Insider Buying: RLI Corp. (NYSE:RLI) Director Buys $159,764.00 in Stock

RLI Corp. (NYSE:RLI) Director Michael E. Angelina purchased 2,200 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was purchased at an average price of $72.62 per share, for a total transaction of $159,764.00. Following the acquisition, the director now owns 23,514 shares in the company, valued at approximately $1,707,586.68. This trade represents a 10.32 % 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.

RLI Stock Performance

Shares of RLI opened at $72.27 on Thursday. RLI Corp. has a fifty-two week low of $67.04 and a fifty-two week high of $91.14. The company has a market capitalization of $6.62 billion, a PE ratio of 19.30 and a beta of 0.47. The stock has a fifty day moving average of $82.12 and a two-hundred day moving average of $78.95.

RLI (NYSE:RLI) last released its earnings results on Wednesday, January 22nd. The insurance provider reported $0.41 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.64). RLI had a net margin of 19.53% and a return on equity of 16.38%. As a group, equities research analysts forecast that RLI Corp. will post 3.13 earnings per share for the current fiscal year.

RLI Cuts Dividend

The business also recently disclosed a None dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were paid a dividend of $2.145 per share. This represents a dividend yield of 0.7%. The ex-dividend date was Friday, November 29th. RLI’s dividend payout ratio is currently 15.49%.

Institutional Investors Weigh In On RLI

Hedge funds have recently modified their holdings of the stock. Brown Brothers Harriman & Co. lifted its position in RLI by 0.8% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 7,879 shares of the insurance provider’s stock worth $1,221,000 after acquiring an additional 66 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. raised its stake in shares of RLI by 1.2% during the third quarter. Klein Pavlis & Peasley Financial Inc. now owns 5,757 shares of the insurance provider’s stock valued at $892,000 after purchasing an additional 68 shares during the period. Versant Capital Management Inc lifted its position in shares of RLI by 53.8% during the fourth quarter. Versant Capital Management Inc now owns 203 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 71 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in RLI by 45.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 77 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in RLI by 5.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 1,633 shares of the insurance provider’s stock worth $230,000 after buying an additional 89 shares during the period. 77.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wolfe Research started coverage on RLI in a research report on Wednesday, October 9th. They set an “outperform” rating and a $91.00 target price on the stock. Compass Point cut their target price on shares of RLI from $185.00 to $82.00 and set a “buy” rating for the company in a research report on Monday. Jefferies Financial Group lowered shares of RLI from a “buy” rating to an “underperform” rating and lowered their price target for the company from $95.00 to $61.00 in a research report on Monday. Royal Bank of Canada cut their price objective on RLI from $88.00 to $80.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. Finally, JMP Securities reissued a “market perform” rating on shares of RLI in a research report on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, RLI presently has an average rating of “Hold” and a consensus price target of $82.80.

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.