RLI (NYSE:RLI) Upgraded to “Strong-Buy” 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 released on Tuesday,Zacks.com reports.

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

RLI Stock Up 0.9%

Shares of NYSE RLI opened at $61.69 on Tuesday. The firm has a market cap of $5.67 billion, a PE ratio of 14.15 and a beta of 0.53. The company’s fifty day simple moving average is $61.21 and its 200 day simple moving average is $63.10. RLI has a 12-month low of $55.80 and a 12-month high of $81.79.

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, beating the consensus estimate of $0.76 by $0.18. RLI had a net margin of 21.43% and a return on equity of 18.67%. The firm had revenue of $465.69 million during the quarter, compared to the consensus estimate of $447.53 million. During the same period in the previous year, the firm posted $0.41 earnings per share. On average, equities analysts predict that RLI will post 3.08 earnings per share for the current year.

RLI Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Monday, March 2nd. RLI’s payout ratio is currently 14.68%.

Insider Buying and Selling at RLI

In other news, CEO Craig W. Kliethermes acquired 5,000 shares of RLI stock in a transaction on Friday, January 23rd. The stock was acquired at an average cost of $57.45 per share, with a total value of $287,250.00. Following the transaction, the chief executive officer owned 143,990 shares of the company’s stock, valued at approximately $8,272,225.50. This trade represents a 3.60% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Klobnak acquired 2,000 shares of the firm’s stock in a transaction on Friday, January 23rd. The stock was 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 approximately $5,817,440.82. The trade was a 2.03% increase in their position. The SEC filing for this purchase provides additional information. Corporate 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. Royal Bank of Canada lifted its holdings in RLI by 115.1% during the first quarter. Royal Bank of Canada now owns 56,386 shares of the insurance provider’s stock worth $4,529,000 after acquiring an additional 30,170 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of RLI by 110.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 185,504 shares of the insurance provider’s stock worth $14,902,000 after purchasing an additional 97,501 shares during the period. Empowered Funds LLC boosted its holdings in shares of RLI by 472.3% in the 1st quarter. Empowered Funds LLC now owns 29,177 shares of the insurance provider’s stock worth $2,344,000 after buying an additional 24,079 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in RLI during the second quarter valued at about $1,449,000. Finally, Envestnet Asset Management Inc. increased its holdings in RLI by 3.8% during the second quarter. Envestnet Asset Management Inc. now owns 184,196 shares of the insurance provider’s stock worth $13,303,000 after buying an additional 6,719 shares during the last quarter. 77.89% of the stock is owned by institutional investors.

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.