RLI Corp. Plans Quarterly Dividend of $0.21 (RLI)
RLI Corp. (NYSE:RLI) declared a quarterly dividend on Thursday, February 8th, RTT News reports. Shareholders of record on Wednesday, February 28th will be given a dividend of 0.21 per share by the insurance provider on Tuesday, March 20th. This represents a $0.84 annualized dividend and a yield of 1.40%.
RLI has raised its dividend payment by an average of 5.3% annually over the last three years and has increased its dividend annually for the last 41 consecutive years. RLI has a dividend payout ratio of 53.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect RLI to earn $2.11 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 39.8%.
RLI (NYSE:RLI) traded up $0.24 during trading hours on Friday, reaching $60.03. The company’s stock had a trading volume of 10,221 shares, compared to its average volume of 206,535. RLI has a 1 year low of $50.34 and a 1 year high of $65.68. The company has a quick ratio of 0.35, a current ratio of 0.34 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $2,716.73, a price-to-earnings ratio of 25.23 and a beta of 1.26.
In other RLI news, Director Robert P. Restrepo, Jr. purchased 1,026 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were bought at an average price of $59.30 per share, with a total value of $60,841.80. Following the completion of the transaction, the director now directly owns 8,026 shares in the company, valued at approximately $475,941.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Stone sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $65.36, for a total value of $326,800.00. Following the sale, the director now directly owns 9,000 shares in the company, valued at approximately $588,240. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,041 shares of company stock worth $692,888. 6.09% of the stock is currently owned by insiders.
RLI has been the topic of several analyst reports. Royal Bank of Canada reissued an “underperform” rating and issued a $51.00 target price (up previously from $50.00) on shares of RLI in a research note on Friday, October 20th. Zacks Investment Research raised RLI from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Monday, January 8th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $55.00 price target on shares of RLI in a research report on Wednesday, December 6th. Finally, B. Riley reaffirmed a “neutral” rating on shares of RLI in a research report on Monday, November 6th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. RLI has a consensus rating of “Hold” and a consensus price target of $57.67.
RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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