California State Teachers Retirement System grew its holdings in RLI Corp. (NYSE:RLI - Free Report) by 26.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 100,297 shares of the insurance provider's stock after buying an additional 21,136 shares during the period. California State Teachers Retirement System owned 0.11% of RLI worth $5,721,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in RLI. UBS Group AG boosted its holdings in shares of RLI by 8.7% in the fourth quarter. UBS Group AG now owns 607,176 shares of the insurance provider's stock valued at $38,847,000 after acquiring an additional 48,563 shares in the last quarter. Chase Investment Counsel Corp purchased a new position in RLI during the fourth quarter worth about $1,535,000. Wasatch Advisors LP lifted its position in RLI by 33.1% in the first 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. Hingham Institution for Savings acquired a new stake in RLI in the fourth quarter valued at about $1,919,000. Finally, Vanguard Group Inc. boosted its holdings in 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. Institutional investors and hedge funds own 77.89% of the company's stock.
Insider Buying and Selling at RLI
In related news, CEO Craig W. Kliethermes acquired 2,000 shares of RLI stock in a transaction dated Wednesday, May 27th. The shares were acquired at an average cost of $52.00 per share, for a total transaction of $104,000.00. Following the completion of the transaction, the chief executive officer directly owned 150,990 shares of the company's stock, valued at $7,851,480. The trade was a 1.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Klobnak acquired 2,000 shares of RLI stock in a transaction dated Wednesday, May 27th. The stock was bought at an average price of $52.72 per share, for a total transaction of $105,440.00. Following the completion of the transaction, the chief operating officer directly owned 104,318 shares of the company's stock, valued at approximately $5,499,644.96. This represents a 1.95% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 16,500 shares of company stock valued at $858,955 over the last three months. Company insiders own 2.39% of the company's stock.
Analysts Set New Price Targets
Several equities analysts have issued reports on the company. Weiss Ratings upgraded RLI from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $74.00 price target (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Wall Street Zen upgraded RLI from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. UBS Group set a $74.00 price objective on RLI in a report on Tuesday, July 28th. Finally, Wells Fargo & Company cut RLI from an "equal weight" rating to an "underweight" rating and set a $57.00 price objective for the company. in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, RLI presently has a consensus rating of "Hold" and an average price target of $63.00.
Check Out Our Latest Research Report on RLI
RLI Stock Performance
Shares of RLI stock opened at $64.35 on Friday. The stock has a fifty day moving average price of $57.87 and a 200 day moving average price of $57.57. The stock has a market cap of $5.91 billion, a PE ratio of 13.52 and a beta of 0.38. RLI Corp. has a 1 year low of $47.26 and a 1 year high of $69.19.
RLI (NYSE:RLI - Get Free Report) last posted 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. The company had revenue of $575.57 million for the quarter, compared to analyst estimates of $568.70 million. RLI had a return on equity of 17.61% and a net margin of 22.22%.RLI's revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 earnings per share. As a group, equities research analysts predict that RLI Corp. will post 2.85 earnings per share for the current year.
RLI Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. This is a boost from RLI's previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, May 29th. RLI's payout ratio is currently 15.13%.
RLI Profile
(
Free Report)
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.
Further Reading
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