RLI Corp. (NYSE:RLI) Given Average Rating of “Moderate Buy” by Brokerages

Shares of RLI Corp. (NYSE:RLI) have earned a consensus recommendation of “Moderate Buy” from the seven analysts that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $177.40.

A number of brokerages have weighed in on RLI. Wolfe Research started coverage on RLI in a research note on Wednesday, October 9th. They set an “outperform” rating and a $182.00 price objective for the company. Oppenheimer started coverage on shares of RLI in a research note on Wednesday, October 16th. They issued a “market perform” rating for the company. Royal Bank of Canada increased their price objective on shares of RLI from $162.00 to $165.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted 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. Finally, Jefferies Financial Group lifted their price target on RLI from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th.

RLI Price Performance

Shares of RLI opened at $174.85 on Friday. RLI has a 12 month low of $125.77 and a 12 month high of $177.79. The stock’s 50-day moving average is $158.76 and its two-hundred day moving average is $149.77. The stock has a market cap of $8.01 billion, a PE ratio of 19.21 and a beta of 0.41.

Shares of RLI are scheduled to split on Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly created shares will be issued to shareholders after the market closes on Wednesday, January 15th.

RLI (NYSE:RLI) last posted its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.33. RLI had a net margin of 23.77% and a return on equity of 19.03%. The company had revenue of $470.00 million during the quarter, compared to analysts’ expectations of $491.54 million. During the same period in the prior year, the company posted $0.61 EPS. The firm’s revenue for the quarter was up 41.7% on a year-over-year basis. On average, research analysts anticipate that RLI will post 5.85 earnings per share for the current year.

RLI Increases Dividend

The firm also recently disclosed a None dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be paid a dividend of $4.29 per share. This is a positive change from RLI’s previous None dividend of $2.25. The ex-dividend date of this dividend is Friday, November 29th. This represents a yield of 0.7%. RLI’s dividend payout ratio is 12.75%.

Hedge Funds Weigh In On RLI

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. UMB Bank n.a. boosted its position in RLI by 620.0% during the 3rd quarter. UMB Bank n.a. now owns 180 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 155 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of RLI during the third quarter valued at $32,000. American National Bank acquired a new position in shares of RLI during the second quarter valued at $35,000. Nomura Asset Management Co. Ltd. grew its position in shares of RLI by 76.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 100 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of RLI by 45.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 77 shares during the period. 77.89% of the stock is currently owned by institutional investors and hedge funds.

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.