$0.59 EPS Expected for RLI Corp. (RLI) This Quarter
Wall Street analysts expect RLI Corp. (NYSE:RLI) to announce earnings of $0.59 per share for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for RLI Corp.’s earnings. RLI Corp. posted earnings of $0.37 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 59.5%. The business is expected to announce its next earnings report on Wednesday, October 18th.
According to Zacks, analysts expect that RLI Corp. will report full year earnings of $2.04 per share for the current fiscal year, with EPS estimates ranging from $1.95 to $2.13. For the next fiscal year, analysts expect that the firm will post earnings of $1.94 per share, with EPS estimates ranging from $1.87 to $2.00. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that that provide coverage for RLI Corp..
RLI Corp. (NYSE:RLI) last released its quarterly earnings results on Wednesday, July 19th. The insurance provider reported $0.61 earnings per share for the quarter, beating the 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 firm had revenue of $196.20 million for the quarter, compared to analysts’ expectations of $198.09 million. During the same quarter last year, the firm posted $0.61 EPS. The company’s revenue was up .1% compared to the same quarter last year.
RLI has been the subject of several recent research reports. Keefe, Bruyette & Woods set a $51.00 price target on RLI Corp. and gave the company a “hold” rating in a report on Wednesday, May 24th. Zacks Investment Research lowered RLI Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, August 29th. BidaskClub lowered RLI Corp. from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. ValuEngine raised RLI Corp. from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, FBR & Co reaffirmed a “hold” rating on shares of RLI Corp. in a research note on Friday, July 21st. Two analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $47.00.
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In other RLI Corp. news, Director Robert P. Restrepo, Jr. acquired 1,200 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was purchased at an average price of $57.58 per share, with a total value of $69,096.00. Following the completion of the purchase, the director now directly owns 7,000 shares in the company, valued at approximately $403,060. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael J. Stone sold 3,000 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $57.95, for a total value of $173,850.00. The disclosure for this sale can be found here. Corporate insiders own 6.09% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of RLI Corp. by 2.4% in the second quarter. State Street Corp now owns 6,297,222 shares of the insurance provider’s stock worth $343,954,000 after acquiring an additional 145,202 shares during the period. BlackRock Inc. boosted its stake in shares of RLI Corp. by 11,386.7% in the first quarter. BlackRock Inc. now owns 4,695,862 shares of the insurance provider’s stock worth $281,845,000 after acquiring an additional 4,654,981 shares during the period. Vanguard Group Inc. boosted its stake in shares of RLI Corp. by 1.1% in the second quarter. Vanguard Group Inc. now owns 4,208,225 shares of the insurance provider’s stock worth $229,853,000 after acquiring an additional 45,127 shares during the period. Neuberger Berman Group LLC boosted its stake in shares of RLI Corp. by 0.7% in the second quarter. Neuberger Berman Group LLC now owns 2,437,870 shares of the insurance provider’s stock worth $133,156,000 after acquiring an additional 15,876 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of RLI Corp. by 3.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,659,570 shares of the insurance provider’s stock worth $90,646,000 after acquiring an additional 61,279 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.
RLI Corp. (NYSE RLI) traded up 0.82% during mid-day trading on Friday, hitting $53.79. The company’s stock had a trading volume of 321,428 shares. The stock has a market cap of $2.37 billion, a P/E ratio of 23.80 and a beta of 1.24. RLI Corp. has a 52-week low of $50.34 and a 52-week high of $69.51. The company’s 50 day moving average is $54.63 and its 200-day moving average is $56.12.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Thursday, August 31st will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Tuesday, August 29th. RLI Corp.’s dividend payout ratio (DPR) is 37.17%.
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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