RLI Corp. (NYSE:RLI) Sees Large Decrease in Short Interest
by Michael Walen · The Markets DailyRLI Corp. (NYSE:RLI – Get Free Report) was the target of a large decrease in short interest during the month of February. As of February 13th, there was short interest totaling 3,119,737 shares, a decrease of 13.3% from the January 29th total of 3,599,984 shares. Approximately 3.5% of the company’s stock are short sold. Based on an average daily trading volume, of 720,652 shares, the days-to-cover ratio is presently 4.3 days. Based on an average daily trading volume, of 720,652 shares, the days-to-cover ratio is presently 4.3 days. Approximately 3.5% of the company’s stock are short sold.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods upgraded RLI from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, February 24th. Jefferies Financial Group raised shares of RLI from an “underperform” rating to a “hold” rating and set a $52.00 price objective on the stock in a report on Friday, January 23rd. Wells Fargo & Company set a $59.00 target price on RLI and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Truist Financial set a $58.00 price target on shares of RLI in a research report on Friday, January 23rd. Finally, Zacks Research cut shares of RLI from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $65.20.
Insider Buying and Selling at RLI
In other news, COO Jennifer L. Klobnak acquired 2,000 shares of the business’s stock in a transaction on Friday, January 23rd. The shares were purchased at an average cost of $57.99 per share, with a total value of $115,980.00. Following the acquisition, the chief operating officer directly owned 100,318 shares of the company’s stock, valued at $5,817,440.82. The trade was a 2.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Craig W. Kliethermes bought 5,000 shares of RLI stock in a transaction dated Friday, January 23rd. The stock was purchased at an average price of $57.45 per share, with a total value of $287,250.00. Following the purchase, the chief executive officer owned 143,990 shares in the company, valued at approximately $8,272,225.50. This represents a 3.60% 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 company insiders.
Institutional Trading of RLI
Hedge funds have recently made changes to their positions in the stock. Quent Capital LLC bought a new position in RLI during the 3rd quarter valued at approximately $26,000. Farther Finance Advisors LLC increased its holdings in shares of RLI by 94.4% during the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 201 shares in the last quarter. Clarity Asset Management Inc. purchased a new position in shares of RLI in the 2nd quarter worth about $28,000. Hantz Financial Services Inc. raised its position in shares of RLI by 3,645.5% in the 2nd quarter. Hantz Financial Services Inc. now owns 412 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 401 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in RLI by 156.4% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 283 shares in the last quarter. 77.89% of the stock is owned by institutional investors.
RLI Stock Down 1.3%
Shares of NYSE:RLI traded down $0.81 on Thursday, hitting $61.42. The company had a trading volume of 622,917 shares, compared to its average volume of 833,464. The firm’s 50-day simple moving average is $60.89 and its two-hundred day simple moving average is $62.94. The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of 14.09 and a beta of 0.50. RLI has a 1 year low of $55.80 and a 1 year high of $81.79.
RLI (NYSE:RLI – Get Free Report) last released its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.18. RLI had a net margin of 21.43% and a return on equity of 18.67%. The company had revenue of $465.69 million during the quarter, compared to the consensus estimate of $447.53 million. During the same period in the prior year, the firm earned $0.41 earnings per share. Equities research analysts anticipate that RLI will post 3.08 EPS for the current year.
RLI Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Monday, March 2nd. RLI’s dividend payout ratio (DPR) is 14.68%.
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.