Keefe, Bruyette & Woods Boosts RLI (NYSE:RLI) Price Target to $70.00

RLI (NYSE:RLI) had its price objective lifted by research analysts at Keefe, Bruyette & Woods from $67.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 13.86% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. Wall Street Zen cut RLI from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Wells Fargo & Company lowered their target price on shares of RLI from $59.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Weiss Ratings cut shares of RLI from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Finally, Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $58.75.

RLI Stock Down 1.0%

RLI traded down $0.64 during trading on Wednesday, hitting $61.48. The company’s stock had a trading volume of 85,116 shares, compared to its average volume of 858,975. The firm has a market capitalization of $5.65 billion, a P/E ratio of 14.34 and a beta of 0.38. RLI has a twelve month low of $47.26 and a twelve month high of $72.12. The stock’s fifty day moving average price is $53.22 and its 200-day moving average price is $57.75.

RLI (NYSE:RLI) last posted its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.10. RLI had a net margin of 20.81% and a return on equity of 17.72%. The firm had revenue of $423.87 million during the quarter, compared to the consensus estimate of $564.47 million. During the same period in the previous year, the firm posted $0.92 earnings per share. The business’s revenue was up 4.0% compared to the same quarter last year. Equities research analysts expect that RLI will post 2.75 EPS for the current fiscal year.

Insider Buying and Selling at RLI

In other news, Director David B. Duclos purchased 2,500 shares of the stock in a transaction dated Thursday, May 28th. The shares were purchased at an average cost of $51.99 per share, with a total value of $129,975.00. Following the completion of the acquisition, the director owned 9,780 shares in the company, valued at $508,462.20. This represents a 34.34% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Craig W. Kliethermes acquired 2,000 shares of RLI stock in a transaction that occurred on Wednesday, May 27th. The shares were purchased at an average cost of $52.00 per share, with a total value of $104,000.00. Following the purchase, the chief executive officer owned 150,990 shares of the company’s stock, valued at $7,851,480. This represents a 1.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 16,500 shares of company stock valued at $858,955. 2.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RLI

A number of institutional investors have recently added to or reduced their stakes in the business. Chatham Capital Group Inc. increased its position in shares of RLI by 0.7% in the fourth quarter. Chatham Capital Group Inc. now owns 26,460 shares of the insurance provider’s stock worth $1,693,000 after purchasing an additional 180 shares during the last quarter. Covestor Ltd boosted its holdings in shares of RLI by 13.0% in the 4th quarter. Covestor Ltd now owns 1,590 shares of the insurance provider’s stock worth $102,000 after purchasing an additional 183 shares in the last quarter. Versant Capital Management Inc increased its position in shares of RLI by 28.5% during the 2nd quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 185 shares during the last quarter. Allworth Financial LP raised its holdings in shares of RLI by 5.3% during the 3rd quarter. Allworth Financial LP now owns 3,760 shares of the insurance provider’s stock valued at $245,000 after buying an additional 189 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in RLI by 94.4% in the 4th quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock worth $26,000 after buying an additional 201 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

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.