Brokerages Set RLI Corp. (NYSE:RLI) Price Target at $166.25

Shares of RLI Corp. (NYSE:RLI) have received a consensus rating of “Moderate Buy” from the five brokerages that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $166.25.

A number of equities analysts have recently issued reports on RLI shares. Keefe, Bruyette & Woods raised their target price on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Royal Bank of Canada restated a “sector perform” rating and set a $155.00 target price on shares of RLI in a research report on Wednesday, July 24th. JMP Securities restated a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Compass Point lowered their target price on shares of RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Finally, Jefferies Financial Group lowered their target price on shares of RLI from $170.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday, June 14th.

RLI Stock Down 0.4 %

Shares of NYSE:RLI opened at $152.69 on Friday. The firm’s 50 day moving average price is $149.50 and its 200 day moving average price is $145.47. The stock has a market cap of $6.99 billion, a price-to-earnings ratio of 21.09 and a beta of 0.41. RLI has a fifty-two week low of $125.77 and a fifty-two week high of $155.59.

RLI (NYSE:RLI) last issued its earnings results on Monday, July 22nd. The insurance provider reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.37. RLI had a net margin of 20.78% and a return on equity of 18.33%. The firm had revenue of $416.44 million for the quarter, compared to analysts’ expectations of $561.60 million. During the same quarter last year, the company earned $1.16 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. On average, equities analysts anticipate that RLI will post 6.14 EPS for the current year.

RLI Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were given a $0.29 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a yield of 0.76%. RLI’s dividend payout ratio (DPR) is 16.02%.

Hedge Funds Weigh In On RLI

Hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in RLI by 45.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after buying an additional 77 shares during the last quarter. American National Bank purchased a new stake in shares of RLI during the 2nd quarter worth $35,000. Riverview Trust Co purchased a new stake in shares of RLI during the 1st quarter worth $44,000. Intelligent Financial Strategies purchased a new stake in shares of RLI during the 1st quarter worth $45,000. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of RLI by 468.5% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 307 shares of the insurance provider’s stock worth $46,000 after purchasing an additional 253 shares in the last quarter. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

About RLI

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.