JPMorgan Chase & Co. Acquires 191,020 Shares of RLI Corp. $RLI

JPMorgan Chase & Co. lifted its holdings in RLI Corp. (NYSE:RLI) by 15.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,422,596 shares of the insurance provider’s stock after acquiring an additional 191,020 shares during the period. JPMorgan Chase & Co. owned 1.55% of RLI worth $92,782,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. State of New Jersey Common Pension Fund D lifted its holdings in RLI by 7.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 31,097 shares of the insurance provider’s stock worth $2,028,000 after purchasing an additional 2,284 shares in the last quarter. Abich Financial Wealth Management LLC bought a new stake in shares of RLI during the third quarter valued at approximately $115,000. Illinois Municipal Retirement Fund lifted its holdings in shares of RLI by 31.4% in the third quarter. Illinois Municipal Retirement Fund now owns 31,251 shares of the insurance provider’s stock worth $2,038,000 after buying an additional 7,476 shares in the last quarter. Caprock Group LLC purchased a new position in shares of RLI in the third quarter worth $317,000. Finally, Rhumbline Advisers boosted its position in shares of RLI by 4.6% during the third quarter. Rhumbline Advisers now owns 250,572 shares of the insurance provider’s stock worth $16,342,000 after acquiring an additional 11,004 shares during the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on RLI. Citizens Jmp reiterated a “market perform” rating on shares of RLI in a report on Friday, January 23rd. Truist Financial set a $58.00 price objective on RLI in a research report on Friday, January 23rd. Jefferies Financial Group raised RLI from an “underperform” rating to a “hold” rating and set a $52.00 target price on the stock in a report on Friday, January 23rd. Keefe, Bruyette & Woods dropped their price target on RLI from $85.00 to $81.00 and set an “outperform” rating for the company in a research note on Tuesday, January 6th. Finally, Wells Fargo & Company set a $59.00 price target on RLI and gave the company an “equal weight” rating in a report on Friday, January 23rd. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, RLI presently has a consensus rating of “Hold” and a consensus target price of $65.20.

Insiders Place Their Bets

In other news, CEO Craig W. Kliethermes purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The stock was purchased at an average cost of $57.45 per share, with a total value of $287,250.00. Following the purchase, the chief executive officer owned 143,990 shares in the company, valued at approximately $8,272,225.50. This trade represents a 3.60% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jennifer L. Klobnak purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The shares were purchased at an average price of $57.99 per share, for a total transaction of $115,980.00. Following the completion of the acquisition, the chief operating officer directly owned 100,318 shares in the company, valued at $5,817,440.82. The trade was a 2.03% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 2.16% of the company’s stock.

RLI Stock Down 1.4%

Shares of NYSE RLI opened at $60.02 on Tuesday. The stock has a market capitalization of $5.51 billion, a price-to-earnings ratio of 13.77 and a beta of 0.53. RLI Corp. has a 12-month low of $55.80 and a 12-month high of $81.79. The company has a current ratio of 0.32, a quick ratio of 0.35 and a debt-to-equity ratio of 0.05. The firm’s 50-day moving average price is $61.38 and its 200-day moving average price is $63.14.

RLI (NYSE:RLI) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.18. The company had revenue of $465.69 million for the quarter, compared to analysts’ expectations of $447.53 million. RLI had a return on equity of 18.67% and a net margin of 21.43%.During the same period in the previous year, the firm posted $0.41 earnings per share. On average, equities research analysts anticipate that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Monday, March 2nd. RLI’s payout ratio is presently 14.68%.

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.