Wellington Management Group LLP Increases Stake in RLI Corp. $RLI

Key Points

• Wellington Management Group LLP has increased its stake in RLI Corp. by 59.1%, owning 660,452 shares valued at approximately $53 million.
• RLI Corp. recently declared a quarterly dividend of $0.16 per share, representing an annual yield of 0.9%.
• Analysts have upgraded RLI's rating from "sell" to "hold," with an average target price set at $78.60.

Wellington Management Group LLP boosted its holdings in shares of RLI Corp. (NYSE:RLI - Free Report) by 59.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 660,452 shares of the insurance provider's stock after acquiring an additional 245,205 shares during the period. Wellington Management Group LLP owned 0.72% of RLI worth $53,054,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. QSV Equity Investors LLC lifted its position in RLI by 99.5% during the 1st quarter. QSV Equity Investors LLC now owns 19,489 shares of the insurance provider's stock valued at $1,566,000 after acquiring an additional 9,722 shares during the period. Northern Trust Corp lifted its position in RLI by 96.3% during the 1st quarter. Northern Trust Corp now owns 923,081 shares of the insurance provider's stock valued at $74,151,000 after acquiring an additional 452,857 shares during the period. Versor Investments LP purchased a new position in RLI during the 1st quarter valued at about $254,000. Raymond James Financial Inc. lifted its position in RLI by 98.4% during the 1st quarter. Raymond James Financial Inc. now owns 214,903 shares of the insurance provider's stock valued at $17,263,000 after acquiring an additional 106,585 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its position in RLI by 88.2% during the 1st quarter. State of New Jersey Common Pension Fund D now owns 28,813 shares of the insurance provider's stock valued at $2,315,000 after acquiring an additional 13,503 shares during the period. 77.89% of the stock is owned by hedge funds and other institutional investors.

RLI Stock Up 1.0%

RLI stock traded up $0.67 during trading hours on Friday, hitting $68.10. The stock had a trading volume of 66,688 shares, compared to its average volume of 511,811. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $6.25 billion, a P/E ratio of 19.51 and a beta of 0.66. RLI Corp. has a 12-month low of $65.14 and a 12-month high of $91.14. The stock's 50-day moving average price is $69.04 and its 200-day moving average price is $73.30.

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, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $445.55 million. During the same period in the previous year, the company earned $1.72 earnings per share. The business's revenue for the quarter was up 20.0% compared to the same quarter last year. Equities research analysts anticipate that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Dividend Announcement

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

Insider Buying and Selling at RLI

In related news, COO Jennifer L. Klobnak acquired 3,000 shares of the firm's stock in a transaction dated 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 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. This trade represents a 3.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.16% of the stock is owned by insiders.

Analyst Ratings Changes

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

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.