Wedmont Private Capital Makes New $3.63 Million Investment in RLI Corp. $RLI

Wedmont Private Capital bought a new position in RLI Corp. (NYSE:RLI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 59,916 shares of the insurance provider’s stock, valued at approximately $3,634,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RLI. BlackRock Inc. purchased a new stake in RLI in the 2nd quarter worth about $492,175,000. Port Capital LLC acquired a new position in shares of RLI in the 2nd quarter valued at about $79,499,000. Wasatch Advisors LP acquired a new position in shares of RLI in the 2nd quarter valued at about $84,608,000. Norges Bank purchased a new stake in shares of RLI in the fourth quarter worth approximately $66,997,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of RLI during the second quarter worth approximately $46,855,000. Institutional investors and hedge funds own 77.89% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on RLI shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $74.00 price objective (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Weiss Ratings upgraded shares of RLI from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 28th. UBS Group set a $74.00 price target on RLI in a research note on Tuesday, July 28th. Wall Street Zen upgraded shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Jefferies Financial Group lowered shares of RLI from a “hold” rating to an “underperform” rating and set a $53.00 price objective for the company. in a research note on Tuesday, August 25th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $63.20.

RLI Price Performance

Shares of RLI opened at $62.43 on Monday. The company has a market capitalization of $5.73 billion, a PE ratio of 13.12 and a beta of 0.38. RLI Corp. has a one year low of $47.26 and a one year high of $68.29. The company’s fifty day moving average price is $62.54 and its 200 day moving average price is $58.21.

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. The company had revenue of $575.57 million during the quarter, compared to analysts’ expectations of $568.70 million. RLI had a net margin of 22.22% and a return on equity of 17.61%. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.82 earnings per share. Analysts anticipate that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders 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 yield of 1.2%. RLI’s dividend payout ratio (DPR) is 15.13%.

RLI Company 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.