Vident Advisory LLC Boosts Stake in RLI Corp. $RLI

Key Points

• Vident Advisory LLC increased its stake in RLI Corp. by 108.8% during Q1, acquiring an additional 6,468 shares for a total worth of approximately $997,000.
• RLI Corp. reported a Q2 earnings per share of $0.84, exceeding analysts' expectations of $0.75, with a revenue increase of 20% year-over-year.
• The company declared a quarterly dividend of $0.16, which will be paid on September 19th, indicating a 1.0% yield with a payout ratio of 18.34%.

Vident Advisory LLC raised its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 108.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,411 shares of the insurance provider's stock after purchasing an additional 6,468 shares during the quarter. Vident Advisory LLC's holdings in RLI were worth $997,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RLI. State of Wyoming lifted its position in shares of RLI by 68.9% in the first quarter. State of Wyoming now owns 5,456 shares of the insurance provider's stock worth $438,000 after buying an additional 2,226 shares during the last quarter. Champlain Investment Partners LLC acquired a new stake in shares of RLI during the first quarter worth $48,628,000. Corebridge Financial Inc. lifted its stake in shares of RLI by 95.2% in the 1st quarter. Corebridge Financial Inc. now owns 92,166 shares of the insurance provider's stock valued at $7,404,000 after acquiring an additional 44,958 shares during the last quarter. Comerica Bank boosted its position in shares of RLI by 97.3% during the 1st quarter. Comerica Bank now owns 35,216 shares of the insurance provider's stock valued at $2,829,000 after purchasing an additional 17,365 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC grew its holdings in RLI by 117.0% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,226,797 shares of the insurance provider's stock worth $419,869,000 after buying an additional 2,817,616 shares in the last quarter. 77.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

RLI Price Performance

Shares of RLI stock traded up $0.89 during trading on Monday, reaching $67.97. The company's stock had a trading volume of 422,863 shares, compared to its average volume of 513,861. 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 12-month low of $65.14 and a 12-month high of $91.14. The business has a 50 day moving average price of $68.47 and a 200-day moving average price of $72.95. The company has a market capitalization of $6.24 billion, a P/E ratio of 19.48 and a beta of 0.65.

RLI (NYSE:RLI - Get Free Report) last issued its 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. The business had revenue of $562.28 million for the quarter, compared to analyst estimates of $445.55 million. RLI had a net margin of 17.81% and a return on equity of 15.82%. The company's revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.72 EPS. As a group, sell-side analysts anticipate that RLI Corp. will post 3.08 EPS for the current year.

RLI Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 29th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.64 annualized dividend and a yield of 0.9%. RLI's payout ratio is currently 18.34%.

Insider Buying and Selling at RLI

In other RLI news, COO Jennifer L. Klobnak purchased 3,000 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was acquired at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the purchase, the chief operating officer owned 98,450 shares of the company's stock, valued at $6,807,817.50. This trade represents a 3.14% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.16% of the company's stock.

RLI 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.