Connor Clark & Lunn Investment Management Ltd. Buys Shares of 131,446 RLI Corp. $RLI

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of RLI Corp. (NYSE:RLI) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 131,446 shares of the insurance provider’s stock, valued at approximately $7,765,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.14% of RLI as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Covestor Ltd lifted its stake in shares of RLI by 13.0% in the 4th quarter. Covestor Ltd now owns 1,590 shares of the insurance provider’s stock valued at $102,000 after purchasing an additional 183 shares during the last quarter. Versant Capital Management Inc raised its holdings in RLI by 28.5% during the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock valued at $49,000 after buying an additional 185 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in RLI by 94.4% during 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 in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of 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 buying an additional 207 shares during the last quarter. Finally, Commerce Bank lifted its position in shares of RLI by 2.9% in the fourth quarter. Commerce Bank now owns 8,079 shares of the insurance provider’s stock worth $517,000 after buying an additional 224 shares during the last quarter. Institutional investors own 77.89% of the company’s stock.

RLI Price Performance

RLI stock opened at $64.91 on Thursday. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of 13.64 and a beta of 0.38. The company has a 50-day moving average of $61.24 and a two-hundred day moving average of $58.12. RLI Corp. has a 52-week low of $47.26 and a 52-week high of $68.69.

RLI (NYSE:RLI) last announced its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.11. The firm had revenue of $575.57 million during the quarter, compared to the consensus estimate of $568.70 million. RLI had a return on equity of 17.61% and a net margin of 22.22%.The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 EPS. Equities analysts expect that RLI Corp. will post 2.88 EPS for the current fiscal year.

RLI Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.18 per share. The ex-dividend date is Monday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. RLI’s payout ratio is 15.13%.

Insider Buying and Selling at RLI

In other RLI news, Director Clark C. Kellogg acquired 3,000 shares of RLI stock in a transaction dated Monday, June 1st. The stock was bought at an average cost of $50.90 per share, with a total value of $152,700.00. Following the completion of the transaction, the director owned 4,502 shares of the company’s stock, valued at $229,151.80. The trade was a 199.73% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.39% of the company’s stock.

Wall Street Analysts Forecast Growth

RLI has been the topic of a number of analyst reports. UBS Group set a $74.00 price objective on RLI in a report on Tuesday, July 28th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $74.00 target price (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Jefferies Financial Group cut RLI from a “hold” rating to an “underperform” rating and set a $53.00 target price for the company. in a research report on Tuesday. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Wells Fargo & Company lowered shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price target on the stock. in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $63.20.

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.