RLI Corp. $RLI Shares Acquired by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in RLI Corp. by 98.4% during the first quarter, owning a total of 214,903 shares valued at approximately $17.3 million.
• Wall Street analysts upgraded RLI's rating from "sell" to "hold", with a consensus target price of $78.60.
• RLI reported a quarterly earnings per share (EPS) of $0.84, exceeding expectations, and announced a dividend of $0.16 per share set to be paid on September 19th.

Raymond James Financial Inc. grew its stake in RLI Corp. (NYSE:RLI - Free Report) by 98.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 214,903 shares of the insurance provider's stock after buying an additional 106,585 shares during the period. Raymond James Financial Inc. owned 0.23% of RLI worth $17,263,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Golden State Wealth Management LLC boosted its holdings in shares of RLI by 100.0% in the 1st 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of RLI by 100.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock valued at $32,000 after buying an additional 198 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of 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 buying an additional 203 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of 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 buying an additional 224 shares in the last quarter. Finally, Compass Wealth Management LLC boosted its holdings in shares of 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 buying an additional 240 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Two investment 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 data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $78.60.

RLI Stock Up 1.5%

Shares of NYSE:RLI opened at $68.51 on Thursday. The stock has a market cap of $6.29 billion, a P/E ratio of 19.63 and a beta of 0.66. The firm has a fifty day moving average price of $69.11 and a 200 day moving average price of $73.36. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.35 and a quick ratio of 0.35. RLI Corp. has a 1-year low of $65.14 and a 1-year high of $91.14.

RLI (NYSE:RLI - Get Free Report) last issued its quarterly 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. The firm had revenue of $562.28 million during the quarter, compared to analysts' expectations of $445.55 million. RLI had a net margin of 17.81% and a return on equity of 15.82%. RLI's quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.72 EPS. Sell-side analysts predict that RLI Corp. will post 3.08 EPS for the current year.

RLI Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 0.9%. RLI's dividend payout ratio is presently 18.34%.

Insider Buying and Selling

In other news, COO Jennifer L. Klobnak acquired 3,000 shares of the business's stock in a transaction on Thursday, July 24th. The stock was bought at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the transaction, the chief operating officer owned 98,450 shares in the company, valued at $6,807,817.50. This represents a 3.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.16% of the company's stock.

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.

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