Keefe, Bruyette & Woods Analysts Give RLI Corp. (RLI) a $51.00 Price Target
RLI Corp. (NYSE:RLI) has been given a $51.00 price target by analysts at Keefe, Bruyette & Woods in a research note issued on Wednesday. The brokerage presently has a “hold” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target points to a potential downside of 12.11% from the stock’s current price.
Several other equities analysts have also weighed in on the company. Zacks Investment Research lowered RLI Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, October 12th. BidaskClub lowered RLI Corp. from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Finally, FBR & Co reissued a “hold” rating on shares of RLI Corp. in a research note on Friday, July 21st. Three investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $46.75.
Shares of RLI Corp. (RLI) traded down 2.81% during trading on Wednesday, reaching $58.03. The company had a trading volume of 297,823 shares. The company has a 50 day moving average of $55.86 and a 200-day moving average of $55.85. The firm has a market capitalization of $2.56 billion, a P/E ratio of 25.23 and a beta of 1.24. RLI Corp. has a 52-week low of $50.34 and a 52-week high of $64.66.
RLI Corp. (NYSE:RLI) last released its earnings results on Wednesday, October 18th. The insurance provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.44). RLI Corp. had a net margin of 9.97% and a return on equity of 8.53%. The company had revenue of $196.20 million during the quarter, compared to analyst estimates of $195.89 million. During the same period in the previous year, the company posted $0.37 EPS. The company’s quarterly revenue was down 4.9% compared to the same quarter last year. Equities analysts expect that RLI Corp. will post $1.53 earnings per share for the current year.
In other news, Director Michael J. Stone sold 991 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $57.40, for a total transaction of $56,883.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert P. Restrepo, Jr. purchased 1,200 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were acquired at an average cost of $57.58 per share, for a total transaction of $69,096.00. Following the transaction, the director now owns 7,000 shares of the company’s stock, valued at $403,060. The disclosure for this purchase can be found here. Company 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 raised its position in shares of RLI Corp. by 2.4% during the second quarter. State Street Corp now owns 6,297,222 shares of the insurance provider’s stock worth $343,954,000 after purchasing an additional 145,202 shares during the period. BlackRock Inc. raised its position in shares of RLI Corp. by 11,386.7% during the first quarter. BlackRock Inc. now owns 4,695,862 shares of the insurance provider’s stock worth $281,845,000 after purchasing an additional 4,654,981 shares during the period. Vanguard Group Inc. raised its position in shares of RLI Corp. by 1.1% during the second quarter. Vanguard Group Inc. now owns 4,208,225 shares of the insurance provider’s stock worth $229,853,000 after purchasing an additional 45,127 shares during the period. Neuberger Berman Group LLC raised its position in shares of RLI Corp. by 0.7% during the second quarter. Neuberger Berman Group LLC now owns 2,437,870 shares of the insurance provider’s stock worth $133,156,000 after purchasing an additional 15,876 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in shares of RLI Corp. by 3.8% during 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 purchasing an additional 61,279 shares during the period. 82.92% of the stock is currently owned by institutional investors.
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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