Mutual of America Capital Management LLC Increases Stake in RLI Corp. $RLI

Mutual of America Capital Management LLC boosted its position in shares of RLI Corp. (NYSE:RLI) by 228.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 140,971 shares of the insurance provider’s stock after acquiring an additional 98,049 shares during the period. Mutual of America Capital Management LLC owned 0.15% of RLI worth $10,181,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Chung Wu Investment Group LLC bought a new position in shares of RLI during the 2nd quarter valued at $29,000. Golden State Wealth Management LLC increased its stake in shares of RLI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 372 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 186 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in RLI by 100.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider’s stock valued at $32,000 after buying an additional 198 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in RLI in the 2nd quarter worth about $37,000. Finally, Farther Finance Advisors LLC boosted its stake in RLI by 88.5% during the 1st 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 last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RLI shares. Truist Financial set a $62.00 target price on shares of RLI and gave the company a “hold” rating in a research note on Friday, October 3rd. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of RLI in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $72.80.

Insider Buying and Selling at RLI

In related news, COO Jennifer L. Klobnak bought 3,000 shares of the business’s stock in a transaction on Thursday, July 24th. The stock was acquired at an average cost of $69.15 per share, with a total value of $207,450.00. Following the purchase, the chief operating officer directly owned 98,450 shares of the company’s stock, 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 filing with the SEC, which is available at the SEC website. Corporate insiders own 2.16% of the company’s stock.

RLI Stock Performance

Shares of RLI stock opened at $59.62 on Monday. The business’s fifty day simple moving average is $65.73 and its 200-day simple moving average is $70.40. 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 12-month low of $59.01 and a 12-month high of $91.14. The company has a market cap of $5.47 billion, a PE ratio of 17.08 and a beta of 0.60.

RLI (NYSE:RLI) last posted its earnings results 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 the consensus estimate of $445.55 million. During the same period in the previous year, the firm posted $1.72 earnings per share. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. Analysts expect that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, August 29th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.1%. RLI’s dividend payout ratio is presently 18.34%.

About RLI

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.