On September 3, 2023, it was reported that Panagora Asset Management Inc. had acquired a new position in RLI Corp. (NYSE:RLI) during the first quarter of the year. According to their filing with the Securities and Exchange Commission (SEC), the institutional investor purchased 74,897 shares of RLI’s stock, amounting to approximately $9,955,000 in value. At the end of the most recent quarter, Panagora Asset Management Inc. owned around 0.16% of RLI.
This acquisition by Panagora Asset Management Inc. indicates their confidence in RLI as an investment opportunity within the insurance sector. It is important to note that this information is based on a past filing and may not reflect the current state of their holdings.
In addition to this development, RLI recently announced its quarterly dividend payment. The dividend will be paid on Wednesday, September 20th to stockholders who were listed as record holders on Thursday, August 31st. The dividend amount is set at $0.27 per share, resulting in an annualized dividend payout of $1.08 per share.
With a dividend yield of 0.82%, this announcement showcases RLI’s commitment to returning value to its shareholders through consistent dividend payments. It is worth noting that the ex-dividend date for this particular dividend was Wednesday, August 30th.
RLI’s current dividend payout ratio stands at 6.93%. This ratio is used to assess how much of a company’s earnings are being distributed as dividends to its shareholders. A lower ratio suggests that a company has more room for future dividend increases or other forms of reinvestment into its operations.
As always, it is important for investors to conduct thorough research before making any investment decisions. This includes analyzing a company’s financials, industry trends, and overall market conditions.
Disclaimer: The information provided in this article is based on publicly available data as of September 3, 2023. The accuracy and completeness of the information cannot be guaranteed. Investors should perform their own due diligence and consult with a financial advisor before making investment decisions.
Institutional Investors Show Interest in RLI Corp. as Shareholders and Analysts Assess Potential Impact
In the realm of hedge funds and institutional investors, RLI Corp. (NYSE:RLI) has recently garnered attention with several firms buying and selling shares of the insurance provider. Among these investors, Eagle Bay Advisors LLC purchased a new position in RLI during the second quarter, totaling approximately $25,000. Similarly, Compass Wealth Management LLC acquired a stake worth $32,000 in the fourth quarter. Another firm, HM Payson & Co., added an investment worth $48,000 to its portfolio during the first quarter. The holdings of Bessemer Group Inc., on the other hand, increased by 47.5% during the same period, resulting in a total value of $50,000 for their RLI shares after acquiring an additional 121 shares. Lastly, Point72 Hong Kong Ltd also made a significant move by purchasing RLI stock worth $65,000 in the second quarter. As per recent data analysis, it has been found that institutional investors and hedge funds own around 79.23% of RLI’s stock.
Numerous equities research analysts have released reports regarding RLI Corp.’s performance as well. Compass Point recently raised their price target from $165.00 to $170.00 in their latest research report on July 27th. In another report published on August 17th by StockNews.com, they provided a “hold” rating for RLI stock.
On Friday morning trading session on the New York Stock Exchange (NYSE), RLI opened at $131.55 per share—this is certainly something noteworthy for investors to consider when making informed decisions about their positions in this company’s stock. It is essential to note that over the past year alone, RLI Corp.’s stock has experienced both highs and lows—the lowest point being at $100.96 per share and reaching its peak at $149.65—their one-year price range.
For those who focus on technical analysis, it is observed that RLI has a fifty-day moving average price of $134.34 and a two-hundred-day moving average price of $133.14. The company’s market capitalization currently stands at an impressive $6.00 billion, and its price-to-earnings (P/E) ratio sits at 8.44—a figure that has piqued the interest of many financial analysts in recent times. Additionally, RLI Corp.’s beta value holds steady at 0.42.
In terms of financial performance, RLI recently published its quarterly earnings data on July 24th. For the quarter, they reported an earnings per share (EPS) of $1.16—slightly missing the consensus estimate of $1.19 by ($0.03). However, despite this slight miss, RLI still boasts a return on equity (ROE) percentage of 16.97%. Furthermore, the insurance provider boasts an impressive net margin—36.31% to be exact.
The company’s revenue for the quarter also exceeded market expectations; with $381.86 million generated compared to a consensus estimate of $358.35 million—an achievement certainly worthy of note from a fundamental standpoint.
It is worth noting that RLI Corp.’s performance during the same quarter in the previous year was different when compared to this year’s figures—it posted an EPS of $1.49 back then. Market analysts who cover RLI foresee an EPS of approximately 4.51 for their current fiscal year.
As September begins, these latest developments surrounding RLI Corp.’s shareholders and analyst opinions can now be accounted for as investors continue to pore over key data points and assess their potential impact on future investments within the insurance industry sector as a whole.