Federation des caisses Desjardins du Quebec Acquires 9,922 Shares of RLI Corp. $RLI

Key Points

• Federation des caisses Desjardins du Quebec significantly increased its stake in RLI Corp., acquiring an additional 9,922 shares, bringing its total holdings to 17,944 shares valued at approximately $1.44 million.
• Wall Street analysts have upgraded RLI from a "sell" to a "hold" rating, with a consensus price target of $78.60 and mixed ratings from various analysts.
• RLI Corp. reported earnings of $0.84 per share in its latest quarterly results, exceeding expectations, with a year-over-year revenue increase of 20%.

Federation des caisses Desjardins du Quebec lifted its holdings in RLI Corp. (NYSE:RLI - Free Report) by 123.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,944 shares of the insurance provider's stock after acquiring an additional 9,922 shares during the period. Federation des caisses Desjardins du Quebec's holdings in RLI were worth $1,442,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC boosted its stake in shares of RLI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock worth $30,000 after acquiring an additional 186 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of RLI by 100.0% in 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 lifted its holdings in shares of RLI by 100.0% in the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock worth $33,000 after buying an additional 203 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of RLI by 88.5% in the first quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock worth $38,000 after buying 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 first quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock worth $39,000 after buying an additional 240 shares in the last quarter. Institutional investors own 77.89% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, COO Jennifer L. Klobnak acquired 3,000 shares of the business's stock in a transaction on Thursday, July 24th. The shares were acquired at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the completion of the transaction, the chief operating officer directly 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.16% of the stock is owned by company insiders.

RLI Trading Down 1.1%

Shares of NYSE RLI opened at $67.04 on Monday. The business's 50 day moving average is $68.47 and its two-hundred day moving average is $72.95. 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 1-year low of $65.14 and a 1-year high of $91.14. The stock has a market capitalization of $6.16 billion, a P/E ratio of 19.21 and a beta of 0.65.

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

RLI Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 1.0%. RLI's payout ratio is 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.

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