RLI Corp. (NYSE:RLI) Shares Acquired by California Public Employees Retirement System

Posted by Defense World Staff on May 11th, 2023

California Public Employees Retirement System boosted its stake in RLI Corp. (NYSE:RLI – Get Rating) by 14.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 197,624 shares of the insurance provider’s stock after acquiring an additional 25,555 shares during the quarter. California Public Employees Retirement System owned 0.44% of RLI worth $25,942,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of RLI. State Street Corp boosted its holdings in RLI by 1.9% in the 1st quarter. State Street Corp now owns 4,723,116 shares of the insurance provider’s stock valued at $522,518,000 after purchasing an additional 89,655 shares during the last quarter. Vanguard Group Inc. raised its stake in RLI by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 4,659,752 shares of the insurance provider’s stock worth $477,065,000 after acquiring an additional 96,189 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in RLI by 0.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 901,340 shares of the insurance provider’s stock worth $92,283,000 after acquiring an additional 5,027 shares in the last quarter. Eaton Vance Management lifted its stake in RLI by 7.1% in the third quarter. Eaton Vance Management now owns 692,029 shares of the insurance provider’s stock valued at $70,850,000 after buying an additional 46,159 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in RLI by 46.6% in the third quarter. Thrivent Financial for Lutherans now owns 591,714 shares of the insurance provider’s stock valued at $60,607,000 after buying an additional 188,160 shares during the last quarter. 80.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RLI has been the topic of a number of analyst reports. Royal Bank of Canada lifted their price objective on shares of RLI from $136.00 to $151.00 and gave the company a “sector perform” rating in a research report on Friday, April 21st. StockNews.com initiated coverage on RLI in a research report on Thursday, March 16th. They set a “hold” rating on the stock.

Insider Activity

In other news, Director Michael J. Stone sold 4,239 shares of the stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $146.00, for a total value of $618,894.00. Following the completion of the transaction, the director now directly owns 215,779 shares in the company, valued at $31,503,734. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Michael E. Angelina bought 213 shares of the company’s stock in a transaction dated Friday, February 24th. The stock was bought at an average price of $131.41 per share, for a total transaction of $27,990.33. Following the completion of the transaction, the director now directly owns 12,397 shares in the company, valued at approximately $1,629,089.77. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael J. Stone sold 4,239 shares of the firm’s stock in a transaction on Monday, April 24th. The stock was sold at an average price of $146.00, for a total transaction of $618,894.00. Following the sale, the director now owns 215,779 shares in the company, valued at $31,503,734. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.

RLI Trading Down 0.1 %

Shares of RLI stock opened at $136.79 on Thursday. RLI Corp. has a twelve month low of $100.96 and a twelve month high of $149.65. The stock has a market capitalization of $6.23 billion, a P/E ratio of 9.88 and a beta of 0.42. The business’s fifty day moving average price is $134.38 and its 200 day moving average price is $132.38.

RLI (NYSE:RLI – Get Rating) last issued its earnings results on Thursday, April 20th. The insurance provider reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.42. RLI had a return on equity of 19.18% and a net margin of 35.28%. The firm had revenue of $364.92 million for the quarter, compared to analysts’ expectations of $340.12 million. During the same quarter last year, the firm earned $1.43 earnings per share. The firm’s revenue for the quarter was up 37.8% compared to the same quarter last year. As a group, sell-side analysts predict that RLI Corp. will post 4.88 EPS for the current year.

RLI Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Wednesday, May 31st will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.79%. This is an increase from RLI’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, May 30th. RLI’s payout ratio is 7.51%.

RLI Company Profile

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RLI Corp. operates as a holding company, which engages in the provision of insurance and underwriting services. It operates through the following segments: Casualty, Property and Surety. The Casualty segment offers healthcare and transportation insurance. The Property segment consists of commercial fire, earthquake, difference in conditions, marine, facultative and treaty reinsurance, including crop and select personal lines policies, including pet insurance and homeowners reinsurance services.

Institutional Ownership by Quarter for RLI (NYSE:RLI)

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