52,569 Shares in RLI Corp. $RLI Acquired by Man Group plc

Man Group plc bought a new position in shares of RLI Corp. (NYSE:RLI) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 52,569 shares of the insurance provider’s stock, valued at approximately $3,105,000. Man Group plc owned 0.06% of RLI at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Farther Finance Advisors LLC raised its position in shares of RLI by 94.4% during the 4th quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 201 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in RLI by 156.4% in 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 period. IFP Advisors Inc increased its stake in RLI by 85.9% in the 4th quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock worth $44,000 after buying an additional 316 shares in the last quarter. Advisory Services Network LLC bought a new stake in RLI during the third quarter valued at about $47,000. Finally, 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 acquiring an additional 185 shares during the period. 77.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on RLI shares. Wells Fargo & Company lowered RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 price objective for the company. in a research note on Wednesday, July 29th. UBS Group set a $74.00 price target on RLI in a report on Tuesday, July 28th. Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Jefferies Financial Group cut shares of RLI from a “hold” rating to an “underperform” rating and set a $53.00 price objective on the stock. in a research report on Tuesday, August 25th. Finally, Weiss Ratings raised shares of RLI from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $63.20.

RLI Stock Performance

NYSE RLI opened at $63.50 on Tuesday. The stock has a 50 day moving average price of $61.89 and a 200-day moving average price of $58.17. RLI Corp. has a one year low of $47.26 and a one year high of $68.29. The company has a market capitalization of $5.83 billion, a P/E ratio of 13.34 and a beta of 0.38.

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

RLI Announces Dividend

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

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.