RLI Corp. (RLI) Sees Strong Trading Volume
Shares of RLI Corp. (NYSE:RLI) saw strong trading volume on Friday . 114,268 shares were traded during mid-day trading, an increase of 29% from the previous session’s volume of 88,353 shares.The stock last traded at $70.18 and had previously closed at $70.35.
Separately, Zacks Investment Research raised RLI Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Five analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus price target of $58.80.
The stock’s 50-day moving average is $68.85 and its 200 day moving average is $65.97. The firm has a market cap of $3.08 billion and a P/E ratio of 23.95.
RLI Corp. (NYSE:RLI) last released its quarterly earnings results on Tuesday, July 19th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $196 million for the quarter, compared to analysts’ expectations of $208.20 million. During the same quarter in the prior year, the business earned $0.77 earnings per share. On average, equities research analysts predict that RLI Corp. will post $2.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 19th. Stockholders of record on Wednesday, August 31st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 1.14%.
In other news, VP Todd Wayne Bryant sold 9,600 shares of the firm’s 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 in the company, valued at $839,017.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael J. Stone sold 903 shares of the firm’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $68.16, for a total value of $61,548.48. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC raised 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 valued at $2,086,000 after buying an additional 17,923 shares in the last quarter. New York State Common Retirement Fund raised 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 valued at $2,482,000 after buying an additional 800 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in RLI Corp. by 4.8% in the fourth quarter. Principal Financial Group Inc. now owns 258,088 shares of the company’s stock valued at $15,937,000 after buying an additional 11,779 shares in the last quarter.
RLI Corp. is a specialty insurance company. The Company operates through three segments: Casualty, Property and Surety. The Casualty segment consists of general liability, personal umbrella, transportation, executive products and commercial umbrella coverages, as well as package business and other specialty coverages.
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