793,218 Shares in RLI Corp. $RLI Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 793,218 RLI shares worth approximately $46.9 million, representing a 0.86% stake. Institutional investors collectively own 77.89% of the insurer.
• Analyst sentiment is mixed, with one Buy, four Hold, and two Sell ratings; MarketBeat’s consensus is “Reduce” with an average price target of $63.20.
• RLI exceeded quarterly earnings expectations, reporting $0.83 in EPS versus a $0.72 estimate and 15.2% year-over-year revenue growth. The company also announced a quarterly dividend of $0.18 per share, equal to a 1.1% annualized yield.

Bank of New York Mellon Corp acquired a new position in shares of RLI Corp. (NYSE:RLI - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 793,218 shares of the insurance provider's stock, valued at approximately $46,855,000. Bank of New York Mellon Corp owned 0.86% of RLI as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Royal Bank of Canada lifted its holdings in RLI by 115.1% in the 1st quarter. Royal Bank of Canada now owns 56,386 shares of the insurance provider's stock valued at $4,529,000 after purchasing an additional 30,170 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of RLI by 110.8% in the first quarter. Goldman Sachs Group Inc. now owns 185,504 shares of the insurance provider's stock worth $14,902,000 after buying an additional 97,501 shares in the last quarter. Empowered Funds LLC grew its stake in RLI by 472.3% during the 1st quarter. Empowered Funds LLC now owns 29,177 shares of the insurance provider's stock valued at $2,344,000 after acquiring an additional 24,079 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in RLI by 46.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,559 shares of the insurance provider's stock valued at $113,000 after acquiring an additional 493 shares during the last quarter. Finally, Amundi raised its holdings in RLI by 16,550.0% in the 2nd quarter. Amundi now owns 23,976 shares of the insurance provider's stock valued at $1,689,000 after acquiring an additional 23,832 shares during the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on RLI shares. Wells Fargo & Company lowered shares of RLI from an "equal weight" rating to an "underweight" rating and set a $57.00 price objective for the company. in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $74.00 target price (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Jefferies Financial Group downgraded RLI from a "hold" rating to an "underperform" rating and set a $53.00 target price on the stock. in a research report on Tuesday. Finally, Weiss Ratings raised RLI from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $63.20.

Insider Transactions at RLI

In related news, Director Clark C. Kellogg bought 3,000 shares of the stock in a transaction dated Monday, June 1st. The stock was acquired at an average price of $50.90 per share, for a total transaction of $152,700.00. Following the acquisition, the director owned 4,502 shares in the company, valued at approximately $229,151.80. This represents a 199.73% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.39% of the stock is owned by company insiders.

RLI Stock Performance

Shares of RLI stock opened at $64.18 on Friday. RLI Corp. has a one year low of $47.26 and a one year high of $68.46. The company has a market cap of $5.89 billion, a PE ratio of 13.48 and a beta of 0.38. The business has a 50-day simple moving average of $61.46 and a 200-day simple moving average of $58.13.

RLI (NYSE:RLI - Get Free Report) last posted its quarterly 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. The company had revenue of $575.57 million during the quarter, compared to analysts' expectations of $568.70 million. RLI had a net margin of 22.22% and a return on equity of 17.61%. The firm's revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.82 EPS. On average, sell-side analysts predict that RLI Corp. will post 2.88 earnings per share for the current fiscal year.

RLI Dividend Announcement

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

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.

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