on RLI shares. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $74.00 price target (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Wells Fargo & Company downgraded shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective for the company. in a research report on Wednesday, July 29th. UBS Group set a $74.00 price objective on shares of RLI in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group lowered RLI from a “hold” rating to an “underperform” rating and set a $53.00 target price for the company. in a report on Tuesday, August 25th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $63.20.

RLI 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.