RLI Corp. (RLI) Reaches New 12-Month High at $71.07
RLI Corp. (NYSE:RLI)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $71.07 and last traded at $70.93, with a volume of 61,591 shares. The stock had previously closed at $70.41.
Separately, Zacks Investment Research downgraded RLI Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, June 21st. Five research analysts have rated the stock with a hold rating, RLI Corp. has an average rating of “Hold” and a consensus target price of $58.80.
The stock’s 50-day moving average is $68.85 and its 200-day moving average is $65.97. The stock has a market cap of $3.10 billion and a PE ratio of 24.08.
RLI Corp. (NYSE:RLI) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The business earned $196 million during the quarter, compared to analysts’ expectations of $208.20 million. During the same period in the prior year, the business earned $0.77 EPS. On average, analysts predict that RLI Corp. will post $2.31 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 19th. Shareholders of record on Wednesday, August 31st will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, August 29th. This represents a $0.80 annualized dividend and a yield of 1.14%.
In other RLI Corp. news, Director Michael J. Stone sold 903 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $68.16, for a total value of $61,548.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Todd Wayne Bryant sold 9,600 shares of the firm’s stock in a transaction that occurred on Friday, June 10th. The shares were 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.
Other institutional investors have modified their holdings of the company. Jennison Associates LLC boosted its stake 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 during the period. New York State Common Retirement Fund boosted its stake 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 during the period. Finally, Principal Financial Group Inc. boosted its stake 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 during the period.
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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