Shares of RLI Corp. (NYSE:RLI – Get Free Report) have been assigned an average recommendation of “Hold” from the seven analysts that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $61.50.
RLI has been the subject of several research reports. Citizens Jmp reiterated a “market perform” rating on shares of RLI in a research note on Friday, January 23rd. Keefe, Bruyette & Woods upgraded RLI from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, February 24th. Wall Street Zen lowered RLI from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Zacks Research upgraded RLI from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 2nd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of RLI in a research note on Thursday, April 2nd.
View Our Latest Analysis on RLI
RLI Trading Up 0.9%
RLI (NYSE:RLI – Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. The company had revenue of $423.87 million during the quarter, compared to analysts’ expectations of $564.47 million. RLI had a return on equity of 17.72% and a net margin of 20.81%.RLI’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 EPS. Equities analysts predict that RLI will post 2.7 EPS for the current fiscal year.
RLI Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.18 per share. This is an increase from RLI’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, May 29th. This represents a $0.72 annualized dividend and a yield of 1.4%. RLI’s dividend payout ratio (DPR) is presently 14.95%.
Insider Buying and Selling
In other news, COO Jennifer L. Klobnak acquired 2,000 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was bought at an average cost of $53.42 per share, for a total transaction of $106,840.00. Following the purchase, the chief operating officer owned 102,318 shares in the company, valued at approximately $5,465,827.56. This represents a 1.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.39% of the company’s stock.
Institutional Investors Weigh In On RLI
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wasatch Advisors LP acquired a new stake in shares of RLI in the second quarter valued at approximately $84,608,000. Norges Bank acquired a new stake in shares of RLI in the fourth quarter valued at approximately $66,997,000. Victory Capital Management Inc. increased its holdings in shares of RLI by 6,060.1% in the fourth quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider’s stock valued at $47,327,000 after purchasing an additional 727,701 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of RLI by 311.6% in the first quarter. First Trust Advisors LP now owns 688,318 shares of the insurance provider’s stock valued at $39,262,000 after purchasing an additional 521,096 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of RLI by 3,664.4% in the fourth quarter. Bank of Montreal Can now owns 368,384 shares of the insurance provider’s stock valued at $23,569,000 after purchasing an additional 358,598 shares during 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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