RLI Corp. (NYSE:RLI) announced a quarterly dividend on Thursday, May 4th, RTT News reports. Stockholders of record on Wednesday, May 31st will be given a dividend of 0.21 per share by the insurance provider on Tuesday, June 20th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Friday, May 26th. This is a positive change from RLI Corp.’s previous quarterly dividend of $0.20.
RLI Corp. has raised its dividend payment by an average of 5.6% per year over the last three years and has increased its dividend annually for the last 40 consecutive years. RLI Corp. has a dividend payout ratio of 41.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect RLI Corp. to earn $1.96 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 42.9%.
RLI Corp. (RLI) traded down 0.35% during midday trading on Friday, hitting $56.86. 305,327 shares of the stock were exchanged. The firm’s 50-day moving average price is $55.88 and its 200 day moving average price is $58.64. RLI Corp. has a 1-year low of $52.51 and a 1-year high of $71.46. The firm has a market capitalization of $2.50 billion, a P/E ratio of 24.40 and a beta of 1.18.
RLI Corp. (NYSE:RLI) last released its quarterly earnings results on Wednesday, April 19th. The insurance provider reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by $0.05. The firm had revenue of $196.90 million for the quarter, compared to analysts’ expectations of $199.01 million. RLI Corp. had a net margin of 12.73% and a return on equity of 10.02%. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 earnings per share. Analysts expect that RLI Corp. will post $1.95 earnings per share for the current fiscal year.
RLI has been the subject of several research analyst reports. Zacks Investment Research raised shares of RLI Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, March 15th. Royal Bank of Canada reaffirmed a “sell” rating and issued a $50.00 price objective on shares of RLI Corp. in a research report on Monday, May 22nd. ValuEngine raised shares of RLI Corp. from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Keefe, Bruyette & Woods set a $51.00 price objective on shares of RLI Corp. and gave the company a “hold” rating in a research report on Wednesday, May 24th. Finally, FBR & Co reaffirmed a “hold” rating on shares of RLI Corp. in a research report on Thursday, April 20th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The company presently has an average rating of “Hold” and an average target price of $41.33.
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In other news, Director Michael J. Stone sold 941 shares of the firm’s stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $58.89, for a total transaction of $55,415.49. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert P. Restrepo, Jr. acquired 1,675 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were purchased at an average cost of $56.64 per share, for a total transaction of $94,872.00. Following the purchase, the director now directly owns 5,800 shares in the company, valued at $328,512. The disclosure for this purchase can be found here. 6.09% of the stock is currently owned by corporate insiders.
A hedge fund recently bought a new stake in RLI Corp. stock. Renaissance Technologies LLC acquired a new position in RLI Corp. (NYSE:RLI) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 20,596 shares of the insurance provider’s stock, valued at approximately $1,236,000. Institutional investors and hedge funds own 81.76% of the company’s stock.
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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