RLI (NYSE:RLI – Get Free Report) had its price objective hoisted by Wells Fargo & Company from $55.00 to $62.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 3.58% from the stock’s current price.
RLI has been the subject of a number of other reports. Weiss Ratings lowered shares of RLI from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 2nd. Wall Street Zen lowered shares of RLI from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Finally, Keefe, Bruyette & Woods increased their target price on shares of RLI from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, RLI currently has an average rating of “Hold” and an average price target of $60.50.
View Our Latest Stock Report on RLI
RLI Stock Performance
RLI (NYSE:RLI – Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. RLI had a return on equity of 17.72% and a net margin of 20.81%.The firm had revenue of $423.87 million during the quarter, compared to analyst estimates of $564.47 million. During the same period last year, the company posted $0.92 EPS. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts predict that RLI will post 2.75 earnings per share for the current year.
Insider Buying and Selling at RLI
In other RLI news, Director David B. Duclos bought 2,500 shares of RLI stock in a transaction on Thursday, May 28th. The stock was purchased at an average cost of $51.99 per share, for a total transaction of $129,975.00. Following the completion of the purchase, the director directly owned 9,780 shares of the company’s stock, valued at $508,462.20. The trade was a 34.34% 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 link. Also, Director Clark C. Kellogg bought 3,000 shares of RLI stock in a transaction on Monday, June 1st. The stock was acquired at an average price of $50.90 per share, with a total value of $152,700.00. Following the completion of the purchase, the director directly owned 4,502 shares of the company’s stock, valued at approximately $229,151.80. The trade was a 199.73% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 16,500 shares of company stock worth $858,955 in the last ninety days. Insiders own 2.39% of the company’s stock.
Institutional Investors Weigh In On RLI
Several institutional investors and hedge funds have recently modified their holdings of RLI. Chatham Capital Group Inc. boosted its holdings in RLI by 0.7% in the fourth quarter. Chatham Capital Group Inc. now owns 26,460 shares of the insurance provider’s stock worth $1,693,000 after purchasing an additional 180 shares in the last quarter. Covestor Ltd raised its holdings in RLI by 13.0% during the fourth quarter. Covestor Ltd now owns 1,590 shares of the insurance provider’s stock valued at $102,000 after buying an additional 183 shares in the last quarter. 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 worth $49,000 after buying an additional 185 shares during the last quarter. Allworth Financial LP lifted its position in shares of RLI by 5.3% in the third quarter. Allworth Financial LP now owns 3,760 shares of the insurance provider’s stock worth $245,000 after buying an additional 189 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of RLI by 94.4% during the 4th quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 201 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.
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.
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