RLI Corp. (NYSE:RLI) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of RLI Corp. (NYSE:RLI) have earned an average rating of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $177.40.

A number of research firms have weighed in on RLI. JMP Securities restated a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Wolfe Research started coverage on RLI in a report on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 price objective for the company. Royal Bank of Canada lifted their target price on RLI from $162.00 to $165.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Oppenheimer initiated coverage on shares of RLI in a research report on Wednesday, October 16th. They issued a “market perform” rating on the stock. Finally, Keefe, Bruyette & Woods raised their price objective on shares of RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, July 29th.

RLI Stock Performance

Shares of RLI stock opened at $174.85 on Friday. The firm has a market capitalization of $8.01 billion, a PE ratio of 19.21 and a beta of 0.41. RLI has a 1 year low of $125.77 and a 1 year high of $177.79. The stock has a fifty day moving average of $158.76 and a two-hundred day moving average of $149.77.

RLI’s stock is going to split on the morning of Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly created shares will be payable to shareholders after the closing bell on Wednesday, January 15th.

RLI (NYSE:RLI) last released its earnings results on Monday, October 21st. The insurance provider reported $1.31 EPS for the quarter, beating the consensus estimate of $0.98 by $0.33. The firm had revenue of $470.00 million for the quarter, compared to analysts’ expectations of $491.54 million. RLI had a net margin of 23.77% and a return on equity of 19.03%. RLI’s quarterly revenue was up 41.7% on a year-over-year basis. During the same quarter last year, the company earned $0.61 EPS. Equities research analysts predict that RLI will post 5.85 earnings per share for the current fiscal year.

RLI Increases Dividend

The business also recently disclosed a None dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be issued a dividend of $4.29 per share. This represents a yield of 0.7%. The ex-dividend date is Friday, November 29th. This is an increase from RLI’s previous None dividend of $2.25. RLI’s payout ratio is presently 12.75%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RLI. UMB Bank n.a. lifted its position in shares of RLI by 620.0% in the 3rd quarter. UMB Bank n.a. now owns 180 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 155 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in RLI during the 3rd quarter valued at $32,000. American National Bank purchased a new stake in shares of RLI in the second quarter valued at $35,000. Nomura Asset Management Co. Ltd. boosted its position in shares of RLI by 76.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock worth $36,000 after buying an additional 100 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of RLI by 45.6% during the second quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after buying an additional 77 shares in the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.

About RLI

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.