RLI Corp. (RLI) to Post Q3 2017 Earnings of ($0.02) Per Share, FBR & Co Forecasts
RLI Corp. (NYSE:RLI) – Equities researchers at FBR & Co reduced their Q3 2017 earnings estimates for shares of RLI Corp. in a research note issued on Tuesday. FBR & Co analyst R. Binner now expects that the insurance provider will post earnings of ($0.02) per share for the quarter, down from their previous estimate of $0.47. FBR & Co has a “Hold” rating on the stock. FBR & Co also issued estimates for RLI Corp.’s FY2017 earnings at $1.50 EPS.
Other equities analysts also recently issued reports about the stock. Zacks Investment Research raised shares of 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. BidaskClub downgraded shares of RLI Corp. from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. RLI Corp. presently has a consensus rating of “Hold” and an average target price of $46.50.
Shares of RLI Corp. (NYSE RLI) opened at 57.65 on Thursday. The firm has a market capitalization of $2.54 billion, a P/E ratio of 25.51 and a beta of 1.24. The firm’s 50-day moving average price is $55.09 and its 200-day moving average price is $55.87. RLI Corp. has a one year low of $50.34 and a one year high of $69.21.
RLI Corp. (NYSE:RLI) last issued its quarterly earnings results on Wednesday, July 19th. The insurance provider reported $0.61 earnings per share 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 firm had revenue of $196.20 million during the quarter, compared to the consensus estimate of $198.09 million. During the same period last year, the business posted $0.61 EPS. The business’s revenue was up .1% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Municipal Employees Retirement System of Michigan increased its position in shares of RLI Corp. by 0.7% during the first quarter. Municipal Employees Retirement System of Michigan now owns 8,730 shares of the insurance provider’s stock valued at $524,000 after buying an additional 60 shares during the period. Jennison Associates LLC grew its holdings in RLI Corp. by 0.4% in the second quarter. Jennison Associates LLC now owns 19,597 shares of the insurance provider’s stock worth $1,070,000 after purchasing an additional 77 shares during the period. Public Employees Retirement System of Ohio grew its holdings in RLI Corp. by 0.3% in the first quarter. Public Employees Retirement System of Ohio now owns 32,402 shares of the insurance provider’s stock worth $1,945,000 after purchasing an additional 89 shares during the period. Stifel Financial Corp grew its holdings in RLI Corp. by 0.4% in the second quarter. Stifel Financial Corp now owns 20,371 shares of the insurance provider’s stock worth $1,118,000 after purchasing an additional 91 shares during the period. Finally, Arizona State Retirement System grew its holdings in RLI Corp. by 0.5% in the second quarter. Arizona State Retirement System now owns 19,994 shares of the insurance provider’s stock worth $1,092,000 after purchasing an additional 100 shares during the period. Institutional investors own 82.91% of the company’s stock.
In related news, Director Robert P. Restrepo, Jr. purchased 1,200 shares of RLI Corp. stock in a transaction that occurred on Monday, July 24th. The shares were bought at an average price of $57.58 per share, for a total transaction of $69,096.00. Following the completion of the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at $403,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael E. Angelina purchased 1,000 shares of RLI Corp. stock in a transaction that occurred on Tuesday, August 22nd. The shares were bought at an average price of $54.41 per share, for a total transaction of $54,410.00. The disclosure for this purchase can be found here. 6.09% of the stock is owned by insiders.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Thursday, August 31st were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.46%. The ex-dividend date was Tuesday, August 29th. RLI Corp.’s dividend payout ratio is currently 37.17%.
RLI Corp. Company Profile
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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