RLI Corp. (NYSE:RLI) Receives Average Recommendation of “Hold” from Brokerages

Shares of RLI Corp. (NYSE:RLI) have been assigned a consensus recommendation of “Hold” from the seven research firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $61.50.

RLI has been the topic of a number of analyst reports. Keefe, Bruyette & Woods raised RLI from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. Weiss Ratings lowered RLI from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Wall Street Zen lowered RLI from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Wells Fargo & Company dropped their price objective on RLI from $59.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. Finally, Zacks Research raised RLI from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 2nd.

RLI Stock Up 0.1%

RLI stock opened at $54.39 on Monday. RLI has a twelve month low of $47.26 and a twelve month high of $74.17. The stock has a market cap of $5.00 billion, a P/E ratio of 12.71 and a beta of 0.41. The business’s 50-day moving average price is $53.50 and its 200-day moving average price is $58.52.

RLI (NYSE:RLI) last posted its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $564.47 million. During the same period in the previous year, the firm earned $0.92 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. On average, equities research analysts expect that RLI will post 2.75 earnings per share for the current fiscal year.

RLI Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. This is a positive change from RLI’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, May 29th. RLI’s dividend payout ratio is currently 16.82%.

Insiders Place Their Bets

In other RLI news, Director Clark C. Kellogg acquired 3,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was purchased 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 in the company, valued at approximately $229,151.80. The trade was a 199.73% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Klobnak acquired 2,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average cost of $53.42 per share, with a total value of $106,840.00. Following the purchase, the chief operating officer owned 102,318 shares of the company’s stock, valued at approximately $5,465,827.56. This trade represents a 1.99% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 16,500 shares of company stock worth $858,955. 2.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RLI

Hedge funds have recently made changes to their positions in the company. Wasatch Advisors LP purchased a new position in RLI during the 2nd quarter valued at approximately $84,608,000. Norges Bank bought a new position in shares of RLI during the 4th quarter valued at approximately $66,997,000. Victory Capital Management Inc. boosted its position in shares of RLI by 6,060.1% during the 4th quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider’s stock valued at $47,327,000 after acquiring an additional 727,701 shares during the last quarter. First Trust Advisors LP grew 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 in the last quarter. Finally, Bank of Montreal Can increased its position in RLI by 3,664.4% in the fourth quarter. Bank of Montreal Can now owns 368,384 shares of the insurance provider’s stock worth $23,569,000 after purchasing an additional 358,598 shares during the last quarter. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

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.