Chase Investment Counsel Corp Purchases Shares of 36,000 RLI Corp. $RLI

Chase Investment Counsel Corp acquired a new position in RLI Corp. (NYSE:RLI) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 36,000 shares of the insurance provider’s stock, valued at approximately $2,126,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RLI. Farther Finance Advisors LLC lifted its stake in RLI by 94.4% during the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 201 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of RLI by 156.4% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock valued at $30,000 after buying an additional 283 shares in the last quarter. IFP Advisors Inc grew its stake in shares of RLI by 85.9% in the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock valued at $44,000 after buying an additional 316 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of RLI in the third quarter valued at $47,000. Finally, Versant Capital Management Inc raised its holdings in shares of RLI by 28.5% in the 2nd 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 during the period. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Insider Buying and Selling

In other news, Director David B. Duclos bought 2,500 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were purchased at an average cost of $51.99 per share, for a total transaction of $129,975.00. Following the completion of the purchase, the director owned 9,780 shares of the company’s stock, valued at approximately $508,462.20. This represents a 34.34% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer L. Klobnak bought 2,000 shares of RLI stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average cost of $53.42 per share, for a total transaction of $106,840.00. Following the acquisition, the chief operating officer owned 102,318 shares of the company’s stock, valued at $5,465,827.56. This represents a 1.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have acquired 16,500 shares of company stock worth $858,955. 2.39% of the stock is owned by corporate insiders.

RLI Trading Up 0.1%

Shares of NYSE RLI opened at $63.80 on Monday. The stock has a market cap of $5.86 billion, a P/E ratio of 13.40 and a beta of 0.38. RLI Corp. has a 12-month low of $47.26 and a 12-month high of $69.19. The business’s fifty day simple moving average is $59.42 and its 200-day simple moving average is $57.79.

RLI (NYSE:RLI) last released its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. RLI had a return on equity of 17.61% and a net margin of 22.22%.The firm had revenue of $575.57 million during the quarter, compared to analysts’ expectations of $568.70 million. During the same period in the previous year, the firm posted $0.82 EPS. RLI’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, equities analysts forecast that RLI Corp. will post 2.88 EPS for the current fiscal year.

RLI Announces Dividend

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

Wall Street Analyst Weigh In

RLI has been the topic of several research reports. UBS Group set a $74.00 target price on RLI in a research note on Tuesday, July 28th. Weiss Ratings raised RLI from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $74.00 price target (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Wells Fargo & Company cut 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. Finally, Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, RLI presently has a consensus rating of “Hold” and an average target price of $63.00.

RLI Profile

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.