RLI Corp. (RLI) Downgraded to “Hold” at Zacks Investment Research
RLI Corp. (NYSE:RLI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “RLI Corp. boasts one of the industry’s most profitable P&C writers, with an impressive track record of underwriting profits in 37 of the past 41 years (particularly the last 21 years). Its ability to consistently increase dividend, announce special dividends, maintain combined ratios at favorable levels as well as a solid capital position are other positives. Continuous strategic investments to fortify Casualty segment bode well. The company also remains focused on strengthening its underwriting results and has decided to drop underperforming products in the property business. Estimates for 2017 and 2018 moved up by a cent each over the last 60 days. However, exposure to catastrophe losses and escalating expenses raise concerns. Share of RLI Corp underperformed the industry year to date.”
Several other research analysts also recently weighed in on the stock. BidaskClub downgraded shares of RLI Corp. from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. FBR & Co reissued a “hold” rating on shares of RLI Corp. in a research note on Friday, July 21st. ValuEngine raised shares of RLI Corp. from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Keefe, Bruyette & Woods set a $51.00 target price on shares of RLI Corp. and gave the company a “hold” rating in a research note on Wednesday, May 24th. Finally, Royal Bank Of Canada reissued a “sell” rating and issued a $50.00 target price on shares of RLI Corp. in a research note on Monday, May 22nd. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $47.00.
Shares of RLI Corp. (NYSE:RLI) traded down 0.748% during trading on Tuesday, hitting $53.765. 49,320 shares of the company’s stock were exchanged. RLI Corp. has a 12-month low of $52.51 and a 12-month high of $71.46. The company has a market cap of $2.37 billion, a P/E ratio of 23.790 and a beta of 1.21. The company has a 50-day moving average of $55.57 and a 200-day moving average of $56.74.
RLI Corp. (NYSE:RLI) last announced its earnings results on Wednesday, July 19th. The insurance provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.09. RLI Corp. had a net margin of 12.38% and a return on equity of 10.10%. The firm had revenue of $196.20 million during the quarter, compared to the consensus estimate of $198.09 million. During the same quarter in the previous year, the company posted $0.61 EPS. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities analysts expect that RLI Corp. will post $2.01 earnings per share for the current fiscal year.
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In other RLI Corp. news, Director Michael E. Angelina purchased 1,000 shares of the stock in a transaction on Tuesday, August 22nd. The stock was bought at an average price of $54.41 per share, for a total transaction of $54,410.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert P. Restrepo, Jr. purchased 1,200 shares of the stock in a transaction on Monday, July 24th. The stock was acquired at an average price of $57.58 per share, with a total value of $69,096.00. Following the acquisition, the director now directly owns 7,000 shares in the company, valued at $403,060. The disclosure for this purchase can be found here. Insiders sold a total of 8,947 shares of company stock valued at $501,958 in the last 90 days. 6.09% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. UBS Asset Management Americas Inc. boosted its stake in RLI Corp. by 14.8% in the first quarter. UBS Asset Management Americas Inc. now owns 47,180 shares of the insurance provider’s stock valued at $2,832,000 after buying an additional 6,070 shares during the period. Van Berkom & Associates Inc. boosted its stake in RLI Corp. by 0.5% in the first quarter. Van Berkom & Associates Inc. now owns 675,330 shares of the insurance provider’s stock valued at $40,533,000 after buying an additional 3,030 shares during the period. Comerica Bank boosted its stake in RLI Corp. by 4.2% in the first quarter. Comerica Bank now owns 42,838 shares of the insurance provider’s stock valued at $2,487,000 after buying an additional 1,709 shares during the period. Elkfork Partners LLC boosted its stake in RLI Corp. by 1.3% in the first quarter. Elkfork Partners LLC now owns 2,652 shares of the insurance provider’s stock valued at $159,000 after buying an additional 34 shares during the period. Finally, American Century Companies Inc. boosted its stake in RLI Corp. by 59.8% in the first quarter. American Century Companies Inc. now owns 393,863 shares of the insurance provider’s stock valued at $23,640,000 after buying an additional 147,314 shares during the period. Institutional investors own 82.91% of the company’s stock.
RLI Corp. Company Profile
RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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