RLI (NYSE:RLI) Raised to Buy at B. Riley

B. Riley upgraded shares of RLI (NYSE:RLI) from a neutral rating to a buy rating in a research note published on Monday, BenzingaRatingsTable reports. The brokerage currently has $89.00 price target on the insurance provider’s stock, up from their previous price target of $75.00.

Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of RLI from a strong-buy rating to a hold rating and set a $105.00 price objective for the company. in a research note on Monday, December 23rd. Royal Bank of Canada cut their price objective on shares of RLI from to in a research note on Thursday, March 19th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. RLI presently has an average rating of Hold and an average price target of $72.75.

Shares of RLI stock traded up $6.49 during trading on Monday, reaching $86.12. The company’s stock had a trading volume of 185,107 shares, compared to its average volume of 263,249. RLI has a 52-week low of $66.02 and a 52-week high of $99.93. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 20.31 and a beta of 0.79. The firm’s 50-day moving average is $85.45 and its two-hundred day moving average is $91.27. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.15.

RLI (NYSE:RLI) last announced its quarterly earnings data on Wednesday, January 22nd. The insurance provider reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.14. RLI had a net margin of 19.10% and a return on equity of 12.07%. The company had revenue of $233.40 million during the quarter, compared to analysts’ expectations of $236.01 million. On average, equities research analysts anticipate that RLI will post 2.47 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, February 28th were given a dividend of $0.23 per share. The ex-dividend date was Thursday, February 27th. This represents a $0.92 annualized dividend and a yield of 1.07%. RLI’s payout ratio is currently 35.80%.

In other RLI news, Director Michael J. Stone sold 1,494 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $89.23, for a total transaction of $133,309.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan S. Fleming purchased 600 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were purchased at an average cost of $77.22 per share, with a total value of $46,332.00. Following the transaction, the director now directly owns 1,915 shares in the company, valued at $147,876.30. The disclosure for this purchase can be found here. Corporate insiders own 5.01% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Highstreet Asset Management Inc. bought a new position in RLI in the 4th quarter worth $345,000. Russell Investments Group Ltd. increased its stake in shares of RLI by 175.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,681 shares of the insurance provider’s stock worth $435,000 after acquiring an additional 2,981 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in shares of RLI by 1.8% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 106,251 shares of the insurance provider’s stock worth $9,872,000 after acquiring an additional 1,872 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of RLI by 0.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 27,742 shares of the insurance provider’s stock worth $2,578,000 after acquiring an additional 230 shares in the last quarter. Finally, AE Wealth Management LLC increased its stake in shares of RLI by 242.6% in the 4th quarter. AE Wealth Management LLC now owns 14,449 shares of the insurance provider’s stock worth $1,301,000 after acquiring an additional 10,231 shares in the last quarter. 84.92% of the stock is owned by institutional investors and hedge funds.

About RLI

RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.

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