Neuberger Berman Group LLC Buys 1,419,212 Shares of RLI Corp. (NYSE:RLI)

Key Points

• Neuberger Berman Group LLC increased its holdings in RLI Corp. by 106.6%, owning approximately $220.97 million worth of stock after purchasing over 1.4 million shares in the first quarter.
• Other institutional investors have also significantly increased their stakes in RLI, with a reported 77.89% of the stock owned by institutional investors and hedge funds.
• RLI Corp. reported $0.84 earnings per share for the last quarter, beating expectations and showing a 20% year-over-year revenue growth to $562.28 million.

Neuberger Berman Group LLC increased its stake in shares of RLI Corp. (NYSE:RLI - Free Report) by 106.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,750,738 shares of the insurance provider's stock after purchasing an additional 1,419,212 shares during the quarter. Neuberger Berman Group LLC owned approximately 3.00% of RLI worth $220,967,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Golden State Wealth Management LLC lifted its stake in RLI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 186 shares during the last quarter. Alpha DNA Investment Management LLC lifted its stake in RLI by 7.8% in the fourth quarter. Alpha DNA Investment Management LLC now owns 2,622 shares of the insurance provider's stock valued at $432,000 after acquiring an additional 189 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in RLI by 56.8% in the first quarter. SBI Securities Co. Ltd. now owns 530 shares of the insurance provider's stock valued at $43,000 after acquiring an additional 192 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in RLI by 100.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 198 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in RLI by 100.0% in the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock valued at $33,000 after acquiring an additional 203 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at RLI

In related news, COO Jennifer L. Klobnak bought 3,000 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The shares were acquired at an average price of $69.15 per share, with a total value of $207,450.00. Following the completion of the transaction, the chief operating officer owned 98,450 shares of the company's stock, valued at $6,807,817.50. The trade was a 3.14% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.16% of the company's stock.

Analyst Upgrades and Downgrades

RLI has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Compass Point cut shares of RLI from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Finally, JMP Securities restated a "market perform" rating on shares of RLI in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $78.60.

RLI Stock Performance

Shares of RLI stock traded down $0.71 on Friday, reaching $66.69. The stock had a trading volume of 418,424 shares, compared to its average volume of 814,913. The business's 50-day moving average price is $69.94 and its two-hundred day moving average price is $73.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.35 and a current ratio of 0.35. RLI Corp. has a fifty-two week low of $65.14 and a fifty-two week high of $91.14. The stock has a market cap of $6.12 billion, a P/E ratio of 19.11 and a beta of 0.66.

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 analysts' consensus estimates of $0.75 by $0.09. RLI had a net margin of 17.81% and a return on equity of 15.82%. The business had revenue of $562.28 million during the quarter, compared to analysts' expectations of $445.55 million. During the same period in the previous year, the company earned $1.72 earnings per share. RLI's revenue for the quarter was up 20.0% on a year-over-year basis. On average, sell-side analysts forecast that RLI Corp. will post 3.08 EPS for the current year.

RLI Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend 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.