RLI (NYSE:RLI) Given New $55.00 Price Target at Wells Fargo & Company

RLI (NYSE:RLI) had its price target cut by equities research analysts at Wells Fargo & Company from $59.00 to $55.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 6.46% from the stock’s previous close.

Several other equities research analysts have also recently commented on the stock. Citizens Jmp reiterated a “market perform” rating on shares of RLI in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of RLI in a research note on Thursday, April 2nd. Zacks Research upgraded shares of RLI from a “strong sell” rating to a “hold” rating in a report on Thursday, April 2nd. Keefe, Bruyette & Woods upgraded shares of RLI from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, February 24th. Finally, Truist Financial set a $58.00 price target on shares of RLI in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $64.40.

RLI Stock Up 0.3%

RLI traded up $0.16 during trading on Thursday, reaching $58.80. The stock had a trading volume of 14,711 shares, compared to its average volume of 764,580. The stock has a 50 day moving average of $60.07 and a two-hundred day moving average of $61.53. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of 13.48 and a beta of 0.52. RLI has a 1-year low of $55.80 and a 1-year high of $79.55.

RLI (NYSE:RLI) last posted its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.18. The company had revenue of $465.69 million for the quarter, compared to the consensus estimate of $447.53 million. RLI had a return on equity of 18.67% and a net margin of 21.43%.During the same quarter in the previous year, the business earned $0.41 EPS. On average, research analysts forecast that RLI will post 3.08 EPS for the current fiscal year.

Insider Activity

In other news, COO Jennifer L. Klobnak acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, January 23rd. The stock was purchased at an average price of $57.99 per share, with a total value of $115,980.00. Following the purchase, the chief operating officer owned 100,318 shares of the company’s stock, valued at approximately $5,817,440.82. This trade represents a 2.03% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Craig W. Kliethermes acquired 5,000 shares of the stock in a transaction on Friday, January 23rd. The shares were purchased at an average price of $57.45 per share, for a total transaction of $287,250.00. Following the completion of the transaction, the chief executive officer owned 143,990 shares in the company, valued at approximately $8,272,225.50. This represents a 3.60% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 2.16% of the company’s stock.

Institutional Trading of RLI

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada lifted its stake in RLI by 115.1% in the 1st quarter. Royal Bank of Canada now owns 56,386 shares of the insurance provider’s stock worth $4,529,000 after acquiring an additional 30,170 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in RLI by 110.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 185,504 shares of the insurance provider’s stock valued at $14,902,000 after acquiring an additional 97,501 shares in the last quarter. Empowered Funds LLC grew its stake in RLI by 472.3% during the 1st quarter. Empowered Funds LLC now owns 29,177 shares of the insurance provider’s stock valued at $2,344,000 after acquiring an additional 24,079 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of RLI by 46.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,559 shares of the insurance provider’s stock valued at $113,000 after purchasing an additional 493 shares during the period. Finally, Amundi increased its holdings in shares of RLI by 16,550.0% in the 2nd quarter. Amundi now owns 23,976 shares of the insurance provider’s stock valued at $1,689,000 after purchasing an additional 23,832 shares during the period. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Company Profile

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.