NewEdge Wealth LLC Takes Position in RLI Corp. $RLI

Key Points

• NewEdge Wealth purchased 37,891 shares of RLI Corp. during the second quarter, valued at approximately $2.24 million. Institutional investors collectively own 77.89% of the company.
• RLI reported quarterly EPS of $0.83, beating estimates of $0.72, while revenue rose 15.2% year over year to $575.57 million. Company insiders also bought 9,500 shares worth about $492,115 over the past 90 days.
• RLI declared a quarterly dividend of $0.18 per share, equivalent to an annualized $0.72 payout and a 1.1% yield. Analysts remain broadly neutral, with an average rating of “Hold” and a $63 price target.

NewEdge Wealth LLC purchased a new stake in shares of RLI Corp. (NYSE:RLI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 37,891 shares of the insurance provider's stock, valued at approximately $2,238,000.

Several other large investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in RLI by 94.4% during the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 201 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of RLI by 156.4% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider's stock worth $30,000 after buying an additional 283 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of RLI by 85.9% in the 4th quarter. IFP Advisors Inc now owns 684 shares of the insurance provider's stock valued at $44,000 after buying an additional 316 shares during the period. Advisory Services Network LLC acquired a new position in shares of RLI in the 3rd quarter valued at about $47,000. Finally, Versant Capital Management Inc grew its position in shares of RLI by 28.5% during 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 currently owned by institutional investors.

Insiders Place Their Bets

In other RLI news, Director David B. Duclos acquired 2,500 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The stock was acquired at an average cost of $51.99 per share, with a total value of $129,975.00. Following the acquisition, the director directly owned 9,780 shares of the company's stock, valued at $508,462.20. This represents a 34.34% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Klobnak bought 2,000 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was acquired at an average price of $52.72 per share, for a total transaction of $105,440.00. Following the completion of the transaction, the chief operating officer owned 104,318 shares in the company, valued at $5,499,644.96. This trade represents a 1.95% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have acquired 9,500 shares of company stock valued at $492,115. Corporate insiders own 2.39% of the company's stock.

RLI Stock Up 1.2%

RLI stock opened at $65.11 on Friday. The stock has a market cap of $5.98 billion, a PE ratio of 13.68 and a beta of 0.38. The firm's 50-day simple moving average is $60.29 and its 200 day simple moving average is $57.97. RLI Corp. has a fifty-two week low of $47.26 and a fifty-two week high of $69.19.

RLI (NYSE:RLI - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share (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 analyst estimates of $568.70 million. During the same period in the previous year, the business posted $0.82 EPS. RLI's revenue was up 15.2% on a year-over-year basis. Equities analysts forecast that RLI Corp. will post 2.88 EPS for the current fiscal year.

RLI Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $0.18 per share. The ex-dividend date is Monday, August 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. RLI's payout ratio is currently 15.13%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $74.00 price objective (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Weiss Ratings raised RLI from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, July 29th. Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Wells Fargo & Company cut 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, UBS Group set a $74.00 price target on RLI in a report on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, RLI presently has an average rating of "Hold" and an average target price of $63.00.

RLI Company 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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