RLI Corp. (NYSE:RLI) Director Michael J. Stone sold 3,000 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $57.95, for a total transaction of $173,850.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Shares of RLI Corp. (NYSE RLI) opened at 54.93 on Friday. The company’s 50 day moving average is $55.71 and its 200-day moving average is $57.14. RLI Corp. has a 1-year low of $52.51 and a 1-year high of $71.46. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 24.31 and a beta of 1.21.
RLI Corp. (NYSE:RLI) last released its quarterly earnings results on Wednesday, July 19th. The insurance provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.52 by $0.09. The firm had revenue of $196.20 million for the quarter, compared to analyst estimates of $198.09 million. RLI Corp. had a return on equity of 10.10% and a net margin of 12.38%. RLI Corp.’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.61 EPS. Equities analysts anticipate that RLI Corp. will post $2.01 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Thursday, August 31st will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.53%. The ex-dividend date is Tuesday, August 29th. RLI Corp.’s dividend payout ratio (DPR) is presently 37.17%.
RLI has been the topic of a number of recent research reports. FBR & Co reiterated a “hold” rating on shares of RLI Corp. in a research note on Thursday, April 20th. Royal Bank Of Canada reiterated a “sell” rating and set a $50.00 price target on shares of RLI Corp. in a research note on Monday, May 22nd. Keefe, Bruyette & Woods set a $51.00 price target on shares of RLI Corp. and gave the stock a “hold” rating in a research note on Wednesday, May 24th. ValuEngine upgraded shares of RLI Corp. from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research upgraded shares of RLI Corp. from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Monday, July 24th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. RLI Corp. presently has an average rating of “Hold” and a consensus price target of $47.00.
A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in RLI Corp. by 11,386.7% in the first quarter. BlackRock Inc. now owns 4,695,862 shares of the insurance provider’s stock valued at $281,845,000 after buying an additional 4,654,981 shares during the period. State Street Corp raised its position in RLI Corp. by 9.1% in the first quarter. State Street Corp now owns 6,152,020 shares of the insurance provider’s stock valued at $369,239,000 after buying an additional 514,755 shares during the period. Norges Bank bought a new position in RLI Corp. during the fourth quarter valued at approximately $22,277,000. Royce & Associates LP raised its position in RLI Corp. by 220.7% in the second quarter. Royce & Associates LP now owns 437,080 shares of the insurance provider’s stock valued at $23,873,000 after buying an additional 300,800 shares during the period. Finally, Vanguard Group Inc. raised its position in RLI Corp. by 7.3% in the first quarter. Vanguard Group Inc. now owns 4,163,098 shares of the insurance provider’s stock valued at $249,869,000 after buying an additional 284,228 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.
About RLI Corp.
RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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