Corient Private Wealth LP Increases Holdings in RLI Corp. $RLI

Key Points

• Corient Private Wealth increased its RLI holdings by 186.7% in the second quarter, bringing its position to 83,496 shares valued at approximately $4.9 million. Institutional investors collectively own 77.89% of RLI.
• RLI reported quarterly EPS of $0.83, exceeding the $0.72 consensus estimate, while revenue rose 15.2% year over year to $575.57 million.
• Analyst sentiment remains cautious, with RLI carrying an average “Reduce” rating and a consensus price target of $63.20. The company also maintains a quarterly dividend of $0.18 per share, equivalent to a 1.2% annual yield.

Corient Private Wealth LP lifted its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 186.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,496 shares of the insurance provider's stock after purchasing an additional 54,371 shares during the period. Corient Private Wealth LP owned about 0.09% of RLI worth $4,932,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RLI. Wasatch Advisors LP increased its position in RLI by 33.1% in the first quarter. Wasatch Advisors LP now owns 2,579,955 shares of the insurance provider's stock worth $147,161,000 after buying an additional 641,769 shares during the last quarter. Bank of America Corp DE lifted its position in shares of RLI by 37.0% during the 1st quarter. Bank of America Corp DE now owns 282,656 shares of the insurance provider's stock valued at $16,123,000 after buying an additional 76,413 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of RLI by 26.7% during the 1st quarter. California State Teachers Retirement System now owns 100,297 shares of the insurance provider's stock valued at $5,721,000 after buying an additional 21,136 shares during the last quarter. Argent Capital Management LLC grew its stake in shares of RLI by 233.6% during the 1st quarter. Argent Capital Management LLC now owns 374,447 shares of the insurance provider's stock worth $21,358,000 after acquiring an additional 262,218 shares during the period. Finally, Royce & Associates LP grew its stake in shares of RLI by 18.4% during the 4th quarter. Royce & Associates LP now owns 586,402 shares of the insurance provider's stock worth $37,518,000 after acquiring an additional 91,073 shares during the period. 77.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RLI. Wall Street Zen upgraded RLI from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Weiss Ratings upgraded shares of RLI from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 28th. UBS Group set a $74.00 target price on shares of RLI in a research note 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 target on the stock. in a research report on Wednesday, July 29th. Finally, 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, July 28th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, RLI currently has an average rating of "Reduce" and a consensus target price of $63.20.

RLI Stock Performance

RLI stock opened at $59.34 on Friday. The stock has a market cap of $5.45 billion, a P/E ratio of 12.47 and a beta of 0.38. RLI Corp. has a fifty-two week low of $47.26 and a fifty-two week high of $67.12. The firm's fifty day moving average price is $62.55 and its 200-day moving average price is $58.21.

RLI (NYSE:RLI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $568.70 million. During the same quarter last year, the company earned $0.82 earnings per share. The firm's quarterly revenue was up 15.2% on a year-over-year basis. Sell-side analysts predict that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a dividend of $0.18 per share. The ex-dividend date was Monday, August 31st. This represents a $0.72 annualized dividend and a yield of 1.2%. RLI's payout ratio is presently 15.13%.

RLI Profile

RLI Corp. is a specialty property and casualty insurance company headquartered in Peoria, Illinois. Through its subsidiaries, the company underwrites a broad range of insurance products for commercial and personal customers, with an emphasis on specialized risks that may not be fully addressed by standard insurance carriers.

RLI's products include commercial property and casualty coverage, transportation and marine insurance, surety bonds, workers' compensation, professional liability, and personal umbrella insurance.

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