RLI (NYSE:RLI) Stock Passes Above 200 Day Moving Average – Here’s Why

RLI Corp. (NYSE:RLI) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $154.69 and traded as high as $167.85. RLI shares last traded at $165.02, with a volume of 161,838 shares traded.

Wall Street Analyst Weigh In

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

RLI Stock Performance

The firm has a market cap of $7.56 billion, a P/E ratio of 18.13 and a beta of 0.46. The firm’s fifty day moving average is $168.11 and its 200 day moving average is $154.69.

RLI’s stock is going to split on Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly issued shares will be issued to shareholders after the market closes on Wednesday, January 15th.

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

RLI Increases Dividend

The firm also recently announced a None dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 29th were given a dividend of $4.29 per share. This represents a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, November 29th. This is a positive change from RLI’s previous None dividend of $2.25. RLI’s dividend payout ratio is presently 12.75%.

Insider Activity

In other RLI news, Director Michael J. Stone sold 200 shares of RLI stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $169.55, for a total value of $33,910.00. Following the completion of the transaction, the director now directly owns 214,811 shares of the company’s stock, valued at $36,421,205.05. The trade was a 0.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.09% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RLI. UMB Bank n.a. grew its stake in RLI by 620.0% during the third quarter. UMB Bank n.a. now owns 180 shares of the insurance provider’s stock worth $28,000 after buying an additional 155 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of RLI during the 3rd quarter worth approximately $32,000. Nomura Asset Management Co. Ltd. increased its stake in RLI by 76.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 100 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in RLI by 45.6% during the second quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 77 shares in the last quarter. Finally, American National Bank & Trust lifted its stake in RLI by 62.5% during the third quarter. American National Bank & Trust now owns 403 shares of the insurance provider’s stock worth $62,000 after purchasing an additional 155 shares during the last quarter. 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.