RLI Corp. $RLI Shares Bought by Equitable Trust Co.

Key Points

• Equitable Trust Co. increased its stake in RLI Corp. by 60% in the 2nd quarter, now holding 13,013 shares valued at approximately $940,000.
• Multiple hedge funds have significantly boosted their holdings in RLI, with Vanguard Group Inc. increasing its stake by 95.2%, now owning almost 9 million shares worth around $722.7 million.
• RLI Corp. reported $0.84 earnings per share, surpassing analysts' estimates and indicating a 20% revenue increase compared to the same quarter last year.

Equitable Trust Co. increased its stake in RLI Corp. (NYSE:RLI - Free Report) by 60.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,013 shares of the insurance provider's stock after acquiring an additional 4,880 shares during the period. Equitable Trust Co.'s holdings in RLI were worth $940,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in RLI. Vanguard Group Inc. boosted its stake in RLI by 95.2% during the 1st quarter. Vanguard Group Inc. now owns 8,996,643 shares of the insurance provider's stock valued at $722,700,000 after purchasing an additional 4,388,400 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of RLI by 117.0% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,226,797 shares of the insurance provider's stock valued at $419,869,000 after buying an additional 2,817,616 shares during the period. Neuberger Berman Group LLC lifted its holdings in shares of RLI by 106.6% in the first quarter. Neuberger Berman Group LLC now owns 2,750,738 shares of the insurance provider's stock valued at $220,967,000 after buying an additional 1,419,212 shares during the period. Markel Group Inc. boosted its stake in RLI by 100.0% during the first quarter. Markel Group Inc. now owns 2,394,544 shares of the insurance provider's stock valued at $192,354,000 after buying an additional 1,197,272 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in RLI by 97.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,861,984 shares of the insurance provider's stock worth $149,569,000 after acquiring an additional 920,799 shares during the period. Institutional investors and hedge funds own 77.89% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RLI. Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Truist Financial set a $62.00 target price on shares of RLI and gave the company a "hold" rating in a research note on Friday, October 3rd. Finally, Weiss Ratings restated a "hold (c)" rating on shares of RLI in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RLI presently has a consensus rating of "Hold" and a consensus price target of $72.80.

Insider Activity at RLI

In other RLI news, COO Jennifer L. Klobnak acquired 3,000 shares of RLI stock in a transaction that occurred on Thursday, July 24th. The stock was purchased at an average cost of $69.15 per share, with a total value of $207,450.00. Following the purchase, the chief operating officer owned 98,450 shares in the company, valued at approximately $6,807,817.50. The trade was a 3.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.16% of the stock is currently owned by company insiders.

RLI Price Performance

RLI stock opened at $64.24 on Wednesday. The firm has a 50-day moving average of $66.13 and a two-hundred day moving average of $70.89. The firm has a market capitalization of $5.90 billion, a PE ratio of 18.41 and a beta of 0.60. 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 Corp. has a one year low of $62.04 and a one year high of $91.14.

RLI (NYSE:RLI - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $445.55 million. During the same quarter in the previous year, the business earned $1.72 earnings per share. The firm's revenue was up 20.0% compared to the same quarter last year. On average, analysts forecast that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, August 29th were issued a $0.16 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.0%. RLI's dividend payout ratio is presently 18.34%.

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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