RLI Corp. (RLI) Reaches New 1-Year High at $69.09
RLI Corp. (NYSE:RLI) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $69.09 and last traded at $68.86, with a volume of 76,273 shares. The stock had previously closed at $68.38.
Several brokerages recently issued reports on RLI. Zacks Investment Research cut shares of RLI Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, June 21st. FBR & Co reissued a “hold” rating on shares of RLI Corp. in a report on Saturday, April 23rd. Finally, Compass Point reissued a “hold” rating and set a $58.00 target price (up previously from $55.00) on shares of RLI Corp. in a report on Saturday, April 23rd. Five research analysts have rated the stock with a hold rating, RLI Corp. presently has an average rating of “Hold” and a consensus target price of $58.80.
The company’s 50 day moving average is $66.40 and its 200-day moving average is $64.22. The stock has a market cap of $3.02 billion and a P/E ratio of 22.08.
RLI Corp. (NYSE:RLI) last released its quarterly earnings results on Wednesday, April 20th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.05. During the same period in the previous year, the business posted $0.50 EPS. The company had revenue of $201.70 million for the quarter, compared to analyst estimates of $194.04 million. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. Equities research analysts expect that RLI Corp. will post $2.31 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 20th. Shareholders of record on Tuesday, May 31st were issued a $0.20 dividend. This is an increase from RLI Corp.’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend was Thursday, May 26th.
In other RLI Corp. news, Director Michael J. Stone sold 903 shares of RLI Corp. stock in a transaction on Friday, July 1st. The shares were sold at an average price of $68.16, for a total value of $61,548.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Todd Wayne Bryant sold 9,600 shares of RLI Corp. stock in a transaction on Friday, June 10th. The stock was sold at an average price of $66.95, for a total transaction of $642,720.00. Following the completion of the transaction, the vice president now directly owns 12,532 shares of the company’s stock, valued at approximately $839,017.40. The disclosure for this sale can be found here.
A number of institutional investors have added to or reduced their stakes in RLI. ProShare Advisors LLC increased its position in RLI Corp. by 20.8% in the fourth quarter. ProShare Advisors LLC now owns 16,733 shares of the company’s stock worth $1,033,000 after buying an additional 2,883 shares in the last quarter. First Trust Advisors LP increased its position in RLI Corp. by 150.6% in the fourth quarter. First Trust Advisors LP now owns 32,574 shares of the company’s stock worth $2,011,000 after buying an additional 19,576 shares in the last quarter. Jennison Associates LLC increased its position in RLI Corp. by 113.0% in the fourth quarter. Jennison Associates LLC now owns 33,778 shares of the company’s stock worth $2,086,000 after buying an additional 17,923 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in RLI Corp. by 12.6% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 39,365 shares of the company’s stock worth $2,431,000 after buying an additional 4,392 shares in the last quarter. Finally, New York State Common Retirement Fund increased its position in RLI Corp. by 2.0% in the fourth quarter. New York State Common Retirement Fund now owns 40,200 shares of the company’s stock worth $2,482,000 after buying an additional 800 shares in the last quarter.
RLI Corp. underwrites selected property and casualty insurance through major subsidiaries collectively known as RLI Insurance Group. The Company conducts operations through four insurance companies. These companies are organized in a vertical structure beneath RLI Corp. with RLI Insurance Company (RLI Ins.) as the principal, insurance subsidiary.
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