RLI (NYSE:RLI) Price Target Lowered to $80.00 at Royal Bank of Canada

RLI (NYSE:RLI) had its price target decreased by Royal Bank of Canada from $88.00 to $80.00 in a report issued on Friday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the insurance provider’s stock.

A number of other research analysts also recently weighed in on the stock. JMP Securities reiterated a “market perform” rating on shares of RLI in a research report on Thursday. Wolfe Research started coverage on shares of RLI in a research note on Wednesday, October 9th. They issued an “outperform” rating and a $91.00 price target on the stock. Keefe, Bruyette & Woods dropped their target price on shares of RLI from $100.50 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Compass Point raised 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. Finally, Jefferies Financial Group boosted their price objective on RLI from $82.50 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.70.

RLI Stock Up 1.1 %

Shares of NYSE:RLI opened at $72.52 on Friday. The business’s 50 day moving average is $82.71 and its 200 day moving average is $78.84. The stock has a market cap of $6.65 billion, a P/E ratio of 19.36 and a beta of 0.47. RLI has a 52-week low of $67.04 and a 52-week high of $91.14.

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

RLI Cuts Dividend

The company also recently disclosed a None dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were paid a $2.145 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a dividend yield of 0.7%. RLI’s payout ratio is presently 15.49%.

Insider Activity at RLI

In other news, Director Michael J. Stone sold 400 shares of RLI stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $84.78, for a total value of $33,910.00. Following the completion of the transaction, the director now owns 429,622 shares in the company, valued at approximately $36,421,205.05. This trade represents a 0.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.09% of the company’s stock.

Institutional Investors Weigh In On RLI

Hedge funds and other institutional investors have recently modified their holdings of the company. UMB Bank n.a. increased its stake in RLI by 620.0% in the third quarter. UMB Bank n.a. now owns 180 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 155 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of RLI during the third quarter worth about $32,000. Versant Capital Management Inc boosted its position in shares of RLI by 53.8% in the 4th quarter. Versant Capital Management Inc now owns 203 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 71 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in RLI by 76.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock worth $36,000 after buying an additional 100 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in 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 buying an additional 77 shares during the period. 77.89% of the stock is currently owned by institutional investors and hedge funds.

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.