RLI Corp. (NYSE:RLI) Stock Has Average Price Target of $63.20 According to Brokerages

Shares of RLI Corp. (NYSE:RLI) have been given an average recommendation of “Reduce” by the six brokerages that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $62.00.

RLI has been the subject of a number of analyst reports. Jefferies Financial Group lowered shares of RLI from a “hold” rating to an “underperform” rating and set a $53.00 target price for the company. in a research note on Tuesday, August 25th. UBS Group set a $74.00 price target on shares of RLI in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $74.00 price target (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Wells Fargo & Company reiterated an “underweight” rating and set a $51.00 price objective (down from $57.00) on shares of RLI in a research report on Monday, October 12th.

RLI Stock Performance

Shares of RLI opened at $61.09 on Friday. RLI has a 1 year low of $47.26 and a 1 year high of $67.12. The company has a market cap of $5.61 billion, a price-to-earnings ratio of 12.83 and a beta of 0.36. The firm has a fifty day moving average of $60.56 and a 200-day moving average of $57.77.

RLI (NYSE:RLI) last released its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. RLI had a net margin of 22.22% and a return on equity of 17.61%. The business had revenue of $575.57 million during the quarter, compared to analyst estimates of $568.70 million. During the same quarter in the prior year, the firm earned $0.82 earnings per share. The company’s quarterly revenue was up 15.2% on a year-over-year basis. Analysts predict that RLI will post 2.90 EPS for the current year.

RLI Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date was Monday, August 31st. RLI’s dividend payout ratio (DPR) is currently 15.13%.

Institutional Trading of RLI

Several hedge funds have recently added to or reduced their stakes in RLI. BlackRock Inc. bought a new position in shares of RLI in the second quarter worth $492,175,000. Wasatch Advisors LP raised its stake in shares of RLI by 40.7% during the second quarter. Wasatch Advisors LP now owns 3,631,273 shares of the insurance provider’s stock valued at $214,499,000 after purchasing an additional 1,051,318 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of RLI by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,920,823 shares of the insurance provider’s stock valued at $109,567,000 after purchasing an additional 21,299 shares in the last quarter. Maren Capital LLC raised its stake in shares of RLI by 0.7% during the fourth quarter. Maren Capital LLC now owns 1,701,167 shares of the insurance provider’s stock valued at $108,841,000 after purchasing an additional 11,853 shares in the last quarter. Finally, Port Capital LLC acquired a new stake in RLI in the second quarter worth about $79,499,000. Institutional investors own 77.89% of the company’s stock.

RLI Company Profile

RLI Corp. is a specialty insurance company that underwrites a broad range of property and casualty insurance products for individuals, businesses and organizations. Its offerings include commercial casualty coverage, property insurance, surety bonds, transportation-related insurance, professional liability and personal umbrella policies.

The company serves specialty markets that may be underserved by standard insurance providers. RLI distributes its products through independent agents and brokers, with business conducted primarily throughout the United States and coverage available across many industries, professions and geographic regions.

RLI was founded in 1965 as Replacement Lens, Inc, initially providing replacement coverage for automobile windshield lenses before expanding into specialty insurance.