RLI (NYSE:RLI) Sets New 1-Year High – Here’s What Happened

RLI Corp. (NYSE:RLI)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $177.81 and last traded at $177.79, with a volume of 15004 shares trading hands. The stock had previously closed at $176.01.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Oppenheimer began coverage on RLI in a report on Wednesday, October 16th. They set a “market perform” rating for the company. Jefferies Financial Group upped their price target on RLI from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Compass Point raised their price objective on shares of RLI from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Keefe, Bruyette & Woods increased their target price on shares of RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Wolfe Research assumed coverage on shares of RLI in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 price target for the company. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, RLI has an average rating of “Moderate Buy” and a consensus price target of $177.40.

RLI Stock Performance

The company’s 50-day simple moving average is $161.25 and its 200-day simple moving average is $150.91. The company has a market capitalization of $8.15 billion, a PE ratio of 19.55 and a beta of 0.41.

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

RLI (NYSE:RLI) last issued its earnings results on Monday, October 21st. The insurance provider reported $1.31 earnings per share (EPS) 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 last year, the company posted $0.61 earnings per share. The firm’s quarterly revenue was up 41.7% compared to the same quarter last year. Analysts expect that RLI Corp. will post 5.85 EPS for the current year.

RLI Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. UMB Bank n.a. grew its holdings in RLI by 620.0% in the third 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 stake in shares of RLI during the 3rd quarter worth $32,000. Nomura Asset Management Co. Ltd. increased its holdings in shares of RLI by 76.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock worth $36,000 after buying an additional 100 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in RLI by 45.6% in the second quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 77 shares during the last quarter. Finally, American National Bank purchased a new stake in RLI during the second quarter valued at about $35,000. Institutional investors and hedge funds own 77.89% of the company’s stock.

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.