RLI (NYSE:RLI) Price Target Raised to $62.00 at Wells Fargo & Company

RLI (NYSE:RLI) had its price objective boosted by Wells Fargo & Company from $55.00 to $62.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the insurance provider’s stock.

Several other equities research analysts have also recently weighed in on RLI. Weiss Ratings cut RLI from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Wall Street Zen cut shares of RLI from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Zacks Research raised shares of RLI from a “strong sell” rating to a “hold” rating in a report on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods raised their price target on shares of RLI from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.50.

RLI Price Performance

RLI opened at $60.02 on Thursday. RLI has a fifty-two week low of $47.26 and a fifty-two week high of $71.17. The business has a 50-day moving average of $53.56 and a 200-day moving average of $57.67. The company has a market capitalization of $5.52 billion, a PE ratio of 14.02 and a beta of 0.38.

RLI (NYSE:RLI) last released its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.10. RLI had a net margin of 20.81% and a return on equity of 17.72%. The business had revenue of $423.87 million during the quarter, compared to analyst estimates of $564.47 million. During the same quarter in the previous year, the business earned $0.92 EPS. RLI’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts expect that RLI will post 2.75 earnings per share for the current fiscal year.

RLI Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were paid a $0.18 dividend. This is a boost from RLI’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 29th. RLI’s payout ratio is presently 16.82%.

Insider Transactions at RLI

In other RLI news, Director David B. Duclos bought 2,500 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were bought at an average cost of $51.99 per share, for a total transaction of $129,975.00. Following the transaction, the director owned 9,780 shares in the company, valued at approximately $508,462.20. This trade represents a 34.34% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jennifer L. Klobnak acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average price of $53.42 per share, for a total transaction of $106,840.00. Following the completion of the acquisition, the chief operating officer directly owned 102,318 shares of the company’s stock, valued at $5,465,827.56. This trade represents a 1.99% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 16,500 shares of company stock worth $858,955 in the last quarter. 2.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RLI

A number of hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC lifted its holdings in shares of RLI by 94.4% in the fourth quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 201 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of RLI by 156.4% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 283 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of RLI by 72.1% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 618 shares of the insurance provider’s stock worth $40,000 after acquiring an additional 259 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of RLI in the fourth quarter valued at approximately $43,000. Finally, IFP Advisors Inc raised its holdings in shares of RLI by 85.9% in the fourth quarter. IFP Advisors Inc now owns 684 shares of the insurance provider’s stock valued at $44,000 after purchasing an additional 316 shares during the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Company Profile

RLI Corporation (NYSE:RLI) is a specialty property and casualty insurance company focused on underwriting niche risks for businesses and individuals. Headquartered in Peoria, Illinois, the company operates through a network of independent agents and brokers, offering customized coverage solutions. RLI’s approach emphasizes disciplined underwriting, targeted product development and strong customer service to maintain profitability and long-term growth.

Founded in 1965 as Replacement Lens, Inc, RLI initially provided insurance for contact lens manufacturers before shifting its focus to specialty insurance in the 1980s.