PNC Financial Services Group Inc. Acquires 4,409 Shares of RLI Corp. (NYSE:RLI)

Key Points

• PNC Financial Services Group Inc. increased its stake in RLI Corp. by 89.7%, owning 9,323 shares valued at $749,000 as of its latest filing.
• RLI Corp. reported a 20% increase in revenue year-over-year, totaling $562.28 million for the quarter, with an EPS of $0.84, exceeding estimates.
• The company announced an increase in its quarterly dividend from $0.15 to $0.16 per share, marking a 1.0% yield for shareholders.

PNC Financial Services Group Inc. boosted its position in RLI Corp. (NYSE:RLI - Free Report) by 89.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,323 shares of the insurance provider's stock after acquiring an additional 4,409 shares during the quarter. PNC Financial Services Group Inc.'s holdings in RLI were worth $749,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RLI. Golden State Wealth Management LLC increased 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. Versant Capital Management Inc lifted its stake in RLI by 100.0% in the 1st quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 203 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in RLI by 88.5% in the 1st quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock valued at $38,000 after purchasing an additional 224 shares during the last quarter. Compass Wealth Management LLC lifted its stake in RLI by 100.0% in the 1st quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 240 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its stake in RLI by 56.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 530 shares of the insurance provider's stock valued at $43,000 after purchasing an additional 192 shares during the last quarter. 77.89% of the stock is owned by institutional investors.

RLI Trading Up 1.9%

RLI traded up $1.27 during trading on Wednesday, reaching $67.61. 429,466 shares of the company's stock were exchanged, compared to its average volume of 828,156. RLI Corp. has a one year low of $65.14 and a one year high of $91.14. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $6.21 billion, a PE ratio of 19.37 and a beta of 0.66. The firm has a fifty day moving average price of $70.28 and a two-hundred day moving average price of $73.84.

RLI (NYSE:RLI - Get Free Report) last posted its earnings results 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 firm had revenue of $562.28 million for the quarter, compared to analyst estimates of $445.55 million. During the same period in the previous year, the firm posted $1.72 EPS. The company's revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, equities research analysts forecast that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

Insider Transactions at RLI

In other news, COO Jennifer L. Klobnak purchased 3,000 shares of the stock in a transaction on Thursday, July 24th. The stock was purchased at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the acquisition, the chief operating officer owned 98,450 shares in the company, valued at $6,807,817.50. This trade represents a 3.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.16% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.