RLI (NYSE:RLI) Hits New 52-Week High – What’s Next?

RLI Corp. (NYSE:RLI) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $181.64 and last traded at $180.89, with a volume of 167709 shares changing hands. The stock had previously closed at $179.76.

Wall Street Analyst Weigh In

RLI has been the subject of several recent analyst reports. Compass Point raised their price objective on shares of RLI from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price target on shares of RLI from $162.00 to $165.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Oppenheimer assumed coverage on RLI in a report on Wednesday, October 16th. They issued a “market perform” rating on the stock. Jefferies Financial Group raised their target price on RLI from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Wolfe Research initiated coverage on RLI in a research note on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 price target on the stock. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.40.

RLI Stock Down 0.4 %

The business has a 50-day simple moving average of $163.44 and a 200-day simple moving average of $151.83. The company has a market cap of $8.26 billion, a PE ratio of 19.81 and a beta of 0.41.

RLI shares are scheduled to split on the morning of Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly minted shares will be distributed to shareholders after the closing bell on Wednesday, January 15th.

RLI (NYSE:RLI) last announced its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.33. The firm had revenue of $470.00 million during the quarter, compared to analysts’ expectations of $491.54 million. RLI had a net margin of 23.77% and a return on equity of 19.03%. The business’s quarterly revenue was up 41.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.61 earnings per share. As a group, equities research analysts predict that RLI Corp. will post 5.85 EPS for the current fiscal year.

RLI Increases Dividend

The business also recently announced a None dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be issued a $4.29 dividend. The ex-dividend date is Friday, November 29th. This is a positive change from RLI’s previous None dividend of $2.25. This represents a yield of 0.7%. RLI’s dividend payout ratio (DPR) is 12.75%.

Institutional Investors Weigh In On RLI

Several large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC grew its position in shares of RLI by 12.9% during the third quarter. Sanctuary Advisors LLC now owns 6,034 shares of the insurance provider’s stock worth $935,000 after buying an additional 691 shares in the last quarter. SkyView Investment Advisors LLC grew its holdings in RLI by 2.3% during the 3rd quarter. SkyView Investment Advisors LLC now owns 4,545 shares of the insurance provider’s stock worth $704,000 after acquiring an additional 103 shares in the last quarter. Coldstream Capital Management Inc. increased its position in shares of RLI by 4.4% in the 3rd quarter. Coldstream Capital Management Inc. now owns 13,649 shares of the insurance provider’s stock valued at $2,116,000 after purchasing an additional 571 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of RLI by 5.9% in the 3rd quarter. Geode Capital Management LLC now owns 908,430 shares of the insurance provider’s stock valued at $140,817,000 after purchasing an additional 50,654 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of RLI by 76.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

RLI Company Profile

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.