RLI Corp. (RLI) to Issue Quarterly Dividend of $0.29 on June 20th

RLI Corp. (NYSE:RLI) declared a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Stockholders of record on Friday, May 31st will be given a dividend of 0.29 per share by the insurance provider on Thursday, June 20th. This represents a $1.16 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend is Friday, May 31st. This is a positive change from RLI’s previous quarterly dividend of $0.27.

RLI has raised its dividend payment by an average of 4.0% annually over the last three years and has increased its dividend every year for the last 49 years. RLI has a dividend payout ratio of 18.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect RLI to earn $5.92 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 18.2%.

RLI Trading Up 0.3 %

RLI stock opened at $143.57 on Friday. The company’s 50 day moving average is $144.74 and its 200 day moving average is $139.21. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of 19.83 and a beta of 0.37. RLI has a 1-year low of $123.04 and a 1-year high of $149.20.

RLI (NYSE:RLI) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.26. The firm had revenue of $444.80 million during the quarter, compared to analyst estimates of $460.05 million. RLI had a return on equity of 17.24% and a net margin of 20.96%. The company’s revenue was up 21.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 earnings per share. As a group, sell-side analysts forecast that RLI will post 5.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RLI shares. Keefe, Bruyette & Woods boosted their target price on RLI from $160.00 to $168.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Royal Bank of Canada boosted their price objective on shares of RLI from $148.00 to $155.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 24th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research report on Tuesday, April 23rd. Finally, Compass Point lifted their price objective on RLI from $158.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, RLI presently has a consensus rating of “Moderate Buy” and an average target price of $163.25.

RLI Company Profile

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.