Principal Financial Group Inc. Increases Stake in RLI Corp. $RLI

Principal Financial Group Inc. raised its holdings in shares of RLI Corp. (NYSE:RLI) by 8.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 274,777 shares of the insurance provider’s stock after buying an additional 20,438 shares during the quarter. Principal Financial Group Inc. owned about 0.30% of RLI worth $17,921,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of RLI. Maren Capital LLC grew its stake in RLI by 2.8% during the 2nd quarter. Maren Capital LLC now owns 1,595,038 shares of the insurance provider’s stock valued at $115,194,000 after acquiring an additional 42,985 shares in the last quarter. Wasatch Advisors LP acquired a new position in shares of RLI during the 2nd quarter worth approximately $84,608,000. Norges Bank purchased a new stake in shares of RLI in the second quarter valued at approximately $74,533,000. Global Alpha Capital Management Ltd. grew its position in shares of RLI by 4.5% in the second quarter. Global Alpha Capital Management Ltd. now owns 546,886 shares of the insurance provider’s stock valued at $39,496,000 after purchasing an additional 23,800 shares in the last quarter. Finally, Bragg Financial Advisors Inc increased its holdings in shares of RLI by 0.6% in the second quarter. Bragg Financial Advisors Inc now owns 410,786 shares of the insurance provider’s stock valued at $29,667,000 after purchasing an additional 2,361 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.

RLI Trading Down 0.4%

NYSE RLI opened at $61.73 on Monday. The firm’s 50-day moving average is $61.74 and its two-hundred day moving average is $63.57. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.32 and a quick ratio of 0.35. RLI Corp. has a 12 month low of $55.80 and a 12 month high of $81.79. The stock has a market capitalization of $5.67 billion, a P/E ratio of 14.16 and a beta of 0.53.

RLI (NYSE:RLI) last announced its earnings results on Wednesday, January 21st. The insurance provider reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.18. The company had revenue of $465.69 million during the quarter, compared to analysts’ expectations of $447.53 million. RLI had a return on equity of 18.67% and a net margin of 21.43%.During the same period last year, the business posted $0.41 EPS. On average, sell-side analysts anticipate that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, November 28th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.0%. RLI’s payout ratio is currently 14.68%.

Insider Buying and Selling

In related news, COO Jennifer L. Klobnak acquired 2,000 shares of the business’s stock in a transaction on Friday, January 23rd. The shares were bought at an average price of $57.99 per share, with a total value of $115,980.00. Following the completion of the acquisition, the chief operating officer owned 100,318 shares in the company, valued at $5,817,440.82. This trade represents a 2.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Craig W. Kliethermes bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The stock was bought at an average cost of $57.45 per share, for a total transaction of $287,250.00. Following the completion of the transaction, the chief executive officer directly owned 143,990 shares in the company, valued at approximately $8,272,225.50. The trade was a 3.60% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.16% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RLI shares. Wells Fargo & Company set a $59.00 price objective on RLI and gave the stock an “equal weight” rating in a research note on Friday, January 23rd. Keefe, Bruyette & Woods lowered their price target on shares of RLI from $85.00 to $81.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 6th. Zacks Research lowered shares of RLI from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Jefferies Financial Group raised shares of RLI from an “underperform” rating to a “hold” rating and set a $52.00 target price on the stock in a research note on Friday, January 23rd. Finally, Truist Financial set a $58.00 target price on shares of RLI in a report on Friday, January 23rd. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $65.20.

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.