RLI Corp. (NYSE:RLI) Shares to Pay Special Dividend of $3.00

RLI Corp. (NYSE:RLI) declared a special dividend on Wednesday, November 11th. Stockholders of record on Monday, November 30th will be given a dividend of $3.00 per share by the insurance provider on Monday, December 7th. The ex-dividend date is Monday, November 30th.

RLI has raised its dividend by an average of 0.2% per year over the last three years and has increased its dividend every year for the last 51 years. RLI has a payout ratio of 22.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect RLI to earn $2.84 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 25.4%.

RLI Stock Performance

RLI stock opened at $68.67 on Thursday. The firm has a 50 day moving average price of $61.26 and a 200-day moving average price of $59.07. RLI has a 52-week low of $47.26 and a 52-week high of $71.89. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of 19.91 and a beta of 0.31.

RLI (NYSE:RLI) last posted its quarterly earnings results on Monday, October 19th. The insurance provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.32. RLI had a return on equity of 18.19% and a net margin of 20.34%. The company had revenue of $476.96 million for the quarter, compared to the consensus estimate of $533.51 million. During the same quarter in the prior year, the business posted $0.83 EPS. As a group, sell-side analysts forecast that RLI will post 3.21 earnings per share for the current fiscal year.

About RLI

RLI Corp. is a specialty insurance company that provides property, casualty and surety coverage through its subsidiaries. Its products serve businesses and individuals whose insurance needs may require specialized underwriting. The company offers commercial liability and property insurance, personal umbrella coverage, and surety bonds, among other products. RLI distributes its policies primarily through independent agents and brokers and serves customers across the United States. Founded in 1965, RLI began by providing replacement-cost coverage for mobile homes before expanding into a broader range of specialty insurance markets.