Brokerages Set RLI Corp. (NYSE:RLI) Price Target at $91.20

RLI Corp. (NYSE:RLI) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $90.70.

A number of brokerages recently commented on RLI. Royal Bank of Canada lowered their target price on shares of RLI from $88.00 to $80.00 and set a “sector perform” rating for the company in a research note on Friday. Oppenheimer began coverage on RLI in a research report on Wednesday, October 16th. They set a “market perform” rating for the company. Keefe, Bruyette & Woods cut their target price on RLI from $100.50 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Wolfe Research began coverage on RLI in a report on Wednesday, October 9th. They issued an “outperform” rating and a $91.00 price target for the company. Finally, Compass Point increased their price target on shares of RLI from $85.00 to $92.50 and gave the company a “buy” rating in a research note on Friday, October 25th.

Insider Activity at RLI

In other RLI news, Director Michael J. Stone sold 400 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $84.78, for a total value of $33,910.00. Following the sale, the director now owns 429,622 shares of the company’s stock, valued at approximately $36,421,205.05. This represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.09% of the company’s stock.

Institutional Trading of RLI

Several institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp raised its holdings in RLI by 1.3% in the 3rd quarter. State Street Corp now owns 4,393,250 shares of the insurance provider’s stock valued at $680,866,000 after acquiring an additional 58,167 shares during the last quarter. Geode Capital Management LLC increased its stake in RLI by 5.9% in the third quarter. Geode Capital Management LLC now owns 908,430 shares of the insurance provider’s stock valued at $140,817,000 after purchasing an additional 50,654 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in RLI by 0.5% during the third quarter. Thrivent Financial for Lutherans now owns 813,719 shares of the insurance provider’s stock worth $126,110,000 after buying an additional 4,330 shares during the period. Port Capital LLC boosted its stake in RLI by 0.4% in the 3rd quarter. Port Capital LLC now owns 759,988 shares of the insurance provider’s stock worth $117,783,000 after buying an additional 3,200 shares during the last quarter. Finally, Maren Capital LLC grew its holdings in RLI by 4.3% in the 3rd quarter. Maren Capital LLC now owns 674,729 shares of the insurance provider’s stock valued at $104,570,000 after buying an additional 27,940 shares during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

RLI Price Performance

NYSE RLI opened at $72.52 on Friday. The company has a market cap of $6.65 billion, a P/E ratio of 19.36 and a beta of 0.47. The stock has a 50-day moving average of $82.71 and a two-hundred day moving average of $78.84. RLI has a 1-year low of $67.04 and a 1-year high of $91.14.

RLI (NYSE:RLI) last issued its quarterly earnings results on Wednesday, January 22nd. The insurance provider reported $0.41 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.64). RLI had a net margin of 19.53% and a return on equity of 16.38%. On average, analysts anticipate that RLI will post 3.13 EPS for the current fiscal year.

RLI Cuts Dividend

The business also recently announced a None dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 29th were given a dividend of $2.145 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a dividend yield of 0.7%. RLI’s payout ratio is currently 15.49%.

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.