RLI Corp. (RLI) Sees Strong Trading Volume
Shares of RLI Corp. (NYSE:RLI) saw unusually-high trading volume on Friday . Approximately 114,268 shares were traded during 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 report on Tuesday, June 28th. Five analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and a consensus target price of $58.80.
The stock has a 50-day moving average of $68.85 and a 200-day moving average of $65.97. The firm has a market cap of $3.08 billion and a PE ratio of 23.95.
RLI Corp. (NYSE:RLI) last issued its quarterly earnings data on Tuesday, July 19th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The company had revenue of $196 million for the quarter, compared to the consensus estimate of $208.20 million. During the same period in the prior year, the company earned $0.77 EPS. Equities research analysts forecast that RLI Corp. will post $2.31 EPS for the current year.
The business also recently disclosed 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. This represents a $0.80 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Monday, August 29th.
In related news, Director Michael J. Stone sold 903 shares of the firm’s 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 the SEC website. Also, VP Todd Wayne Bryant sold 9,600 shares of the firm’s stock in a transaction 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 hedge funds and institutional investors have added to or reduced their stakes in the company. Principal Financial Group Inc. increased 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 worth $15,937,000 after buying an additional 11,779 shares during the period. 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 during the period. Finally, 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 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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