Argent Capital Management LLC Trims Holdings in RLI Corp. $RLI

Argent Capital Management LLC reduced its stake in RLI Corp. (NYSE:RLI) by 69.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 112,229 shares of the insurance provider’s stock after selling 258,233 shares during the quarter. Argent Capital Management LLC owned 0.12% of RLI worth $7,180,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RLI. Quent Capital LLC purchased a new position in shares of RLI during the third quarter worth $26,000. Clarity Asset Management Inc. purchased a new position in RLI during the 2nd quarter valued at about $28,000. Northwestern Mutual Wealth Management Co. boosted its holdings in RLI by 156.4% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 283 shares during the period. AlphaQuest LLC acquired a new position in RLI in the 3rd quarter valued at about $43,000. Finally, Advisory Services Network LLC purchased a new stake in RLI during the third quarter worth about $47,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.

RLI Trading Down 1.6%

RLI stock opened at $58.06 on Friday. The company has a fifty day simple moving average of $60.38 and a 200-day simple moving average of $62.44. The stock has a market cap of $5.34 billion, a P/E ratio of 13.32 and a beta of 0.50. RLI Corp. has a 12-month low of $55.80 and a 12-month high of $81.79.

RLI (NYSE:RLI) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.18. The company had revenue of $465.69 million for 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 firm earned $0.41 earnings per share. As a group, sell-side analysts forecast that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Monday, March 2nd. RLI’s dividend payout ratio (DPR) is 14.68%.

Insider Activity at RLI

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

Wall Street Analysts Forecast Growth

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