Chase Investment Counsel Corp Makes New Investment in RLI Corp. $RLI

Chase Investment Counsel Corp acquired a new stake in RLI Corp. (NYSE:RLI) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 36,000 shares of the insurance provider’s stock, valued at approximately $2,126,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its stake in RLI by 94.4% in the 4th quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after buying an additional 201 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of RLI by 156.4% during the third 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 last quarter. IFP Advisors Inc raised its holdings in shares of RLI by 85.9% during the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock valued at $44,000 after acquiring an additional 316 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of RLI in the third quarter valued at approximately $47,000. Finally, Versant Capital Management Inc lifted its position in shares of RLI by 28.5% in the second quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Insider Activity

In other news, COO Jennifer L. Klobnak purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average price of $53.42 per share, for a total transaction of $106,840.00. Following the acquisition, the chief operating officer directly owned 102,318 shares of the company’s stock, valued at approximately $5,465,827.56. This represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clark C. Kellogg purchased 3,000 shares of RLI stock in a transaction dated Monday, June 1st. The shares were purchased at an average cost of $50.90 per share, for a total transaction of $152,700.00. Following the transaction, the director owned 4,502 shares in the company, valued at approximately $229,151.80. This trade represents a 199.73% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 16,500 shares of company stock valued at $858,955. Company insiders own 2.39% of the company’s stock.

RLI Stock Performance

NYSE:RLI opened at $63.80 on Monday. RLI Corp. has a one year low of $47.26 and a one year high of $69.19. The stock has a market cap of $5.86 billion, a PE ratio of 13.40 and a beta of 0.38. The stock has a 50 day moving average price of $59.42 and a 200 day moving average price of $57.79.

RLI (NYSE:RLI) last released its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. RLI had a return on equity of 17.61% and a net margin of 22.22%.The company had revenue of $575.57 million for the quarter, compared to analyst estimates of $568.70 million. During the same quarter in the previous year, the company posted $0.82 earnings per share. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, analysts predict that RLI Corp. will post 2.88 earnings per share for the current fiscal year.

RLI Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders 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 dividend on an annualized basis and a yield of 1.1%. RLI’s payout ratio is 15.13%.

Wall Street Analyst Weigh In

RLI has been the topic of a number of research analyst reports. Weiss Ratings raised RLI from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. UBS Group set a $74.00 price objective on RLI in a report on Tuesday, July 28th. Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $74.00 target price (up from $70.00) on shares of RLI in a report on Tuesday, July 28th. Finally, Wells Fargo & Company cut shares of 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. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $63.00.

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.