RLI (NYSE:RLI) Price Target Raised to $165.00 at Royal Bank of Canada

RLI (NYSE:RLI) had its price target upped by Royal Bank of Canada from $162.00 to $165.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a sector perform rating on the insurance provider’s stock.

Other equities research analysts have also issued reports about the company. Wolfe Research initiated coverage on RLI in a research report on Wednesday, October 9th. They set an “outperform” rating and a $182.00 price objective for the company. Oppenheimer assumed coverage on shares of RLI in a report on Wednesday, October 16th. They set a “market perform” rating for the company. Jefferies Financial Group upped their price objective on shares of RLI from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their target price on shares of RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, JMP Securities restated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, RLI has an average rating of “Moderate Buy” and a consensus price target of $174.40.

RLI Price Performance

RLI stock opened at $159.71 on Wednesday. The firm has a market capitalization of $7.30 billion, a P/E ratio of 22.06 and a beta of 0.41. RLI has a 52-week low of $125.77 and a 52-week high of $164.25. The company’s 50 day simple moving average is $154.43 and its 200-day simple moving average is $147.04.

RLI (NYSE:RLI) last announced its earnings results on Monday, October 21st. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.33. The company had revenue of $470.00 million for the quarter, compared to the consensus estimate of $491.54 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. The company’s revenue was up 41.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.61 EPS. Sell-side analysts predict that RLI will post 6.07 EPS for the current fiscal year.

RLI Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.73%. The ex-dividend date was Friday, August 30th. RLI’s payout ratio is presently 16.02%.

Institutional Investors Weigh In On RLI

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its stake in shares of RLI by 45.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 77 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in RLI by 5.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 1,633 shares of the insurance provider’s stock worth $230,000 after purchasing an additional 89 shares during the last quarter. Inspire Investing LLC boosted its position in RLI by 3.8% during the second quarter. Inspire Investing LLC now owns 2,502 shares of the insurance provider’s stock worth $352,000 after purchasing an additional 92 shares during the period. Louisiana State Employees Retirement System grew its holdings in RLI by 0.9% during the third quarter. Louisiana State Employees Retirement System now owns 11,500 shares of the insurance provider’s stock valued at $1,782,000 after purchasing an additional 100 shares during the last quarter. Finally, CWM LLC grew its holdings in RLI by 3.4% during the third quarter. CWM LLC now owns 3,875 shares of the insurance provider’s stock valued at $601,000 after purchasing an additional 126 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

RLI Company Profile

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.