RLI Corp. $RLI Shares Purchased by TD Asset Management Inc

Key Points

• TD Asset Management Inc increased its holdings in RLI Corp. by 16.6% during the second quarter, bringing its total to 38,554 shares worth approximately $2.78 million.
• A number of institutional investors, including Vanguard Group Inc. and Kayne Anderson Rudnick Investment Management LLC, have significantly increased their stakes in RLI, with ownership by institutional investors now at 77.89%.
• RLI recently reported $0.83 earnings per share, surpassing analysts' estimates, and announced a quarterly dividend of $0.16 per share, reflecting a yield of 1.0%.

TD Asset Management Inc increased its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 16.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,554 shares of the insurance provider's stock after acquiring an additional 5,480 shares during the period. TD Asset Management Inc's holdings in RLI were worth $2,784,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other RLI news, COO Jennifer L. Klobnak bought 3,000 shares of RLI stock in a transaction that occurred on Thursday, July 24th. The shares were purchased at an average cost of $69.15 per share, for a total transaction of $207,450.00. Following the completion of the transaction, the chief operating officer owned 98,450 shares of the company's stock, valued at $6,807,817.50. This represents a 3.14% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.16% of the company's stock.

Wall Street Analyst Weigh In

RLI has been the topic of several research reports. Wall Street Zen raised 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 RLI and gave the company a "hold" rating in a report on Friday, October 3rd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of RLI in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $72.80.

RLI Stock Up 2.7%

Shares of NYSE:RLI opened at $61.24 on Wednesday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI Corp. has a 52-week low of $59.01 and a 52-week high of $91.14. The stock's fifty day simple moving average is $65.49 and its 200-day simple moving average is $70.22. The company has a market capitalization of $5.62 billion, a P/E ratio of 16.07 and a beta of 0.60.

RLI (NYSE:RLI - Get Free Report) last released its earnings results on Monday, October 20th. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.21. RLI had a return on equity of 17.16% and a net margin of 19.02%.The firm had revenue of $510.22 million for the quarter, compared to the consensus estimate of $444.75 million. During the same period in the prior year, the business posted $1.31 earnings per share. As a group, equities research analysts forecast that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

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