Wedmont Private Capital Invests $3.63 Million in RLI Corp. $RLI

Wedmont Private Capital acquired a new position in shares of RLI Corp. (NYSE:RLI) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 59,916 shares of the insurance provider’s stock, valued at approximately $3,634,000. Wedmont Private Capital owned 0.07% of RLI as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RLI. Royal Bank of Canada lifted its position in RLI by 115.1% in the 1st quarter. Royal Bank of Canada now owns 56,386 shares of the insurance provider’s stock valued at $4,529,000 after purchasing an additional 30,170 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of RLI by 110.8% in the first quarter. Goldman Sachs Group Inc. now owns 185,504 shares of the insurance provider’s stock valued at $14,902,000 after purchasing an additional 97,501 shares during the period. Empowered Funds LLC raised its holdings in shares of RLI by 472.3% during the first quarter. Empowered Funds LLC now owns 29,177 shares of the insurance provider’s stock valued at $2,344,000 after buying an additional 24,079 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of RLI by 46.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,559 shares of the insurance provider’s stock valued at $113,000 after buying an additional 493 shares during the last quarter. Finally, Amundi boosted its position in shares of RLI by 16,550.0% during the second quarter. Amundi now owns 23,976 shares of the insurance provider’s stock worth $1,689,000 after buying an additional 23,832 shares during the period. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Trading Up 0.0%

NYSE:RLI opened at $62.43 on Monday. RLI Corp. has a twelve month low of $47.26 and a twelve month high of $68.29. The company has a 50-day moving average of $62.54 and a 200-day moving average of $58.21. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 13.12 and a beta of 0.38.

RLI (NYSE:RLI) last released its earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The business had revenue of $575.57 million for the quarter, compared to the consensus estimate of $568.70 million. RLI had a net margin of 22.22% and a return on equity of 17.61%. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 EPS. On average, research analysts forecast that RLI Corp. will post 2.88 earnings per share for the current year.

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. RLI’s dividend payout ratio (DPR) is currently 15.13%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RLI. Keefe, Bruyette & Woods restated an “outperform” rating and set a $74.00 price objective (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Jefferies Financial Group cut shares of RLI from a “hold” rating to an “underperform” rating and set a $53.00 price objective for the company. in a report on Tuesday, August 25th. Weiss Ratings raised RLI from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 28th. Wells Fargo & Company downgraded RLI from an “equal weight” rating to an “underweight” rating and set a $57.00 target price for the company. in a research report on Wednesday, July 29th. Finally, UBS Group set a $74.00 price target on RLI in a research note on Tuesday, July 28th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $63.20.

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.