Chase Investment Counsel Corp Makes New Investment in RLI Corp. $RLI

Key Points

• Chase Investment Counsel acquired 36,000 shares of RLI Corp. in the second quarter, valued at approximately $2.13 million. Institutional investors collectively own 77.89% of the insurer.
• 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. Insiders also purchased 16,500 shares worth nearly $859,000 during the quarter.
• RLI declared a quarterly dividend of $0.18 per share, equivalent to an annualized $0.72 payout and a 1.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $63.00.

Chase Investment Counsel Corp acquired a new stake in RLI Corp. (NYSE:RLI - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 36,000 shares of the insurance provider's stock, valued at approximately $2,126,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its stake in RLI by 94.4% in the 4th 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 in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of RLI by 156.4% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 283 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of RLI by 85.9% during the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider's stock valued at $44,000 after acquiring an additional 316 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of RLI in the third quarter valued at approximately $47,000. Finally, Versant Capital Management Inc lifted its position in shares of RLI by 28.5% in the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider's stock valued at $49,000 after acquiring an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 77.89% of the company's stock.

Insider Activity

In other news, COO Jennifer L. Klobnak purchased 2,000 shares of the business's stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average price of $53.42 per share, for a total transaction of $106,840.00. Following the acquisition, the chief operating officer directly owned 102,318 shares of the company's stock, valued at approximately $5,465,827.56. This represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clark C. Kellogg purchased 3,000 shares of RLI stock in a transaction dated Monday, June 1st. The shares were purchased at an average cost of $50.90 per share, for a total transaction of $152,700.00. Following the transaction, the director owned 4,502 shares in the company, valued at approximately $229,151.80. This trade represents a 199.73% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 16,500 shares of company stock valued at $858,955. Company insiders own 2.39% of the company's stock.

RLI Stock Performance

NYSE:RLI opened at $63.80 on Monday. RLI Corp. has a one year low of $47.26 and a one year high of $69.19. The stock has a market cap of $5.86 billion, a PE ratio of 13.40 and a beta of 0.38. The stock has a 50 day moving average price of $59.42 and a 200 day moving average price of $57.79.

RLI (NYSE:RLI - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share 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 company had revenue of $575.57 million for the quarter, compared to analyst estimates of $568.70 million. During the same quarter in the previous year, the company posted $0.82 earnings per share. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, analysts predict 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. Shareholders of record on Monday, August 31st will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend 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 15.13%.

Wall Street Analyst Weigh In

RLI has been the topic of a number of research analyst reports. Weiss Ratings raised RLI from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, July 29th. UBS Group set a $74.00 price objective on RLI in a report on Tuesday, July 28th. Wall Street Zen raised 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 set a $74.00 target price (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Finally, Wells Fargo & Company cut shares of RLI from an "equal weight" rating to an "underweight" rating and set a $57.00 target price for the company. in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source