Bank of Nova Scotia Has $420,000 Stock Holdings in RLI Corp. $RLI

Key Points

• Bank of Nova Scotia cut its RLI stake by 80.7% in the first quarter, selling 30,726 shares and retaining 7,370 shares valued at approximately $420,000. Institutional investors collectively own 77.89% of RLI.
• RLI reported quarterly earnings of $0.83 per share, beating estimates of $0.72, while revenue rose 15.2% year over year to $575.57 million. The company also increased its quarterly dividend from $0.16 to $0.18 per share.
• RLI insiders purchased 16,500 shares worth roughly $858,955 over the past 90 days. Analysts maintain a consensus “Hold” rating, with an average price target of $63 versus the stock’s reported price of $61.20.

Bank of Nova Scotia decreased its stake in RLI Corp. (NYSE:RLI - Free Report) by 80.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,370 shares of the insurance provider's stock after selling 30,726 shares during the quarter. Bank of Nova Scotia's holdings in RLI were worth $420,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC grew its stake in RLI by 94.4% in the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 201 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in RLI by 156.4% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider's stock worth $30,000 after purchasing an additional 283 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in RLI in the 4th quarter worth about $43,000. IFP Advisors Inc raised its stake in shares of RLI by 85.9% during the 4th quarter. IFP Advisors Inc now owns 684 shares of the insurance provider's stock worth $44,000 after purchasing an additional 316 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of RLI during the 3rd quarter worth about $47,000. Institutional investors and hedge funds own 77.89% of the company's stock.

RLI Price Performance

RLI stock opened at $61.20 on Friday. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of 12.86 and a beta of 0.38. RLI Corp. has a fifty-two week low of $47.26 and a fifty-two week high of $69.19. The firm has a fifty day moving average price of $56.86 and a two-hundred day moving average price of $57.47.

RLI (NYSE:RLI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.11. RLI had a return on equity of 17.61% and a net margin of 22.22%.The business had revenue of $575.57 million for the quarter, compared to analyst estimates of $568.70 million. During the same period in the previous year, the company posted $0.82 earnings per share. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, sell-side analysts expect that RLI Corp. will post 2.85 earnings per share for the current year.

RLI Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, May 29th. This is a positive change from RLI's previous quarterly dividend of $0.16. RLI's payout ratio is presently 15.13%.

Insider Activity at RLI

In other news, Director Clark C. Kellogg bought 3,000 shares of RLI stock in a transaction that occurred on Monday, June 1st. The stock was purchased at an average cost of $50.90 per share, with a total value of $152,700.00. Following the completion of the transaction, the director directly owned 4,502 shares in the company, valued at $229,151.80. This trade represents a 199.73% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Duclos purchased 2,500 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were acquired at an average price of $51.99 per share, for a total transaction of $129,975.00. Following the purchase, the director directly owned 9,780 shares of the company's stock, valued at approximately $508,462.20. This represents a 34.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 16,500 shares of company stock worth $858,955 over the last ninety days. Corporate insiders own 2.39% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on RLI. Wall Street Zen downgraded RLI from a "hold" rating to a "sell" rating in a report on Monday, July 20th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $74.00 price target (up from $70.00) on shares of RLI in a research note on Tuesday. UBS Group set a $74.00 price target on shares of RLI in a report on Tuesday. Zacks Research upgraded shares of RLI from a "strong sell" rating to a "hold" rating in a report on Thursday, April 2nd. Finally, Weiss Ratings raised shares of RLI from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday. 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus 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.

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