4,262 Shares in RLI Corp. (NYSE:RLI) Purchased by Wealthedge Investment Advisors LLC

Key Points

• Wealthedge Investment Advisors LLC purchased 4,262 shares of RLI Corp., valued at approximately $342,000, signaling increased institutional interest in the company.
• Multiple institutional investors, including Vanguard Group Inc. and Neuberger Berman Group LLC, have significantly increased their stakes in RLI during the first quarter, highlighting strong institutional confidence in the company.
• RLI reported a 20% year-over-year revenue growth of $562.28 million and a quarterly earnings per share of $0.84, outperforming analyst expectations.

Wealthedge Investment Advisors LLC bought a new position in shares of RLI Corp. (NYSE:RLI - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,262 shares of the insurance provider's stock, valued at approximately $342,000.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of RLI by 95.2% during the first quarter. Vanguard Group Inc. now owns 8,996,643 shares of the insurance provider's stock worth $722,700,000 after purchasing an additional 4,388,400 shares in the last quarter. Neuberger Berman Group LLC grew its position in shares of RLI by 106.6% during the first quarter. Neuberger Berman Group LLC now owns 2,750,738 shares of the insurance provider's stock worth $220,967,000 after purchasing an additional 1,419,212 shares in the last quarter. Markel Group Inc. grew its position in shares of RLI by 100.0% during the first quarter. Markel Group Inc. now owns 2,394,544 shares of the insurance provider's stock worth $192,354,000 after purchasing an additional 1,197,272 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of RLI by 97.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,861,984 shares of the insurance provider's stock worth $149,569,000 after purchasing an additional 920,799 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in RLI by 100.5% during the first quarter. Invesco Ltd. now owns 1,334,112 shares of the insurance provider's stock valued at $107,169,000 after buying an additional 668,717 shares during the last quarter. Hedge funds and other institutional investors own 77.89% of the company's stock.

Wall Street Analysts Forecast Growth

RLI has been the subject of a number of research reports. JMP Securities reissued a "market perform" rating on shares of RLI in a research note on Thursday, April 24th. Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Compass Point lowered RLI from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $78.60.

Insider Activity

In related news, COO Jennifer L. Klobnak acquired 3,000 shares of the stock in a transaction dated Thursday, July 24th. The stock was acquired at an average cost of $69.15 per share, with a total value of $207,450.00. Following the purchase, the chief operating officer directly owned 98,450 shares of the company's stock, valued at approximately $6,807,817.50. This trade represents a 3.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.16% of the stock is owned by insiders.

RLI Price Performance

NYSE:RLI opened at $67.38 on Friday. The firm has a market capitalization of $6.19 billion, a price-to-earnings ratio of 19.31 and a beta of 0.66. RLI Corp. has a 1 year low of $65.14 and a 1 year high of $91.14. The business has a 50 day simple moving average of $70.12 and a 200-day simple moving average of $73.80. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35.

RLI (NYSE:RLI - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.09. The business had revenue of $562.28 million during the quarter, compared to analyst estimates of $445.55 million. RLI had a return on equity of 15.82% and a net margin of 17.81%. The company's revenue for the quarter was up 20.0% on a year-over-year basis. During the same period last year, the company earned $1.72 EPS. Equities analysts forecast that RLI Corp. will post 3.08 EPS for the current year.

RLI Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 29th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 0.9%. RLI's payout ratio is 18.34%.

RLI Company Profile

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.

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