RLI Corp. (NYSE:RLI) Receives $61.50 Average Target Price from Analysts

RLI Corp. (NYSE:RLI) has received an average rating of “Hold” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $61.50.

A number of research firms have recently weighed in on RLI. Wells Fargo & Company dropped their target price on RLI from $59.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Wall Street Zen lowered RLI from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a report on Thursday, April 2nd. Finally, Weiss Ratings lowered shares of RLI from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd.

Insider Activity

In other news, CEO Craig W. Kliethermes bought 2,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were purchased at an average price of $52.00 per share, with a total value of $104,000.00. Following the transaction, the chief executive officer directly owned 150,990 shares in the company, valued at $7,851,480. This represents a 1.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Clark C. Kellogg bought 3,000 shares of RLI stock in a transaction dated Monday, June 1st. The stock was acquired at an average cost of $50.90 per share, with a total value of $152,700.00. Following the completion of the acquisition, the director owned 4,502 shares of the company’s stock, valued at $229,151.80. This represents a 199.73% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 16,500 shares of company stock valued at $858,955. 2.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RLI

Large investors have recently made changes to their positions in the business. Chatham Capital Group Inc. grew its position in RLI by 0.7% during the fourth quarter. Chatham Capital Group Inc. now owns 26,460 shares of the insurance provider’s stock valued at $1,693,000 after buying an additional 180 shares during the period. Covestor Ltd grew its position in shares of RLI by 13.0% during the 4th quarter. Covestor Ltd now owns 1,590 shares of the insurance provider’s stock valued at $102,000 after acquiring an additional 183 shares during the period. Versant Capital Management Inc increased its stake 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 worth $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% in the 3rd quarter. Allworth Financial LP now owns 3,760 shares of the insurance provider’s stock worth $245,000 after purchasing an additional 189 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in shares of 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 purchasing an additional 201 shares during the period. 77.89% of the stock is owned by hedge funds and other institutional investors.

RLI Price Performance

Shares of NYSE RLI opened at $62.15 on Friday. The stock has a market capitalization of $5.71 billion, a P/E ratio of 14.52 and a beta of 0.38. The company has a 50-day moving average price of $53.22 and a 200-day moving average price of $57.75. RLI has a 1 year low of $47.26 and a 1 year high of $72.12.

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

RLI Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.2%. This is a boost from RLI’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, May 29th. RLI’s dividend payout ratio is presently 16.82%.

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.