Confluence Investment Management LLC Cuts Holdings in RLI Corp. $RLI

Confluence Investment Management LLC decreased its holdings in RLI Corp. (NYSE:RLI) by 31.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,319 shares of the insurance provider’s stock after selling 10,122 shares during the period. Confluence Investment Management LLC’s holdings in RLI were worth $1,428,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RLI. Vanguard Group Inc. increased its holdings in RLI by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 9,138,072 shares of the insurance provider’s stock worth $595,985,000 after buying an additional 148,019 shares in the last quarter. State Street Corp raised its position in RLI by 3.3% in the 3rd quarter. State Street Corp now owns 8,750,315 shares of the insurance provider’s stock worth $570,696,000 after buying an additional 279,983 shares during the last quarter. Maren Capital LLC lifted 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 during the period. JPMorgan Chase & Co. boosted its holdings in shares of RLI by 15.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,422,596 shares of the insurance provider’s stock valued at $92,782,000 after acquiring an additional 191,020 shares during the last quarter. Finally, Van Berkom & Associates Inc. boosted its holdings 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 acquiring an additional 156,241 shares during the last quarter. 77.89% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Craig W. Kliethermes purchased 5,000 shares of the business’s stock in a transaction on Friday, January 23rd. The stock was acquired at an average price of $57.45 per share, for a total transaction of $287,250.00. Following the acquisition, the chief executive officer directly owned 143,990 shares of the company’s stock, valued at $8,272,225.50. This represents a 3.60% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Klobnak acquired 2,000 shares of RLI stock in a transaction on Friday, January 23rd. The stock was purchased at an average cost of $57.99 per share, for a total transaction of $115,980.00. Following the purchase, the chief operating officer owned 100,318 shares in the company, valued at approximately $5,817,440.82. The trade was a 2.03% 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 Ratings Changes

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

RLI Stock Performance

Shares of NYSE RLI opened at $58.03 on Friday. The company has a market cap of $5.33 billion, a P/E ratio of 13.31 and a beta of 0.50. The firm’s fifty day moving average is $60.34 and its two-hundred day moving average is $62.37. RLI Corp. has a 52-week low of $55.80 and a 52-week high of $81.79.

RLI (NYSE:RLI) last released 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. The business had revenue of $465.69 million during the quarter, compared to the consensus estimate of $447.53 million. RLI had a net margin of 21.43% and a return on equity of 18.67%. During the same quarter in the prior year, the firm earned $0.41 EPS. As a group, analysts forecast that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. RLI’s dividend payout ratio is presently 14.68%.

About RLI

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.