RLI (NYSE:RLI) Price Target Cut to $67.00 by Analysts at Keefe, Bruyette & Woods

RLI (NYSE:RLI) had its price objective decreased by Keefe, Bruyette & Woods from $70.00 to $67.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the insurance provider’s stock.

A number of other brokerages also recently issued reports on RLI. Citizens Jmp reissued a “market perform” rating on shares of RLI in a research report on Friday, January 23rd. Zacks Research raised RLI from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 2nd. Truist Financial set a $58.00 target price on shares of RLI in a report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of RLI in a report on Thursday, April 2nd. Finally, Jefferies Financial Group upgraded shares of RLI from an “underperform” rating to a “hold” rating and set a $52.00 target price for the company in a report on Friday, January 23rd. One analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $62.40.

RLI Price Performance

Shares of NYSE RLI opened at $57.77 on Tuesday. The company has a 50 day simple moving average of $60.04 and a 200-day simple moving average of $61.55. The company has a market capitalization of $5.31 billion, a P/E ratio of 13.25 and a beta of 0.52. RLI has a 1 year low of $55.80 and a 1 year high of $79.55.

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

RLI Announces Dividend

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

Insider Buying and Selling at RLI

In other RLI news, COO Jennifer L. Klobnak purchased 2,000 shares of the company’s stock in a transaction on Friday, January 23rd. The stock was acquired at an average price of $57.99 per share, for a total transaction of $115,980.00. Following the completion of the purchase, the chief operating officer directly owned 100,318 shares in the company, valued at approximately $5,817,440.82. The trade was a 2.03% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Craig W. Kliethermes purchased 5,000 shares of the company’s stock in a transaction on Friday, January 23rd. The stock was acquired at an average price of $57.45 per share, with a total value of $287,250.00. Following the purchase, the chief executive officer owned 143,990 shares of the company’s stock, valued at approximately $8,272,225.50. This represents a 3.60% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On RLI

Several institutional investors have recently modified their holdings of RLI. Vanguard Group Inc. grew its position in shares of RLI by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 9,448,929 shares of the insurance provider’s stock worth $604,542,000 after buying an additional 310,857 shares in the last quarter. State Street Corp grew its position in shares of RLI by 1.4% during the fourth quarter. State Street Corp now owns 8,875,002 shares of the insurance provider’s stock worth $567,823,000 after buying an additional 124,687 shares in the last quarter. Geode Capital Management LLC grew its position in shares of RLI by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 2,191,891 shares of the insurance provider’s stock worth $140,260,000 after buying an additional 67,025 shares in the last quarter. Wasatch Advisors LP grew its position in shares of RLI by 65.3% during the fourth quarter. Wasatch Advisors LP now owns 1,938,186 shares of the insurance provider’s stock worth $124,005,000 after buying an additional 765,344 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of RLI by 6.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,899,524 shares of the insurance provider’s stock worth $121,536,000 after buying an additional 112,541 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

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.