Corebridge Financial Inc. Buys 44,958 Shares of RLI Corp. $RLI

Key Points

• Corebridge Financial Inc. has increased its stake in RLI Corp. by 95.2% in the first quarter, owning about 0.10% of the company, valued at $7.4 million.
• RLI Corp. reported a quarterly earnings per share of $0.84, exceeding analyst expectations and showing a 20% increase in revenue year-over-year.
• The company declared a quarterly dividend of $0.16 per share, with an annualized yield of 0.9%, scheduled for payment on September 19th.

Corebridge Financial Inc. lifted its stake in RLI Corp. (NYSE:RLI - Free Report) by 95.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,166 shares of the insurance provider's stock after buying an additional 44,958 shares during the period. Corebridge Financial Inc. owned approximately 0.10% of RLI worth $7,404,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of RLI. Golden State Wealth Management LLC increased its holdings in RLI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 186 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in RLI by 100.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 198 shares during the period. Versant Capital Management Inc increased its holdings in RLI by 100.0% during the 1st quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 203 shares during the period. Farther Finance Advisors LLC increased its holdings in RLI by 88.5% during the 1st quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock valued at $38,000 after purchasing an additional 224 shares during the period. Finally, Compass Wealth Management LLC increased its holdings in RLI by 100.0% during the 1st quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 240 shares during the period. Hedge funds and other institutional investors own 77.89% of the company's stock.

RLI Stock Down 0.9%

Shares of RLI stock traded down $0.61 during midday trading on Tuesday, reaching $67.12. 142,830 shares of the stock were exchanged, compared to its average volume of 511,895. RLI Corp. has a 1 year low of $65.14 and a 1 year high of $91.14. The company's 50 day moving average is $68.83 and its two-hundred day moving average is $73.17. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. The firm has a market cap of $6.16 billion, a PE ratio of 19.21 and a beta of 0.65.

RLI (NYSE:RLI - Get Free Report) last posted its earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.09. RLI had a return on equity of 15.82% and a net margin of 17.81%.The firm had revenue of $562.28 million for the quarter, compared to the consensus estimate of $445.55 million. During the same quarter in the prior year, the business earned $1.72 EPS. The business's revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities research analysts predict that RLI Corp. will post 3.08 EPS for the current year.

RLI Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 29th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, August 29th. RLI's payout ratio is currently 18.34%.

Insider Activity at RLI

In related news, COO Jennifer L. Klobnak purchased 3,000 shares of the company's stock in a transaction dated Thursday, July 24th. The shares were purchased at an average cost of $69.15 per share, with a total value of $207,450.00. Following the transaction, the chief operating officer directly owned 98,450 shares in the company, valued at $6,807,817.50. This trade represents a 3.14% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.16% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded RLI from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $78.60.

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.