RLI (NYSE:RLI) Upgraded at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of RLI (NYSE:RLI) from a moderate buy rating to a strong-buy rating in a research report report published on Tuesday morning,Zacks.com reports.

Several other brokerages also recently weighed in on RLI. Jefferies Financial Group upgraded RLI from an “underperform” rating to a “hold” rating and set a $52.00 target price on the stock in a research note on Friday, January 23rd. Citizens Jmp reiterated a “market perform” rating on shares of RLI in a research report on Friday, January 23rd. Zacks Research cut shares of RLI from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Wells Fargo & Company set a $59.00 price objective on shares of RLI and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Finally, Truist Financial set a $58.00 target price on shares of RLI in a report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, RLI has a consensus rating of “Hold” and a consensus target price of $65.20.

RLI Price Performance

Shares of NYSE:RLI opened at $61.41 on Tuesday. RLI has a 1-year low of $55.80 and a 1-year high of $81.79. The stock has a market cap of $5.64 billion, a P/E ratio of 14.08 and a beta of 0.53. The firm has a fifty day moving average price of $61.12 and a 200 day moving average price of $63.08.

RLI (NYSE:RLI) last posted its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.18. RLI had a net margin of 21.43% and a return on equity of 18.67%. The company had revenue of $465.69 million for the quarter, compared to analyst estimates of $447.53 million. During the same period in the previous year, the business posted $0.41 earnings per share. Sell-side analysts expect that RLI will post 3.08 EPS for the current fiscal year.

RLI Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a $0.16 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.64 annualized dividend and a dividend yield of 1.0%. RLI’s dividend payout ratio is currently 14.68%.

Insider Activity at RLI

In related news, COO Jennifer L. Klobnak bought 2,000 shares of RLI stock in a transaction that occurred on Friday, January 23rd. The shares were purchased at an average price of $57.99 per share, with a total value of $115,980.00. Following the purchase, the chief operating officer owned 100,318 shares in the company, valued at $5,817,440.82. This represents a 2.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Craig W. Kliethermes purchased 5,000 shares of the business’s stock in a transaction dated Friday, January 23rd. The stock was bought at an average cost of $57.45 per share, with a total value 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 approximately $8,272,225.50. The trade was a 3.60% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On RLI

Hedge funds and other institutional investors have recently modified their holdings of the company. Wasatch Advisors LP purchased a new position in shares of RLI during the second quarter valued at approximately $84,608,000. Norges Bank acquired a new position in RLI in the 4th quarter valued at $66,997,000. Victory Capital Management Inc. lifted its stake in shares of RLI by 6,060.1% during the 4th quarter. Victory Capital Management Inc. now owns 739,709 shares of the insurance provider’s stock worth $47,327,000 after purchasing an additional 727,701 shares during the period. Bank of Montreal Can boosted its stake in RLI by 3,664.4% in the 4th quarter. Bank of Montreal Can now owns 368,384 shares of the insurance provider’s stock worth $23,569,000 after buying an additional 358,598 shares during the last quarter. Finally, Two Sigma Investments LP grew its holdings in RLI by 353.1% in the 3rd quarter. Two Sigma Investments LP now owns 446,378 shares of the insurance provider’s stock valued at $29,113,000 after buying an additional 347,858 shares during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

About RLI

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.