Key Points
- RLI CEO Craig Kliethermes bought 5,000 shares on May 21 at $52.00 each, totaling $260,000. The purchase increased his holdings by 3.47% and was disclosed in an SEC filing.
- RLI shares were trading slightly lower, opening at $52.41, below both their 50-day moving average of $55.11 and 200-day moving average of $59.52. The stock has a market cap of $4.82 billion and a low beta of 0.42.
- The company recently raised its quarterly dividend to $0.18 per share from $0.16, equal to a 1.4% yield. Analysts currently have a consensus rating of Hold with an average price target of $61.50.
RLI Corp. (NYSE:RLI - Get Free Report) CEO Craig Kliethermes acquired 5,000 shares of the stock in a transaction on Thursday, May 21st. The shares were acquired at an average price of $52.00 per share, for a total transaction of $260,000.00. Following the acquisition, the chief executive officer owned 148,990 shares of the company's stock, valued at approximately $7,747,480. The trade was a 3.47% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.
RLI Trading Down 0.3%
RLI opened at $52.41 on Wednesday. The company's fifty day moving average price is $55.11 and its two-hundred day moving average price is $59.52. RLI Corp. has a 1-year low of $47.26 and a 1-year high of $77.24. The company has a market cap of $4.82 billion, a price-to-earnings ratio of 12.25 and a beta of 0.42.
RLI (NYSE:RLI - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.10. RLI had a net margin of 20.81% and a return on equity of 17.72%. The firm had revenue of $423.87 million for the quarter, compared to the consensus estimate of $564.47 million. During the same quarter in the prior year, the company posted $0.92 earnings per share. The business's revenue was up 4.0% on a year-over-year basis. As a group, equities analysts forecast that RLI Corp. will post 2.7 earnings per share for the current fiscal year.
RLI Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be issued a dividend of $0.18 per share. The ex-dividend date is Friday, May 29th. This is a positive change from RLI's previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 1.4%. RLI's dividend payout ratio is currently 14.95%.
Analysts Set New Price Targets
Several research analysts have weighed in on RLI shares. Weiss Ratings downgraded shares of RLI from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday. Wall Street Zen downgraded shares of RLI from a "hold" rating to a "sell" rating in a report on Saturday, May 2nd. Zacks Research upgraded shares of RLI from a "strong sell" rating to a "hold" rating in a report on Thursday, April 2nd. Keefe, Bruyette & Woods upgraded shares of RLI from a "moderate buy" rating to a "strong-buy" rating in a report on Tuesday, February 24th. Finally, Wells Fargo & Company lowered their target price on shares of RLI from $59.00 to $55.00 and set an "equal weight" rating for the company in a report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $61.50.
Read Our Latest Report on RLI
Institutional Trading of RLI
Several institutional investors and hedge funds have recently made changes to their positions in RLI. Wasatch Advisors LP purchased a new stake in shares of RLI in the second quarter valued at about $84,608,000. Norges Bank purchased a new stake in shares of RLI in the fourth quarter valued at about $66,997,000. Victory Capital Management Inc. raised its holdings in shares of RLI by 6,060.1% in the fourth quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider's stock valued at $47,327,000 after purchasing an additional 727,701 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of RLI by 311.6% in the first quarter. First Trust Advisors LP now owns 688,318 shares of the insurance provider's stock valued at $39,262,000 after purchasing an additional 521,096 shares during the last quarter. Finally, Bank of Montreal Can grew its position in RLI by 3,664.4% during the fourth quarter. Bank of Montreal Can now owns 368,384 shares of the insurance provider's stock valued at $23,569,000 after buying an additional 358,598 shares during the period. Hedge funds and other institutional investors own 77.89% of the company's stock.
About RLI
(
Get Free Report)
RLI Corporation (NYSE:RLI) is a specialty property and casualty insurance company focused on underwriting niche risks for businesses and individuals. Headquartered in Peoria, Illinois, the company operates through a network of independent agents and brokers, offering customized coverage solutions. RLI's approach emphasizes disciplined underwriting, targeted product development and strong customer service to maintain profitability and long-term growth.
Founded in 1965 as Replacement Lens, Inc, RLI initially provided insurance for contact lens manufacturers before shifting its focus to specialty insurance in the 1980s.
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