Keefe, Bruyette & Woods Reiterates $51.00 Price Target for RLI Corp. (RLI)

RLI Corp. (NYSE:RLI) has been assigned a $51.00 target price by equities researchers at Keefe, Bruyette & Woods in a research report issued on Wednesday, May 24th. The firm presently has a “hold” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential downside of 10.31% from the company’s previous close.

RLI has been the topic of several other reports. Royal Bank of Canada reissued a “sell” rating and issued a $50.00 price objective on shares of RLI Corp. in a research report on Monday, May 22nd. Zacks Investment Research raised RLI Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, March 15th. Finally, FBR & Co reissued a “hold” rating on shares of RLI Corp. in a research report on Thursday, April 20th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. RLI Corp. currently has an average rating of “Hold” and an average price target of $41.33.

RLI Corp. (RLI) opened at 56.86 on Wednesday. The company has a market cap of $2.50 billion, a PE ratio of 24.40 and a beta of 1.18. RLI Corp. has a one year low of $52.51 and a one year high of $71.46. The stock has a 50 day moving average of $55.88 and a 200 day moving average of $58.64.

RLI Corp. (NYSE:RLI) last issued its earnings results on Wednesday, April 19th. The insurance provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.49 by $0.05. RLI Corp. had a return on equity of 10.02% and a net margin of 12.73%. The firm had revenue of $196.90 million during the quarter, compared to analysts’ expectations of $199.01 million. During the same period last year, the business posted $0.54 earnings per share. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, analysts anticipate that RLI Corp. will post $1.95 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 20th. Stockholders of record on Wednesday, May 31st will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.48%. This is a positive change from RLI Corp.’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, May 26th. RLI Corp.’s payout ratio is presently 36.21%.

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In other news, Director Michael J. Stone sold 941 shares of RLI Corp. stock in a transaction dated Tuesday, April 4th. The stock was sold at an average price of $58.89, for a total transaction of $55,415.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert P. Restrepo, Jr. bought 1,675 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were acquired at an average cost of $56.64 per share, for a total transaction of $94,872.00. Following the completion of the transaction, the director now owns 5,800 shares of the company’s stock, valued at approximately $328,512. The disclosure for this purchase can be found here. 6.09% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in RLI Corp. during the fourth quarter worth approximately $22,277,000. Teachers Advisors LLC increased its position in RLI Corp. by 12.9% in the fourth quarter. Teachers Advisors LLC now owns 71,333 shares of the insurance provider’s stock worth $4,503,000 after buying an additional 8,171 shares during the period. Comerica Bank increased its position in RLI Corp. by 5.2% in the fourth quarter. Comerica Bank now owns 41,129 shares of the insurance provider’s stock worth $2,450,000 after buying an additional 2,042 shares during the period. Russell Investments Group Ltd. purchased a new position in RLI Corp. during the fourth quarter worth approximately $271,000. Finally, Louisiana State Employees Retirement System increased its position in RLI Corp. by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 15,600 shares of the insurance provider’s stock worth $936,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 81.76% of the company’s stock.

RLI Corp. Company Profile

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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