Royal Bank of Canada Purchases 22,345 Shares of RLI Corp. $RLI

Key Points

• Royal Bank of Canada increased its RLI stake by 34.5% in the first quarter, acquiring 22,345 shares and bringing its holdings to 87,054 shares valued at approximately $4.97 million. Institutional investors and hedge funds own 77.89% of RLI.
• RLI insiders have recently been buying shares, including purchases by Director David B. Duclos and COO Jennifer L. Klobnak. Insiders acquired 16,500 shares worth $858,955 over the past 90 days.
• Analyst sentiment remains mixed, with an overall “Hold” rating and a consensus price target of $63. RLI recently beat quarterly earnings expectations, reporting $0.83 in EPS and $575.57 million in revenue, up 15.2% year over year.

Royal Bank of Canada increased its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 34.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 87,054 shares of the insurance provider's stock after acquiring an additional 22,345 shares during the period. Royal Bank of Canada owned about 0.09% of RLI worth $4,966,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Covestor Ltd lifted its holdings in RLI by 13.0% during the 4th quarter. Covestor Ltd now owns 1,590 shares of the insurance provider's stock valued at $102,000 after purchasing an additional 183 shares during the last quarter. Farther Finance Advisors LLC grew its position in RLI by 94.4% during the 4th quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider's stock worth $26,000 after acquiring an additional 201 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in RLI by 0.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 75,502 shares of the insurance provider's stock valued at $4,924,000 after purchasing an additional 207 shares in the last quarter. OLD National Bancorp IN increased its holdings in RLI by 4.0% during the 4th quarter. OLD National Bancorp IN now owns 5,819 shares of the insurance provider's stock valued at $372,000 after purchasing an additional 224 shares in the last quarter. Finally, Commerce Bank raised its position in RLI by 2.9% in the 4th quarter. Commerce Bank now owns 8,079 shares of the insurance provider's stock valued at $517,000 after purchasing an additional 224 shares during the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at RLI

In other news, Director David B. Duclos acquired 2,500 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was purchased at an average cost of $51.99 per share, for a total transaction of $129,975.00. Following the completion of the transaction, the director directly owned 9,780 shares in the company, valued at $508,462.20. This trade represents a 34.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Klobnak acquired 2,000 shares of the company's stock in a transaction on Tuesday, May 19th. The shares were purchased at an average cost of $53.42 per share, with a total value of $106,840.00. Following the completion of the acquisition, the chief operating officer directly owned 102,318 shares in the company, valued at approximately $5,465,827.56. The trade was a 1.99% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 16,500 shares of company stock worth $858,955 in the last ninety days. 2.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RLI has been the topic of several research analyst reports. Keefe, Bruyette & Woods restated an "outperform" rating and set a $74.00 target price (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Weiss Ratings raised RLI from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, July 29th. Wells Fargo & Company downgraded shares of RLI from an "equal weight" rating to an "underweight" rating and set a $57.00 price target on the stock. in a research report on Wednesday, July 29th. UBS Group set a $74.00 price objective on shares of RLI in a report on Tuesday, July 28th. Finally, Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $63.00.

RLI Stock Performance

Shares of RLI opened at $62.76 on Thursday. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 13.18 and a beta of 0.38. The business's fifty day moving average price is $58.92 and its two-hundred day moving average price is $57.70. RLI Corp. has a 52 week low of $47.26 and a 52 week high of $69.19.

RLI (NYSE:RLI - Get Free Report) last released its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.72 by $0.11. RLI had a return on equity of 17.61% and a net margin of 22.22%.The company had revenue of $575.57 million during the quarter, compared to analysts' expectations of $568.70 million. During the same period last year, the firm earned $0.82 EPS. The business's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, research analysts forecast that RLI Corp. will post 2.88 EPS for the current year.

RLI Profile

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.

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