Corient Private Wealth LP Buys Shares of 83,493 RLI Corp. $RLI

Key Points

• Corient Private Wealth LP purchased 83,493 RLI shares worth approximately $4.93 million, giving it about a 0.09% stake; institutional investors collectively own 77.89% of the company.
• Analyst sentiment is cautious: RLI has an average “Reduce” rating and a consensus price target of $63.20, with recent downgrades from Wells Fargo and Jefferies.
• RLI beat quarterly earnings expectations with $0.83 EPS and $575.57 million in revenue, up 15.2% year over year, and announced a quarterly dividend of $0.18 per share.

Corient Private Wealth LP purchased a new position in shares of RLI Corp. (NYSE:RLI - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 83,493 shares of the insurance provider's stock, valued at approximately $4,932,000. Corient Private Wealth LP owned about 0.09% of RLI as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in RLI. Farther Finance Advisors LLC lifted its position in shares of RLI by 94.4% in the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider's stock worth $26,000 after purchasing an additional 201 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in RLI by 156.4% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 283 shares in the last quarter. IFP Advisors Inc grew its position in RLI by 85.9% in the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider's stock valued at $44,000 after purchasing an additional 316 shares in the last quarter. Advisory Services Network LLC acquired a new stake in RLI in the 3rd quarter valued at $47,000. Finally, Versant Capital Management Inc increased its stake in RLI by 28.5% in the 2nd quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider's stock valued at $49,000 after buying an additional 185 shares during the last quarter. 77.89% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on RLI. Weiss Ratings upgraded shares of RLI from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday. Wells Fargo & Company downgraded RLI from an "equal weight" rating to an "underweight" rating and set a $57.00 target price on the stock. in a research report on Wednesday, July 29th. 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, August 25th. UBS Group set a $74.00 target price on RLI in a report on Tuesday, July 28th. Finally, Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $63.20.

RLI Trading Down 1.3%

Shares of RLI opened at $63.50 on Tuesday. The company has a market cap of $5.83 billion, a price-to-earnings ratio of 13.34 and a beta of 0.38. RLI Corp. has a 1-year low of $47.26 and a 1-year high of $68.29. The company's fifty day simple moving average is $61.89 and its 200 day simple moving average is $58.17.

RLI (NYSE:RLI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.11. RLI had a net margin of 22.22% and a return on equity of 17.61%. The firm had revenue of $575.57 million during the quarter, compared to analysts' expectations of $568.70 million. During the same quarter last year, the company posted $0.82 earnings per share. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, research analysts forecast that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Dividend Announcement

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

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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