RLI Corp. to Post Q3 2016 Earnings of $0.56 Per Share, FBR & Co Forecasts (RLI)
RLI Corp. (NYSE:RLI) – Equities researchers at FBR & Co raised their Q3 2016 earnings estimates for shares of RLI Corp. in a research report issued to clients and investors on Tuesday. FBR & Co analyst R. Binner now anticipates that the firm will earn $0.56 per share for the quarter, up from their previous forecast of $0.55.
RLI Corp. (NYSE:RLI) last issued its quarterly earnings data on Tuesday, July 19th. The company reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.01. The firm had revenue of $196 million for the quarter, compared to analyst estimates of $208.20 million. RLI Corp. had a return on equity of 12.24% and a net margin of 16.16%. During the same period last year, the company earned $0.77 EPS.
Separately, Zacks Investment Research lowered RLI Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, June 21st. Five equities research analysts have rated the stock with a hold rating, RLI Corp. presently has a consensus rating of “Hold” and a consensus target price of $59.75.
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Shares of RLI Corp. (NYSE:RLI) traded down 0.21% during midday trading on Wednesday, hitting $67.90. The stock had a trading volume of 68,063 shares. RLI Corp. has a 52-week low of $57.73 and a 52-week high of $71.46. The company has a market cap of $2.97 billion, a PE ratio of 23.10 and a beta of 0.91. The company’s 50 day moving average is $68.55 and its 200 day moving average is $67.05.
The company also recently declared a quarterly dividend, which was paid on Monday, September 19th. Investors of record on Wednesday, August 31st were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Monday, August 29th. RLI Corp.’s payout ratio is presently 27.30%.
In other RLI Corp. news, Director Michael J. Stone sold 907 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $67.39, for a total transaction of $61,122.73. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert P. Restrepo, Jr. acquired 600 shares of the firm’s stock in a transaction on Friday, August 26th. The shares were bought at an average price of $70.63 per share, for a total transaction of $42,378.00. Following the completion of the transaction, the director now owns 900 shares of the company’s stock, valued at $63,567. The disclosure for this purchase can be found here. Corporate insiders own 6.30% of the company’s stock.
A number of large investors have recently modified their holdings of RLI. Tower Research Capital LLC TRC bought a new stake in shares of RLI Corp. during the second quarter worth about $116,000. O Shaughnessy Asset Management LLC increased its stake in shares of RLI Corp. by 1.1% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,694 shares of the company’s stock worth $117,000 after buying an additional 19 shares during the period. Loomis Sayles & Co. L P increased its stake in shares of RLI Corp. by 80.7% in the first quarter. Loomis Sayles & Co. L P now owns 2,702 shares of the company’s stock valued at $181,000 after buying an additional 1,207 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of RLI Corp. during the second quarter valued at $181,000. Finally, Princeton Alpha Management LP acquired a new stake in shares of RLI Corp. during the second quarter valued at $212,000. Institutional investors and hedge funds own 79.91% of the company’s stock.
About RLI Corp.
RLI Corp. is a specialty insurance company. The Company operates through three segments: Casualty, Property and Surety. The Casualty segment consists of general liability, personal umbrella, transportation, executive products and commercial umbrella coverages, as well as package business and other specialty coverages.
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