Northern Trust Corp Raises Holdings in RLI Corp. $RLI

Key Points

• Northern Trust Corp raised its holdings in RLI Corp. by 96.3%, bringing its total ownership to approximately $74.15 million through the acquisition of an additional 452,857 shares in the first quarter.
• RLI Corp. reported $0.84 earnings per share in its latest quarterly earnings, exceeding the expectations of $0.75 and indicating a 20.0% revenue increase year-over-year.
• The company is set to pay a quarterly dividend of $0.16, with an ex-dividend date of August 29th, resulting in an annualized dividend yield of 0.9%.

Northern Trust Corp raised its position in shares of RLI Corp. (NYSE:RLI - Free Report) by 96.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 923,081 shares of the insurance provider's stock after buying an additional 452,857 shares during the period. Northern Trust Corp owned about 1.01% of RLI worth $74,151,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC boosted its position in shares of RLI by 100.0% during the first 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. boosted its position in shares of 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 during the period. Versant Capital Management Inc boosted its position in shares of RLI by 100.0% during 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 during the period. Farther Finance Advisors LLC boosted its position in shares of RLI by 88.5% during 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 during the period. Finally, Compass Wealth Management LLC boosted its position in shares of RLI by 100.0% during 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 during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Activity

In related news, COO Jennifer L. Klobnak acquired 3,000 shares of RLI stock in a transaction dated Thursday, July 24th. The shares were acquired at an average cost of $69.15 per share, for a total transaction of $207,450.00. Following the completion of the purchase, the chief operating officer owned 98,450 shares in the company, valued at approximately $6,807,817.50. The trade was a 3.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.16% of the company's stock.

RLI Stock Down 1.5%

Shares of NYSE RLI opened at $67.5490 on Tuesday. The stock has a market cap of $6.20 billion, a P/E ratio of 19.36 and a beta of 0.66. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI Corp. has a 12-month low of $65.14 and a 12-month high of $91.14. The business's fifty day simple moving average is $69.27 and its 200-day simple moving average is $73.43.

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

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 29th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, August 29th. RLI's dividend payout ratio (DPR) is presently 18.34%.

About RLI

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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