RLI (NYSE:RLI) Rating Increased to Hold at Wells Fargo & Company

RLI (NYSE:RLI) was upgraded by Wells Fargo & Company to a “hold” rating in a report released on Thursday, MarketBeat Ratings reports. The firm presently has a $62.00 target price on the insurance provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 4.57% from the stock’s previous close.

RLI has been the subject of several other reports. Truist Financial set a $62.00 price objective on RLI and gave the stock a “hold” rating in a research report on Friday, October 3rd. Keefe, Bruyette & Woods cut their target price on RLI from $85.00 to $81.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLI in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $70.33.

RLI Trading Down 1.5%

Shares of NYSE:RLI opened at $59.29 on Thursday. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of 15.56 and a beta of 0.54. RLI has a 12 month low of $57.75 and a 12 month high of $81.79. The company’s fifty day simple moving average is $63.02 and its 200 day simple moving average is $64.88. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.05.

RLI (NYSE:RLI) last announced its earnings results on Monday, October 20th. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.21. RLI had a net margin of 19.02% and a return on equity of 16.51%. The firm had revenue of $509.26 million during the quarter, compared to analyst estimates of $444.75 million. During the same period in the prior year, the business earned $1.31 EPS. As a group, research analysts forecast that RLI will post 3.08 EPS for the current fiscal year.

Hedge Funds Weigh In On RLI

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wasatch Advisors LP acquired a new stake in RLI in the 2nd quarter valued at about $84,608,000. Norges Bank bought a new stake in RLI in the second quarter valued at approximately $74,533,000. Two Sigma Investments LP lifted its position in shares of RLI by 353.1% in the third quarter. Two Sigma Investments LP now owns 446,378 shares of the insurance provider’s stock valued at $29,113,000 after buying an additional 347,858 shares during the last quarter. UBS Group AG boosted its stake in shares of RLI by 102.7% during the 3rd quarter. UBS Group AG now owns 558,613 shares of the insurance provider’s stock worth $36,433,000 after acquiring an additional 283,083 shares during the period. Finally, State Street Corp boosted its stake in shares of RLI by 3.3% during the 3rd quarter. State Street Corp now owns 8,750,315 shares of the insurance provider’s stock worth $570,696,000 after acquiring an additional 279,983 shares during the period. 77.89% of the stock is owned by institutional investors.

About RLI

RLI Corporation (NYSE:RLI) is a specialty property and casualty insurance company focused on underwriting niche risks for businesses and individuals. Headquartered in Peoria, Illinois, the company operates through a network of independent agents and brokers, offering customized coverage solutions. RLI’s approach emphasizes disciplined underwriting, targeted product development and strong customer service to maintain profitability and long-term growth.

Founded in 1965 as Replacement Lens, Inc, RLI initially provided insurance for contact lens manufacturers before shifting its focus to specialty insurance in the 1980s.