Brokerages Set RLI Corp. (NYSE:RLI) Target Price at $177.40

RLI Corp. (NYSE:RLI) has been given an average rating of “Moderate Buy” by the seven research firms that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $177.40.

RLI has been the topic of a number of recent research reports. Wolfe Research assumed coverage on shares of RLI in a research report on Wednesday, October 9th. They set an “outperform” rating and a $182.00 price target on the stock. Compass Point lifted their price target on shares of RLI from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price objective on RLI from $162.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Oppenheimer initiated coverage on RLI in a research report on Wednesday, October 16th. They set a “market perform” rating for the company. Finally, Jefferies Financial Group raised their price target on RLI from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th.

Insider Activity at RLI

In related news, Director Michael J. Stone sold 200 shares of RLI stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $169.55, for a total transaction of $33,910.00. Following the sale, the director now directly owns 214,811 shares in the company, valued at $36,421,205.05. This trade represents a 0.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.09% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RLI

Several large investors have recently modified their holdings of RLI. Brown Brothers Harriman & Co. increased its holdings in RLI by 0.8% in the third quarter. Brown Brothers Harriman & Co. now owns 7,879 shares of the insurance provider’s stock valued at $1,221,000 after purchasing an additional 66 shares during the period. Klein Pavlis & Peasley Financial Inc. grew its position in shares of RLI by 1.2% in the 3rd quarter. Klein Pavlis & Peasley Financial Inc. now owns 5,757 shares of the insurance provider’s stock valued at $892,000 after buying an additional 68 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of RLI by 53.8% in the fourth quarter. Versant Capital Management Inc now owns 203 shares of the insurance provider’s stock valued at $33,000 after buying an additional 71 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of RLI by 45.6% during the second 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 last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in shares of RLI by 5.8% in the second quarter. Mercer Global Advisors Inc. ADV now owns 1,633 shares of the insurance provider’s stock worth $230,000 after acquiring an additional 89 shares during the period. Institutional investors own 77.89% of the company’s stock.

RLI Stock Performance

NYSE:RLI opened at $162.64 on Monday. RLI has a 52-week low of $132.30 and a 52-week high of $182.29. The company has a market cap of $7.45 billion, a P/E ratio of 17.87 and a beta of 0.47. The stock’s 50-day simple moving average is $169.08 and its 200 day simple moving average is $156.19.

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

RLI (NYSE:RLI) last posted its quarterly earnings results 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. The business had revenue of $470.00 million for the quarter, compared to analysts’ expectations of $491.54 million. RLI had a return on equity of 19.03% and a net margin of 23.77%. The firm’s revenue for the quarter was up 41.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.61 EPS. As a group, equities analysts predict that RLI will post 5.85 earnings per share for the current fiscal year.

RLI Increases Dividend

The business also recently declared a None dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were paid a $4.29 dividend. This is an increase from RLI’s previous None dividend of $2.25. This represents a dividend yield of 0.7%. The ex-dividend date was Friday, November 29th. RLI’s dividend payout ratio (DPR) is presently 12.75%.

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.