Corebridge Financial Inc. Grows Holdings in RLI Corp. $RLI

Corebridge Financial Inc. boosted its stake in RLI Corp. (NYSE:RLI) by 95.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 92,166 shares of the insurance provider’s stock after acquiring an additional 44,958 shares during the period. Corebridge Financial Inc.’s holdings in RLI were worth $7,404,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Golden State Wealth Management LLC raised its position in shares of RLI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 186 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of RLI by 100.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 198 shares during the period. Versant Capital Management Inc raised its position in shares of RLI by 100.0% in the first quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 203 shares during the period. Farther Finance Advisors LLC raised its position in shares of RLI by 88.5% in the first quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 224 shares during the period. Finally, Compass Wealth Management LLC raised its position in shares of RLI by 100.0% in the first quarter. Compass Wealth Management LLC now owns 480 shares of the insurance provider’s stock valued at $39,000 after purchasing an additional 240 shares during the period. Institutional investors own 77.89% of the company’s stock.

RLI Stock Performance

RLI stock opened at $67.63 on Friday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI Corp. has a 1-year low of $65.14 and a 1-year high of $91.14. The firm has a market capitalization of $6.21 billion, a PE ratio of 19.38 and a beta of 0.66. The firm’s 50 day simple moving average is $69.04 and its 200 day simple moving average is $73.30.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, July 21st. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. RLI had a net margin of 17.81% and a return on equity of 15.82%. The company had revenue of $562.28 million during the quarter, compared to analysts’ expectations of $445.55 million. During the same quarter in the prior year, the company earned $1.72 EPS. The firm’s revenue was up 20.0% on a year-over-year basis. As a group, analysts expect that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 29th will be issued a $0.16 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.64 annualized dividend and a yield of 0.9%. RLI’s dividend payout ratio is 18.34%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, RLI presently has a consensus rating of “Hold” and an average price target of $78.60.

Insider Buying and Selling

In other RLI news, COO Jennifer L. Klobnak purchased 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The stock was bought at an average cost of $69.15 per share, for a total transaction of $207,450.00. Following the purchase, the chief operating officer directly owned 98,450 shares in the company, valued at $6,807,817.50. The trade was a 3.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.16% of the company’s stock.

RLI Profile

RLI Corp., an insurance holding company, underwrites property and casualty insurance. 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.