Confluence Investment Management LLC Sells 10,122 Shares of RLI Corp. $RLI

Confluence Investment Management LLC reduced its holdings in RLI Corp. (NYSE:RLI) by 31.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 22,319 shares of the insurance provider’s stock after selling 10,122 shares during the period. Confluence Investment Management LLC’s holdings in RLI were worth $1,428,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Allworth Financial LP raised its position in shares of RLI by 5.3% during the 3rd quarter. Allworth Financial LP now owns 3,760 shares of the insurance provider’s stock valued at $245,000 after buying an additional 189 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in RLI by 0.3% in the third quarter. Public Employees Retirement System of Ohio now owns 75,502 shares of the insurance provider’s stock worth $4,924,000 after acquiring an additional 207 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in RLI by 4.6% during the second quarter. Steward Partners Investment Advisory LLC now owns 4,866 shares of the insurance provider’s stock worth $351,000 after acquiring an additional 214 shares during the last quarter. SkyView Investment Advisors LLC increased its stake in RLI by 2.9% during the second quarter. SkyView Investment Advisors LLC now owns 8,281 shares of the insurance provider’s stock worth $591,000 after acquiring an additional 237 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in RLI by 6.1% during the second quarter. Franklin Resources Inc. now owns 4,491 shares of the insurance provider’s stock valued at $324,000 after purchasing an additional 257 shares during the period. 77.89% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

RLI Stock Performance

Shares of NYSE RLI opened at $58.03 on Friday. RLI Corp. has a fifty-two week low of $55.80 and a fifty-two week high of $81.79. The company has a market cap of $5.33 billion, a PE ratio of 13.31 and a beta of 0.50. The business has a 50-day simple moving average of $60.34 and a two-hundred day simple moving average of $62.37.

RLI (NYSE:RLI) last posted its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.18. The firm had revenue of $465.69 million for the quarter, compared to the consensus estimate of $447.53 million. RLI had a net margin of 21.43% and a return on equity of 18.67%. During the same quarter in the prior year, the company posted $0.41 earnings per share. On average, sell-side analysts predict 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 Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a dividend of $0.16 per share. The ex-dividend date was Monday, March 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. RLI’s dividend payout ratio is presently 14.68%.

Wall Street Analysts Forecast Growth

RLI has been the subject of several analyst reports. Keefe, Bruyette & Woods raised RLI from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, February 24th. Zacks Research downgraded RLI from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Jefferies Financial Group upgraded RLI from an “underperform” rating to a “hold” rating and set a $52.00 price target for the company in a research report on Friday, January 23rd. Truist Financial set a $58.00 price objective on shares of RLI in a research note on Friday, January 23rd. Finally, Wells Fargo & Company set a $59.00 price objective on shares of RLI and gave the company an “equal weight” rating in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $65.20.

About RLI

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.