FBR & Co Weighs in on RLI Corp.’s FY2016 Earnings (RLI)
RLI Corp. (NYSE:RLI) – Equities researchers at FBR & Co dropped their FY2016 earnings estimates for RLI Corp. in a note issued to investors on Wednesday. FBR & Co analyst R. Binner now anticipates that the brokerage will earn $1.95 per share for the year, down from their previous estimate of $2.35. FBR & Co also issued estimates for RLI Corp.’s FY2018 earnings at $2.40 EPS.
Separately, Zacks Investment Research downgraded RLI Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, October 25th.
RLI Corp. (NYSE:RLI) opened at 60.75 on Friday. The firm has a market cap of $2.67 billion, a PE ratio of 23.10 and a beta of 1.01. The firm has a 50-day moving average price of $62.67 and a 200 day moving average price of $66.09. RLI Corp. has a 12-month low of $54.27 and a 12-month high of $71.46.
RLI Corp. (NYSE:RLI) last posted its quarterly earnings results on Wednesday, October 19th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.58 by $0.21. The firm earned $206.40 million during the quarter, compared to analyst estimates of $196.79 million. RLI Corp. had a net margin of 14.37% and a return on equity of 10.42%. The company’s revenue was up 2.7% on a year-over-year basis. During the same period last year, the company earned $0.70 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 23rd. Stockholders of record on Wednesday, November 30th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Monday, November 28th. RLI Corp.’s payout ratio is 30.53%.
In related news, Director Robert P. Restrepo, Jr. acquired 600 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was bought at an average price of $70.63 per share, for a total transaction of $42,378.00. Following the acquisition, the director now directly owns 900 shares of the company’s stock, valued at $63,567. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael J. Stone sold 907 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $67.39, for a total value of $61,122.73. The disclosure for this sale can be found here. 6.30% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in RLI. O Shaughnessy Asset Management LLC boosted its position in shares of RLI Corp. by 1.1% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,694 shares of the company’s stock valued at $117,000 after buying an additional 19 shares during the last quarter. Appleton Partners Inc. MA boosted its position in shares of RLI Corp. by 1.4% in the second quarter. Appleton Partners Inc. MA now owns 5,250 shares of the company’s stock valued at $361,000 after buying an additional 75 shares during the last quarter. Huntington National Bank boosted its position in shares of RLI Corp. by 4.6% in the third quarter. Huntington National Bank now owns 1,904 shares of the company’s stock valued at $130,000 after buying an additional 84 shares during the last quarter. KCG Holdings Inc. boosted its position in shares of RLI Corp. by 3.3% in the third quarter. KCG Holdings Inc. now owns 3,996 shares of the company’s stock valued at $273,000 after buying an additional 128 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its position in shares of RLI Corp. by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,430 shares of the company’s stock valued at $576,000 after buying an additional 140 shares during the last quarter. Institutional investors own 79.96% of the company’s stock.
About RLI Corp.
RLI Corp. is a specialty insurance company. The Company operates through three segments: Casualty, Property and Surety. The Casualty segment consists of general liability, personal umbrella, transportation, executive products and commercial umbrella coverages, as well as package business and other specialty coverages.
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