RLI Corp. $RLI Shares Acquired by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. significantly increased its stake in RLI Corp. by 155.7%, now holding 1,488,514 shares valued at approximately $119.57 million.
• RLI recently reported earnings of $0.84 per share, exceeding analysts' expectations, with revenues of $562.28 million, marking a 20% increase compared to the previous year.
• The company declared a quarterly dividend of $0.16 per share, resulting in an annualized dividend yield of 0.9%, with the ex-dividend date set for August 29th.

T. Rowe Price Investment Management Inc. grew its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 155.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,488,514 shares of the insurance provider's stock after buying an additional 906,375 shares during the quarter. T. Rowe Price Investment Management Inc. owned 1.62% of RLI worth $119,573,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC grew its stake 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 valued at $30,000 after buying an additional 186 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of RLI by 100.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 198 shares during the period. Versant Capital Management Inc boosted its holdings in shares of RLI by 100.0% in the first 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 period. Farther Finance Advisors LLC boosted its holdings in shares of RLI by 88.5% in the first 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 period. Finally, Compass Wealth Management LLC boosted its holdings in shares of RLI by 100.0% in the first 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 period. Institutional investors own 77.89% of the company's stock.

Insiders Place Their Bets

In related news, COO Jennifer L. Klobnak bought 3,000 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $6,807,817.50. This trade represents a 3.14% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 2.16% of the company's stock.

RLI Stock Performance

RLI traded up $0.1550 during midday trading on Friday, hitting $68.5550. 320,389 shares of the company were exchanged, compared to its average volume of 583,714. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of 19.64 and a beta of 0.66. RLI Corp. has a 1-year low of $65.14 and a 1-year high of $91.14. The company's 50 day simple moving average is $69.37 and its 200 day simple moving average is $73.50. 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 (NYSE:RLI - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The insurance provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.75 by $0.09. The firm had revenue of $562.28 million for the quarter, compared to analyst estimates of $445.55 million. RLI had a net margin of 17.81% and a return on equity of 15.82%. The business's revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.72 EPS. As a group, sell-side analysts predict that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Announces Dividend

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

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded RLI from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, RLI currently 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.