RLI Corp. (NYSE:RLI) Stock Has Consensus Target Price of $63.20 According to Brokerages

Shares of RLI Corp. (NYSE:RLI) have been given an average recommendation of “Reduce” by the six research firms that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $62.00.

A number of research analysts have issued reports on RLI shares. Wall Street Zen upgraded RLI from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. UBS Group set a $74.00 target price on RLI in a report on Tuesday, July 28th. Weiss Ratings upgraded shares of RLI from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 28th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $74.00 price objective (up from $70.00) on shares of RLI in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group downgraded RLI from a “hold” rating to an “underperform” rating and set a $53.00 price objective on the stock. in a report on Tuesday, August 25th.

RLI Stock Up 0.9%

Shares of NYSE:RLI opened at $57.12 on Friday. The company has a market cap of $5.24 billion, a PE ratio of 16.51 and a beta of 0.36. The firm has a 50-day simple moving average of $60.83 and a 200 day simple moving average of $57.72. RLI has a fifty-two week low of $47.26 and a fifty-two week high of $67.12.

RLI (NYSE:RLI) last announced its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.11. The company had revenue of $575.57 million during the quarter, compared to the consensus estimate of $568.70 million. RLI had a net margin of 22.22% and a return on equity of 17.61%. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.82 earnings per share. As a group, research analysts forecast that RLI will post 2.90 EPS for the current fiscal year.

RLI Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, August 31st. RLI’s dividend payout ratio (DPR) is presently 15.13%.

Institutional Trading of RLI

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in RLI by 78.3% during the third quarter. GAMMA Investing LLC now owns 9,865 shares of the insurance provider’s stock worth $546,000 after buying an additional 4,331 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of RLI by 62.1% during the third quarter. Farther Finance Advisors LLC now owns 629 shares of the insurance provider’s stock worth $35,000 after buying an additional 241 shares in the last quarter. Everhart Financial Group Inc. acquired a new stake in RLI during the 3rd quarter valued at $287,000. WINTON GROUP Ltd bought a new position in shares of RLI in the second quarter valued at about $5,765,000. Finally, NewEdge Advisors LLC grew its stake in shares of RLI by 14,471.9% during the second quarter. NewEdge Advisors LLC now owns 4,663 shares of the insurance provider’s stock valued at $275,000 after purchasing an additional 4,631 shares during the last quarter. Institutional investors own 77.89% of the company’s stock.

About RLI

RLI Corp. is a specialty insurance company that underwrites a broad range of property and casualty insurance products for individuals, businesses and organizations. Its offerings include commercial casualty coverage, property insurance, surety bonds, transportation-related insurance, professional liability and personal umbrella policies.

The company serves specialty markets that may be underserved by standard insurance providers. RLI distributes its products through independent agents and brokers, with business conducted primarily throughout the United States and coverage available across many industries, professions and geographic regions.

RLI was founded in 1965 as Replacement Lens, Inc, initially providing replacement coverage for automobile windshield lenses before expanding into specialty insurance.