Callan Family Office LLC Invests $4.78 Million in RLI Corp. $RLI

Callan Family Office LLC bought a new stake in RLI Corp. (NYSE:RLI) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 80,856 shares of the insurance provider’s stock, valued at approximately $4,776,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in RLI by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 9,448,929 shares of the insurance provider’s stock worth $604,542,000 after purchasing an additional 310,857 shares during the last quarter. State Street Corp grew its stake in RLI by 1.4% in the 4th quarter. State Street Corp now owns 8,875,002 shares of the insurance provider’s stock valued at $567,823,000 after purchasing an additional 124,687 shares during the period. BlackRock Inc. purchased a new stake in shares of RLI during the 2nd quarter valued at $492,175,000. Wasatch Advisors LP increased its position in shares of RLI by 40.7% during the 2nd quarter. Wasatch Advisors LP now owns 3,631,273 shares of the insurance provider’s stock valued at $214,499,000 after purchasing an additional 1,051,318 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of RLI by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 2,191,891 shares of the insurance provider’s stock worth $140,260,000 after purchasing an additional 67,025 shares during the period. 77.89% of the stock is owned by hedge funds and other institutional investors.

RLI Trading Up 0.6%

RLI stock opened at $65.47 on Friday. RLI Corp. has a 1-year low of $47.26 and a 1-year high of $69.19. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 13.75 and a beta of 0.38. The firm has a 50 day simple moving average of $60.52 and a 200 day simple moving average of $58.02.

RLI (NYSE:RLI) last posted its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.11. The firm had revenue of $575.57 million for 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 business’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.82 earnings per share. On average, equities research analysts forecast that RLI Corp. will post 2.88 EPS for the current year.

RLI Announces Dividend

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

Insider Buying and Selling

In related news, CEO Craig W. Kliethermes bought 2,000 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was acquired at an average price of $52.00 per share, for a total transaction of $104,000.00. Following the purchase, the chief executive officer directly owned 150,990 shares in the company, valued at $7,851,480. This trade represents a 1.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David B. Duclos bought 2,500 shares of RLI stock in a transaction on Thursday, May 28th. The shares were bought at an average cost of $51.99 per share, with a total value of $129,975.00. Following the acquisition, the director directly owned 9,780 shares in the company, valued at approximately $508,462.20. This represents a 34.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 9,500 shares of company stock valued at $492,115. 2.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Weiss Ratings raised shares of RLI from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Wells Fargo & Company downgraded shares of RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective for the company. in a report on Wednesday, July 29th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $74.00 target price (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, UBS Group set a $74.00 target price on shares of RLI in a research report on Tuesday, July 28th. One investment 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $63.00.

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.