Element Capital Management LLC Purchases Shares of 34,837 RLI Corp. $RLI

Key Points

• Element Capital Management LLC has acquired 34,837 shares of RLI Corp., valued at approximately $2,798,000, making it the firm's 17th largest holding.
• The company recently posted earnings of $0.84 per share, exceeding estimates, with a revenue increase of 20% compared to last year.
• RLI Corp. has declared a quarterly dividend of $0.16 per share, representing an annualized yield of 0.9% with a dividend payout ratio of 18.34%.

Element Capital Management LLC purchased a new stake in RLI Corp. (NYSE:RLI - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 34,837 shares of the insurance provider's stock, valued at approximately $2,798,000. RLI accounts for about 0.7% of Element Capital Management LLC's investment portfolio, making the stock its 17th largest position.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC grew its position in shares of RLI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock worth $30,000 after buying an additional 186 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in RLI by 100.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock worth $32,000 after buying an additional 198 shares in the last quarter. Versant Capital Management Inc raised its holdings in RLI by 100.0% in the 1st quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock valued at $33,000 after buying an additional 203 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of 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 in the last quarter. Finally, Compass Wealth Management LLC lifted its holdings in shares of RLI by 100.0% in the 1st quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock worth $39,000 after purchasing an additional 240 shares in the last quarter. Institutional investors own 77.89% of the company's stock.

Insider Buying and Selling at RLI

In other news, COO Jennifer L. Klobnak bought 3,000 shares of RLI stock in a transaction dated Thursday, July 24th. The stock was bought at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the purchase, the chief operating officer owned 98,450 shares of the company's stock, valued at approximately $6,807,817.50. The trade was a 3.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.16% of the company's stock.

Analyst Ratings Changes

RLI has been the topic of several research reports. Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Compass Point cut shares of RLI from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Finally, JMP Securities restated a "market perform" rating on shares of RLI in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $78.60.

RLI Price Performance

NYSE RLI traded up $0.9840 during mid-day trading on Tuesday, hitting $67.7940. The stock had a trading volume of 422,169 shares, compared to its average volume of 516,828. The firm's 50 day moving average is $69.79 and its 200 day moving average is $73.73. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 19.43 and a beta of 0.66. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. RLI Corp. has a twelve month low of $65.14 and a twelve month high of $91.14.

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

RLI Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 29th will be paid a $0.16 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 0.9%. RLI's payout ratio is currently 18.34%.

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.