Oppenheimer Asset Management Inc. Buys Shares of 20,059 RLI Corp. $RLI

Oppenheimer Asset Management Inc. bought a new stake in RLI Corp. (NYSE:RLI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 20,059 shares of the insurance provider’s stock, valued at approximately $1,449,000.

Several other hedge funds have also recently modified their holdings of RLI. Vanguard Group Inc. grew its position in RLI by 95.2% in the 1st quarter. Vanguard Group Inc. now owns 8,996,643 shares of the insurance provider’s stock valued at $722,700,000 after buying an additional 4,388,400 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of RLI by 117.0% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,226,797 shares of the insurance provider’s stock valued at $419,869,000 after acquiring an additional 2,817,616 shares in the last quarter. Neuberger Berman Group LLC increased its stake in shares of RLI by 106.6% during the first quarter. Neuberger Berman Group LLC now owns 2,750,738 shares of the insurance provider’s stock worth $220,967,000 after acquiring an additional 1,419,212 shares during the period. Markel Group Inc. raised its holdings in RLI by 100.0% during the first quarter. Markel Group Inc. now owns 2,394,544 shares of the insurance provider’s stock worth $192,354,000 after purchasing an additional 1,197,272 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in RLI by 97.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,861,984 shares of the insurance provider’s stock worth $149,569,000 after purchasing an additional 920,799 shares in the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

RLI Price Performance

Shares of NYSE:RLI opened at $58.83 on Friday. The firm has a market capitalization of $5.40 billion, a price-to-earnings ratio of 15.44 and a beta of 0.60. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.35 and a quick ratio of 0.35. The business’s 50 day simple moving average is $64.47 and its 200-day simple moving average is $69.51. RLI Corp. has a 12 month low of $58.09 and a 12 month high of $91.14.

RLI (NYSE:RLI) last issued its quarterly earnings data on Monday, October 20th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.21. The firm had revenue of $510.22 million during the quarter, compared to analysts’ expectations of $444.75 million. RLI had a return on equity of 16.51% and a net margin of 19.02%.During the same period in the previous year, the firm posted $1.31 earnings per share. As a group, equities analysts forecast that RLI Corp. will post 3.08 earnings per share for the current fiscal year.

RLI Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, August 29th were given a $0.16 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 1.1%. RLI’s payout ratio is currently 16.80%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLI in a report on Wednesday, October 8th. Truist Financial set a $62.00 price target on RLI and gave the company a “hold” rating in a research note on Friday, October 3rd. Finally, Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $72.80.

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.