Federated Hermes Inc. Raises Stock Holdings in RLI Corp. (NYSE:RLI)

Posted by Defense World Staff on Aug 15th, 2023

Federated Hermes Inc. increased its position in RLI Corp. (NYSE:RLI – Free Report) by 722.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,939 shares of the insurance provider’s stock after purchasing an additional 34,202 shares during the period. Federated Hermes Inc. owned 0.09% of RLI worth $5,175,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RLI. Eagle Bay Advisors LLC purchased a new stake in RLI in the second quarter worth $25,000. Compass Wealth Management LLC purchased a new stake in shares of RLI in the fourth quarter worth $32,000. HM Payson & Co. purchased a new stake in shares of RLI in the first quarter worth $48,000. Point72 Hong Kong Ltd purchased a new stake in shares of RLI in the second quarter worth $65,000. Finally, Signaturefd LLC grew its stake in shares of RLI by 15.4% in the first quarter. Signaturefd LLC now owns 578 shares of the insurance provider’s stock worth $77,000 after acquiring an additional 77 shares during the last quarter. 82.25% of the stock is owned by hedge funds and other institutional investors.

RLI Price Performance

RLI stock opened at $134.00 on Tuesday. RLI Corp. has a one year low of $100.96 and a one year high of $149.65. The stock has a market capitalization of $6.11 billion, a PE ratio of 8.60 and a beta of 0.42. The business’s fifty day moving average is $134.21 and its 200 day moving average is $133.24.

RLI (NYSE:RLI – Get Free Report) last released its quarterly earnings data on Monday, July 24th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.03). RLI had a net margin of 36.31% and a return on equity of 16.97%. The business had revenue of $381.86 million for the quarter, compared to analysts’ expectations of $358.35 million. During the same period last year, the business earned $1.49 earnings per share. As a group, sell-side analysts expect that RLI Corp. will post 5.08 EPS for the current fiscal year.

RLI Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Thursday, August 31st will be given a dividend of $0.27 per share. The ex-dividend date is Wednesday, August 30th. This represents a $1.08 annualized dividend and a dividend yield of 0.81%. RLI’s dividend payout ratio (DPR) is presently 6.93%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RLI shares. StockNews.com started coverage on RLI in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Royal Bank of Canada increased their target price on RLI from $136.00 to $151.00 and gave the stock a “sector perform” rating in a research note on Friday, April 21st. Finally, Compass Point increased their target price on RLI from $165.00 to $170.00 in a research note on Thursday, July 27th.

View Our Latest Stock Report on RLI

RLI Profile

(Free Report)

RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.