Citigroup Inc. Buys 16,011 Shares of RLI Corp. $RLI

Citigroup Inc. lifted its stake in RLI Corp. (NYSE:RLI) by 45.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,621 shares of the insurance provider’s stock after acquiring an additional 16,011 shares during the quarter. Citigroup Inc. owned 0.06% of RLI worth $3,367,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RLI. Principal Financial Group Inc. boosted its stake in shares of RLI by 8.0% in the 3rd quarter. Principal Financial Group Inc. now owns 274,777 shares of the insurance provider’s stock worth $17,921,000 after buying an additional 20,438 shares during the last quarter. JPMorgan Chase & Co. boosted its position in RLI by 15.5% in the third quarter. JPMorgan Chase & Co. now owns 1,422,596 shares of the insurance provider’s stock worth $92,782,000 after purchasing an additional 191,020 shares during the last quarter. AGF Management Ltd. grew its stake in shares of RLI by 12.4% during the 2nd quarter. AGF Management Ltd. now owns 39,948 shares of the insurance provider’s stock valued at $2,885,000 after purchasing an additional 4,419 shares during the period. Van Berkom & Associates Inc. increased its position in shares of RLI by 14.6% during the 3rd quarter. Van Berkom & Associates Inc. now owns 1,229,649 shares of the insurance provider’s stock valued at $80,198,000 after purchasing an additional 156,241 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its stake in shares of RLI by 222.1% in the 2nd quarter. Hsbc Holdings PLC now owns 36,461 shares of the insurance provider’s stock worth $2,613,000 after purchasing an additional 25,140 shares during the period. Institutional investors own 77.89% of the company’s stock.

Insider Activity at RLI

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

RLI Stock Performance

Shares of RLI stock opened at $61.35 on Friday. RLI Corp. has a fifty-two week low of $55.80 and a fifty-two week high of $81.79. The company has a market capitalization of $5.64 billion, a P/E ratio of 14.07 and a beta of 0.50. The company has a fifty day moving average of $60.81 and a 200 day moving average of $62.93.

RLI (NYSE:RLI) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.76 by $0.18. RLI had a return on equity of 18.67% and a net margin of 21.43%.The business had revenue of $465.69 million for the quarter, compared to the consensus estimate of $447.53 million. During the same period in the previous year, the business earned $0.41 earnings per share. Analysts forecast that RLI Corp. will post 3.08 EPS for the current year.

RLI Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Monday, March 2nd. RLI’s dividend payout ratio (DPR) is 14.68%.

Wall Street Analyst Weigh In

RLI has been the subject of several recent research reports. Zacks Research lowered shares of RLI from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Keefe, Bruyette & Woods raised shares of RLI from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. Truist Financial set a $58.00 target price on RLI in a report on Friday, January 23rd. Citizens Jmp reiterated a “market perform” rating on shares of RLI in a research report on Friday, January 23rd. Finally, Wells Fargo & Company set a $59.00 price target on RLI and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $65.20.

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.