Confluence Investment Management LLC Sells 21,896 Shares of RLI Corp. $RLI

Key Points

• Confluence Investment Management reduced its RLI stake by 5.7%, selling 21,896 shares and retaining 360,253 shares valued at approximately $21.3 million. Institutional investors collectively own 77.89% of the company.
• RLI reported quarterly earnings of $0.83 per share, exceeding estimates of $0.72, while revenue rose 15.2% year over year to $575.57 million. The company also increased its quarterly dividend to $0.18 per share.
• RLI insiders purchased 16,500 shares worth nearly $859,000 over the past three months. Analysts remain mixed, with the stock carrying a consensus “Hold” rating and an average price target of $63.00.

Confluence Investment Management LLC cut its stake in shares of RLI Corp. (NYSE:RLI - Free Report) by 5.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 360,253 shares of the insurance provider's stock after selling 21,896 shares during the period. Confluence Investment Management LLC owned 0.39% of RLI worth $21,280,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of RLI. Vanguard Group Inc. raised its stake in shares of RLI by 3.4% during 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 in the last quarter. State Street Corp boosted its holdings in shares of RLI by 1.4% in the 4th quarter. State Street Corp now owns 8,875,002 shares of the insurance provider's stock valued at $567,823,000 after buying an additional 124,687 shares during the last quarter. Wasatch Advisors LP grew its stake in shares of RLI by 33.1% in the first quarter. Wasatch Advisors LP now owns 2,579,955 shares of the insurance provider's stock valued at $147,161,000 after buying an additional 641,769 shares in the last quarter. Geode Capital Management LLC increased its holdings in RLI by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 2,191,891 shares of the insurance provider's stock worth $140,260,000 after buying an additional 67,025 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in RLI by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,920,823 shares of the insurance provider's stock worth $109,567,000 after buying an additional 21,299 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

Insider Transactions at RLI

In other news, CEO Craig W. Kliethermes bought 5,000 shares of the firm's stock in a transaction dated Thursday, May 21st. The shares were bought at an average price of $52.00 per share, with a total value of $260,000.00. Following the completion of the transaction, the chief executive officer owned 148,990 shares of the company's stock, valued at $7,747,480. This trade represents a 3.47% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David B. Duclos bought 2,500 shares of the stock in a transaction dated Thursday, May 28th. The shares were purchased at an average price of $51.99 per share, for a total transaction of $129,975.00. Following the purchase, the director owned 9,780 shares of the company's stock, valued at $508,462.20. This trade represents a 34.34% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 16,500 shares of company stock worth $858,955 over the last three months. Company insiders own 2.39% of the company's stock.

RLI Price Performance

Shares of RLI opened at $61.27 on Tuesday. The company's 50-day moving average is $57.21 and its 200-day moving average is $57.50. The firm has a market capitalization of $5.62 billion, a PE ratio of 12.87 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.

RLI (NYSE:RLI - Get Free Report) last announced its 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. RLI had a net margin of 22.22% and a return on equity of 17.61%. The business had revenue of $575.57 million during the quarter, compared to the consensus estimate of $568.70 million. During the same quarter in the previous year, the firm posted $0.82 EPS. RLI's revenue was up 15.2% compared to the same quarter last year. Analysts predict that RLI Corp. will post 2.85 earnings per share for the current fiscal year.

RLI Increases Dividend

The company 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 is a boost from RLI's previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, May 29th. RLI's dividend payout ratio is presently 15.13%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RLI shares. UBS Group set a $74.00 price target on shares of RLI in a research report on Tuesday, July 28th. Wells Fargo & Company lowered shares of RLI from an "equal weight" rating to an "underweight" rating and set a $57.00 price objective on the stock. in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $74.00 price objective (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Weiss Ratings upgraded shares of RLI from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, July 29th. One 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $63.00.

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.

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