Tower View Wealth Management LLC Makes New $298,000 Investment in RLI Corp. $RLI

Key Points

• Tower View Wealth Management LLC has made a new investment of approximately $298,000 in RLI Corp., acquiring 4,130 shares of the insurance provider's stock.
• RLI Corp. reported $0.84 earnings per share for the last quarter, exceeding analysts' expectations of $0.75 and showcasing a 20% year-over-year revenue increase.
• Wall Street Zen has upgraded RLI shares from a "sell" to a "hold" rating, with an average consensus target price of $78.60.

Tower View Wealth Management LLC acquired a new position in shares of RLI Corp. (NYSE:RLI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 4,130 shares of the insurance provider's stock, valued at approximately $298,000.

Other institutional investors also recently bought and sold shares of the company. Golden State Wealth Management LLC grew its stake in RLI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider's stock worth $30,000 after buying an additional 186 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in RLI by 100.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider's stock worth $32,000 after buying an additional 198 shares during the period. Versant Capital Management Inc grew its stake in RLI by 100.0% during the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider's stock worth $33,000 after buying an additional 203 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of RLI by 88.5% in the first quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider's stock valued at $38,000 after purchasing an additional 224 shares during the period. Finally, Compass Wealth Management LLC boosted its stake in shares of RLI by 100.0% in the first quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 240 shares during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of RLI from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $78.60.

RLI Price Performance

Shares of RLI stock opened at $63.44 on Friday. The company has a market capitalization of $5.83 billion, a PE ratio of 18.18 and a beta of 0.60. The firm has a fifty day simple moving average of $66.51 and a 200-day simple moving average of $71.67. 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 twelve month low of $62.04 and a twelve month high of $91.14.

RLI (NYSE:RLI - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.09. The firm had revenue of $562.28 million for 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%. The firm's quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.72 earnings per share. Equities research analysts anticipate that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, August 29th were issued a $0.16 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.64 annualized dividend and a yield of 1.0%. RLI's dividend payout ratio is currently 18.34%.

Insider Transactions at RLI

In related news, COO Jennifer L. Klobnak purchased 3,000 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The shares were purchased at an average cost of $69.15 per share, with a total value of $207,450.00. Following the completion of the acquisition, the chief operating officer directly owned 98,450 shares of the company's stock, valued at approximately $6,807,817.50. The trade was a 3.14% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.16% of the stock is owned by corporate insiders.

About RLI

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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