William Blair Research Analysts Reduce Earnings Estimates for RLI Corp. (NYSE:RLI)

RLI Corp. (NYSE:RLI) – Analysts at William Blair reduced their Q2 2024 EPS estimates for RLI in a research report issued to clients and investors on Tuesday, April 23rd. William Blair analyst A. Klauber now anticipates that the insurance provider will post earnings per share of $1.36 for the quarter, down from their prior forecast of $1.65. The consensus estimate for RLI’s current full-year earnings is $5.64 per share. William Blair also issued estimates for RLI’s Q3 2024 earnings at $1.26 EPS and Q4 2024 earnings at $1.44 EPS.

RLI (NYSE:RLI) last issued its earnings results on Monday, April 22nd. The insurance provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.26. RLI had a net margin of 20.96% and a return on equity of 17.24%. The firm had revenue of $444.80 million for the quarter, compared to analysts’ expectations of $460.05 million. During the same quarter last year, the business earned $1.63 earnings per share. The business’s revenue was up 21.9% on a year-over-year basis.

Other analysts have also issued research reports about the company. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research note on Tuesday. Keefe, Bruyette & Woods raised their price target on RLI from $160.00 to $168.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Royal Bank of Canada raised their price target on RLI from $148.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Finally, Compass Point raised their price target on RLI from $158.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, RLI has a consensus rating of “Moderate Buy” and an average price target of $163.25.

RLI Stock Down 0.8 %

Shares of RLI stock opened at $146.51 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.38 and a current ratio of 0.39. RLI has a 52-week low of $123.04 and a 52-week high of $149.20. The stock has a market capitalization of $6.70 billion, a price-to-earnings ratio of 20.24 and a beta of 0.37. The company’s 50 day moving average price is $144.72 and its 200-day moving average price is $138.97.

RLI Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Thursday, February 29th were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend was Wednesday, February 28th. RLI’s dividend payout ratio is currently 14.92%.

Hedge Funds Weigh In On RLI

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its position in shares of RLI by 2.7% in the 1st quarter. Louisiana State Employees Retirement System now owns 11,600 shares of the insurance provider’s stock worth $1,722,000 after purchasing an additional 300 shares during the last quarter. Wesbanco Bank Inc. purchased a new position in shares of RLI in the 1st quarter worth about $375,000. Norden Group LLC purchased a new position in shares of RLI in the 1st quarter worth about $200,000. State of Michigan Retirement System raised its position in shares of RLI by 2.1% in the 1st quarter. State of Michigan Retirement System now owns 9,816 shares of the insurance provider’s stock worth $1,457,000 after purchasing an additional 200 shares during the last quarter. Finally, Oak Thistle LLC purchased a new position in shares of RLI in the 1st quarter worth about $468,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.

About RLI

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.