RLI (NYSE:RLI) Now Covered by StockNews.com

Posted by Denise Davis on Mar 19th, 2023

StockNews.com initiated coverage on shares of RLI (NYSE:RLI – Get Rating) in a report issued on Thursday. The firm issued a hold rating on the insurance provider’s stock.

Separately, Royal Bank of Canada boosted their price objective on shares of RLI from $123.00 to $136.00 and gave the stock a sector perform rating in a report on Friday, January 27th.

RLI Trading Down 3.2 %

Shares of RLI stock opened at $125.78 on Thursday. The company has a market cap of $5.72 billion, a PE ratio of 9.87 and a beta of 0.42. The company has a 50 day moving average of $133.26 and a 200-day moving average of $125.27. RLI has a 1-year low of $100.96 and a 1-year high of $140.69.

RLI (NYSE:RLI – Get Rating) last issued its earnings results on Wednesday, January 25th. The insurance provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.45. RLI had a net margin of 34.36% and a return on equity of 18.99%. The business had revenue of $360.59 million for the quarter, compared to analyst estimates of $323.92 million. During the same period in the prior year, the firm earned $1.26 earnings per share. RLI’s revenue was up 11.5% on a year-over-year basis. Research analysts forecast that RLI will post 4.47 earnings per share for the current year.

RLI Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 20th. Investors of record on Tuesday, February 28th will be given a $0.26 dividend. The ex-dividend date of this dividend is Monday, February 27th. This represents a $1.04 dividend on an annualized basis and a yield of 0.83%. RLI’s dividend payout ratio is presently 8.16%.

Insider Activity

In other RLI news, Director Michael E. Angelina purchased 213 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were acquired at an average price of $131.41 per share, for a total transaction of $27,990.33. Following the completion of the purchase, the director now owns 12,397 shares of the company’s stock, valued at $1,629,089.77. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.09% of the company’s stock.

Institutional Trading of RLI

Several large investors have recently added to or reduced their stakes in RLI. Rockefeller Capital Management L.P. lifted its stake in RLI by 10.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,950 shares of the insurance provider’s stock worth $255,000 after acquiring an additional 179 shares in the last quarter. Voya Investment Management LLC grew its stake in shares of RLI by 12.9% in the 4th quarter. Voya Investment Management LLC now owns 60,114 shares of the insurance provider’s stock valued at $7,891,000 after purchasing an additional 6,865 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of RLI by 8.4% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 6,463 shares of the insurance provider’s stock valued at $848,000 after buying an additional 500 shares during the period. Compass Wealth Management LLC acquired a new stake in shares of RLI in the 4th quarter valued at approximately $32,000. Finally, Alliancebernstein L.P. raised its holdings in RLI by 99.6% during the fourth quarter. Alliancebernstein L.P. now owns 190,892 shares of the insurance provider’s stock worth $25,058,000 after purchasing an additional 95,258 shares during the last quarter. 80.24% of the stock is currently owned by hedge funds and other institutional investors.

RLI Company Profile

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RLI Corp. operates as a holding company, which engages in the provision of insurance and underwriting services. It operates through the following segments: Casualty, Property and Surety. The Casualty segment offers healthcare and transportation insurance. The Property segment consists of commercial fire, earthquake, difference in conditions, marine, facultative and treaty reinsurance, including crop and select personal lines policies, including pet insurance and homeowners reinsurance services.