RLI Corp. (NYSE:RLI) Announces Quarterly Dividend of $0.21
RLI Corp. (NYSE:RLI) announced a quarterly dividend on Wednesday, August 9th, RTT News reports. Investors of record on Thursday, August 31st will be given a dividend of 0.21 per share by the insurance provider on Wednesday, September 20th. This represents a $0.84 dividend on an annualized basis and a yield of 1.50%.
RLI Corp. has raised its dividend payment by an average of 5.6% annually over the last three years and has raised its dividend every year for the last 40 years. RLI Corp. has a payout ratio of 41.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect RLI Corp. to earn $1.97 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 42.6%.
RLI Corp. (NYSE RLI) traded down 0.20% during mid-day trading on Wednesday, reaching $55.95. The company had a trading volume of 140,395 shares. The firm has a market capitalization of $2.46 billion, a PE ratio of 24.76 and a beta of 1.21. RLI Corp. has a 52 week low of $52.51 and a 52 week high of $71.46. The stock’s 50-day moving average price is $55.69 and its 200 day moving average price is $57.25.
RLI Corp. (NYSE:RLI) last issued its quarterly earnings results on Wednesday, July 19th. The insurance provider reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.09. RLI Corp. had a return on equity of 10.10% and a net margin of 12.38%. The company had revenue of $196.20 million during the quarter, compared to analysts’ expectations of $198.09 million. During the same quarter in the previous year, the firm posted $0.61 EPS. The firm’s revenue was up .1% compared to the same quarter last year. On average, equities research analysts predict that RLI Corp. will post $2.01 EPS for the current year.
RLI has been the subject of a number of research reports. FBR & Co reaffirmed a “hold” rating on shares of RLI Corp. in a research report on Thursday, April 20th. Royal Bank Of Canada reaffirmed a “sell” rating and set a $50.00 price target on shares of RLI Corp. in a research report on Monday, May 22nd. Keefe, Bruyette & Woods set a $51.00 price objective on RLI Corp. and gave the company a “hold” rating in a research note on Wednesday, May 24th. ValuEngine upgraded RLI Corp. from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research upgraded RLI Corp. from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $47.00.
In other RLI Corp. news, Director Michael J. Stone sold 947 shares of RLI Corp. stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $54.76, for a total transaction of $51,857.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael J. Stone sold 5,000 shares of RLI Corp. stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $55.25, for a total value of $276,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 8,947 shares of company stock valued at $501,958 in the last quarter. Company insiders own 6.09% of the company’s stock.
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About RLI Corp.
RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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