Wells Fargo & Company Cuts RLI (NYSE:RLI) Price Target to $55.00

RLI (NYSE:RLI) had its price objective trimmed by Wells Fargo & Company from $59.00 to $55.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the insurance provider’s stock.

A number of other research analysts also recently weighed in on the company. Jefferies Financial Group raised RLI from an “underperform” rating to a “hold” rating and set a $52.00 price target on the stock in a research note on Friday, January 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of RLI in a research note on Thursday, April 2nd. Citizens Jmp reissued a “market perform” rating on shares of RLI in a research note on Friday, January 23rd. Zacks Research raised RLI from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 2nd. Finally, Truist Financial set a $58.00 price objective on RLI in a research note on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, RLI presently has an average rating of “Hold” and an average target price of $64.40.

RLI Stock Performance

RLI stock opened at $58.07 on Thursday. The stock’s 50 day simple moving average is $60.08 and its 200 day simple moving average is $61.44. RLI has a fifty-two week low of $55.80 and a fifty-two week high of $79.55. The company has a market cap of $5.34 billion, a P/E ratio of 13.32 and a beta of 0.52.

RLI (NYSE:RLI) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.18. RLI had a return on equity of 18.67% and a net margin of 21.43%.The business had revenue of $465.69 million for the quarter, compared to the consensus estimate of $447.53 million. During the same period in the prior year, the business earned $0.41 EPS. Equities analysts predict that RLI will post 3.08 earnings per share for the current year.

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a $0.16 dividend. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.64 annualized dividend and a dividend yield of 1.1%. RLI’s dividend payout ratio is 14.68%.

Insider Activity at RLI

In other RLI news, CEO Craig W. Kliethermes purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The shares were acquired at an average cost of $57.45 per share, for a total transaction of $287,250.00. Following the completion of the acquisition, the chief executive officer owned 143,990 shares of the company’s stock, valued at $8,272,225.50. The trade was a 3.60% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Klobnak acquired 2,000 shares of the business’s stock in a transaction on Friday, January 23rd. The stock was acquired at an average cost of $57.99 per share, for a total transaction of $115,980.00. Following the transaction, the chief operating officer owned 100,318 shares of the company’s stock, valued at approximately $5,817,440.82. The trade was a 2.03% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Rockefeller Capital Management L.P. grew its stake in RLI by 5.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 11,805 shares of the insurance provider’s stock valued at $755,000 after purchasing an additional 595 shares during the period. World Investment Advisors grew its stake in RLI by 29.6% in the 4th quarter. World Investment Advisors now owns 6,212 shares of the insurance provider’s stock valued at $397,000 after purchasing an additional 1,420 shares during the period. Brighton Securities CORP. grew its stake in RLI by 14.8% in the 4th quarter. Brighton Securities CORP. now owns 3,454 shares of the insurance provider’s stock valued at $221,000 after purchasing an additional 445 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in RLI by 1,005.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,267 shares of the insurance provider’s stock valued at $145,000 after purchasing an additional 2,062 shares during the period. Finally, DGS Capital Management LLC bought a new position in RLI in the 4th quarter valued at $364,000. Institutional investors own 77.89% of the company’s stock.

RLI Company Profile

RLI Corporation (NYSE:RLI) is a specialty property and casualty insurance company focused on underwriting niche risks for businesses and individuals. Headquartered in Peoria, Illinois, the company operates through a network of independent agents and brokers, offering customized coverage solutions. RLI’s approach emphasizes disciplined underwriting, targeted product development and strong customer service to maintain profitability and long-term growth.

Founded in 1965 as Replacement Lens, Inc, RLI initially provided insurance for contact lens manufacturers before shifting its focus to specialty insurance in the 1980s.