OneDigital Investment Advisors LLC Purchases New Position in RLI Corp. $RLI

Key Points

• OneDigital Investment Advisors acquired 18,117 RLI shares worth approximately $1.07 million during the second quarter. Institutional investors collectively own 77.89% of the insurer.
• Analysts maintain a consensus “Hold” rating with a $63 price target, while individual targets range from $57 to $74.
• RLI beat quarterly earnings expectations, reporting $0.83 EPS and $575.57 million in revenue, up 15.2% year over year. The company also declared a quarterly dividend of $0.18 per share, yielding about 1.2%.

OneDigital Investment Advisors LLC acquired a new position in RLI Corp. (NYSE:RLI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 18,117 shares of the insurance provider's stock, valued at approximately $1,070,000.

Several other hedge funds have also made changes to their positions in the company. UBS Group AG lifted its stake in RLI by 8.7% in the fourth quarter. UBS Group AG now owns 607,176 shares of the insurance provider's stock worth $38,847,000 after acquiring an additional 48,563 shares during the period. Wasatch Advisors LP increased its position in RLI by 33.1% during the 1st quarter. Wasatch Advisors LP now owns 2,579,955 shares of the insurance provider's stock valued at $147,161,000 after purchasing an additional 641,769 shares during the period. Chase Investment Counsel Corp purchased a new position in RLI during the 4th quarter valued at about $1,535,000. Hingham Institution for Savings purchased a new position in RLI during the 4th quarter valued at about $1,919,000. Finally, Vanguard Group Inc. raised its holdings in shares of RLI by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 9,448,929 shares of the insurance provider's stock valued at $604,542,000 after purchasing an additional 310,857 shares in the last quarter. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RLI has been the topic of a number of recent research reports. 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. Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Wells Fargo & Company cut RLI from an "equal weight" rating to an "underweight" rating and set a $57.00 target price on the stock. in a research report on Wednesday, July 29th. Weiss Ratings upgraded RLI from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, July 29th. Finally, UBS Group set a $74.00 price target on RLI in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $63.00.

RLI Stock Down 2.1%

NYSE RLI opened at $62.42 on Tuesday. RLI Corp. has a 52 week low of $47.26 and a 52 week high of $69.19. The company has a 50 day moving average price of $59.62 and a 200 day moving average price of $57.83. The firm has a market cap of $5.73 billion, a PE ratio of 13.11 and a beta of 0.38.

RLI (NYSE:RLI - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.11. RLI had a net margin of 22.22% and a return on equity of 17.61%. The company had revenue of $575.57 million during the quarter, compared to the consensus estimate of $568.70 million. During the same period last year, the firm earned $0.82 earnings per share. RLI's revenue was up 15.2% compared to the same quarter last year. On average, equities research analysts anticipate that RLI Corp. will post 2.88 earnings per share for the current fiscal year.

RLI Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, August 31st. RLI's payout ratio is 15.13%.

Insiders Place Their Bets

In other RLI news, Director David B. Duclos bought 2,500 shares of RLI stock in a transaction that occurred on Thursday, May 28th. The shares were bought at an average cost of $51.99 per share, with a total value of $129,975.00. Following the transaction, the director directly owned 9,780 shares of the company's stock, valued at approximately $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 can be accessed through this link. Also, CEO Craig W. Kliethermes purchased 5,000 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was acquired at an average price of $52.00 per share, with a total value of $260,000.00. Following the completion of the purchase, the chief executive officer owned 148,990 shares of the company's stock, valued at $7,747,480. The trade was a 3.47% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 14,500 shares of company stock valued at $752,115. 2.39% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding RLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RLI Corp. (NYSE:RLI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source