RLI Corp. $RLI Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp raised its position in RLI Corp. (NYSE:RLI) by 9,661.7% during the first quarter, HoldingsChannel reports. The firm owned 41,585 shares of the insurance provider’s stock after buying an additional 41,159 shares during the quarter. Fifth Third Bancorp’s holdings in RLI were worth $2,372,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RLI. Farther Finance Advisors LLC increased its holdings in RLI by 94.4% in the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after buying an additional 201 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in RLI by 156.4% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock worth $30,000 after buying an additional 283 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in RLI by 72.1% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 618 shares of the insurance provider’s stock worth $40,000 after buying an additional 259 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in shares of RLI during the 4th quarter worth about $43,000. Finally, IFP Advisors Inc boosted its position in shares of RLI by 85.9% during the 4th quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock worth $44,000 after acquiring an additional 316 shares in the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Weiss Ratings lowered RLI from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Keefe, Bruyette & Woods increased their target price on shares of RLI from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Wells Fargo & Company upped their price objective on shares of RLI from $55.00 to $62.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Zacks Research raised RLI from a “strong sell” rating to a “hold” rating in a report on Thursday, April 2nd. Finally, Wall Street Zen lowered RLI from a “hold” rating to a “sell” rating in a report on Monday. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $60.50.

RLI Trading Down 2.6%

RLI stock opened at $60.11 on Wednesday. The company has a market capitalization of $5.53 billion, a P/E ratio of 14.04 and a beta of 0.38. RLI Corp. has a twelve month low of $47.26 and a twelve month high of $70.26. The business has a 50 day simple moving average of $55.28 and a 200-day simple moving average of $57.41.

RLI (NYSE:RLI) last announced its earnings results on Wednesday, April 22nd. The insurance provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. The business had revenue of $423.87 million for the quarter, compared to analysts’ expectations of $564.47 million. RLI had a net margin of 20.81% and a return on equity of 17.72%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. Research analysts predict that RLI Corp. will post 2.75 EPS for the current fiscal year.

RLI Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, May 29th. This is a positive change from RLI’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. RLI’s dividend payout ratio is currently 16.82%.

Insider Buying and Selling at RLI

In related news, CEO Craig W. Kliethermes purchased 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were purchased at an average price of $52.00 per share, for a total transaction of $104,000.00. Following the transaction, the chief executive officer directly owned 150,990 shares of the company’s stock, valued at approximately $7,851,480. The trade was a 1.34% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jennifer L. Klobnak acquired 2,000 shares of RLI stock in a transaction on Wednesday, May 27th. The shares were bought at an average cost of $52.72 per share, with a total value of $105,440.00. Following the completion of the purchase, the chief operating officer owned 104,318 shares in the company, valued at $5,499,644.96. The trade was a 1.95% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 16,500 shares of company stock valued at $858,955 over the last ninety days. 2.39% of the stock is currently owned by corporate insiders.

RLI Company 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.