Vestmark Advisory Solutions Inc. Raises Stake in RLI Corp. $RLI

Key Points

• Vestmark Advisory Solutions Inc. has increased its holdings in RLI Corp. by 285.6% in the first quarter, now owning approximately 48,328 shares worth $3.88 million.
• RLI Corp. recently reported a 20.0% year-over-year increase in revenue, totaling $562.28 million for the quarter, exceeding analysts' expectations.
• The company declared a quarterly dividend of $0.16 per share, set to be paid on September 19th, with a 1.0% dividend yield.

Vestmark Advisory Solutions Inc. raised its position in shares of RLI Corp. (NYSE:RLI - Free Report) by 285.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,328 shares of the insurance provider's stock after purchasing an additional 35,795 shares during the quarter. Vestmark Advisory Solutions Inc. owned 0.05% of RLI worth $3,882,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of RLI by 95.2% during the first quarter. Vanguard Group Inc. now owns 8,996,643 shares of the insurance provider's stock valued at $722,700,000 after buying an additional 4,388,400 shares during the last quarter. Neuberger Berman Group LLC increased its position in RLI by 106.6% in the first quarter. Neuberger Berman Group LLC now owns 2,750,738 shares of the insurance provider's stock worth $220,967,000 after purchasing an additional 1,419,212 shares during the last quarter. Markel Group Inc. increased its position in RLI by 100.0% in the first quarter. Markel Group Inc. now owns 2,394,544 shares of the insurance provider's stock worth $192,354,000 after purchasing an additional 1,197,272 shares during the last quarter. Invesco Ltd. increased its position in RLI by 100.5% in the first quarter. Invesco Ltd. now owns 1,334,112 shares of the insurance provider's stock worth $107,169,000 after purchasing an additional 668,717 shares during the last quarter. Finally, Van Berkom & Associates Inc. increased its position in RLI by 104.3% in the first quarter. Van Berkom & Associates Inc. now owns 1,075,321 shares of the insurance provider's stock worth $86,381,000 after purchasing an additional 549,042 shares during the last quarter. Institutional investors own 77.89% of the company's stock.

Insider Activity

In related news, COO Jennifer L. Klobnak acquired 3,000 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were purchased at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the completion of the acquisition, the chief operating officer directly owned 98,450 shares in the company, 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 can be accessed through the SEC website. 2.16% of the stock is currently owned by company insiders.

RLI Stock Up 1.5%

RLI stock traded up $0.9840 during trading hours on Tuesday, reaching $67.7940. The stock had a trading volume of 422,418 shares, compared to its average volume of 517,837. The company has a market cap of $6.23 billion, a price-to-earnings ratio of 19.43 and a beta of 0.66. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. The business's 50 day moving average price is $69.79 and its 200-day moving average price is $73.73. RLI Corp. has a 52 week low of $65.14 and a 52 week high of $91.14.

RLI (NYSE:RLI - Get Free Report) last announced its earnings results on Monday, July 21st. The insurance provider reported $0.84 EPS 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 the consensus estimate of $445.55 million. During the same period in the previous year, the company posted $1.72 earnings per share. The firm's revenue was up 20.0% on a year-over-year basis. Sell-side analysts anticipate that RLI Corp. will post 3.08 EPS for the current 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 issued a dividend of $0.16 per share. The ex-dividend date is Friday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 0.9%. RLI's dividend payout ratio is 18.34%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RLI shares. JMP Securities restated a "market perform" rating on shares of RLI in a research report on Thursday, April 24th. Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Compass Point cut shares of RLI from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $78.60.

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.