RLI Corp. (NYSE:RLI) Receives Consensus Rating of “Moderate Buy” from Brokerages

RLI Corp. (NYSE:RLI) has earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $177.40.

A number of equities research analysts recently weighed in on RLI shares. Royal Bank of Canada raised their price target on shares of RLI from $162.00 to $165.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group upped their price target on RLI from $165.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Oppenheimer initiated coverage on RLI in a research report on Wednesday, October 16th. They issued a “market perform” rating for the company. Compass Point lifted their price objective on shares of RLI from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Wolfe Research started coverage on shares of RLI in a report on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 target price for the company.

RLI Price Performance

RLI stock opened at $168.58 on Thursday. The stock’s 50 day moving average is $166.12 and its 200 day moving average is $153.19. RLI has a one year low of $125.77 and a one year high of $182.29. The firm has a market cap of $7.72 billion, a P/E ratio of 18.53 and a beta of 0.46.

RLI shares are 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 distributed to shareholders after the closing bell on Wednesday, January 15th.

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

RLI Increases Dividend

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

Institutional Investors Weigh In On RLI

Institutional investors have recently added to or reduced their stakes in the stock. Motiv8 Investments LLC bought a new stake in shares of RLI in the third quarter valued at about $217,000. Cetera Advisors LLC purchased a new stake in RLI during the first quarter worth $515,000. Hsbc Holdings PLC boosted its position in RLI by 117.7% during the 2nd quarter. Hsbc Holdings PLC now owns 8,571 shares of the insurance provider’s stock valued at $1,206,000 after acquiring an additional 4,634 shares in the last quarter. Bridges Investment Management Inc. purchased a new position in shares of RLI in the 2nd quarter valued at $954,000. Finally, &PARTNERS bought a new position in shares of RLI in the 2nd quarter worth $753,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

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.