RLI Corp. (NYSE:RLI) to Issue Dividend Increase – $4.29 Per Share

RLI Corp. (NYSE:RLI) announced a None dividend on Thursday, November 7th,Zacks Dividends reports. Shareholders of record on Friday, November 29th will be paid a dividend of 4.29 per share by the insurance provider on Friday, December 20th. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from RLI’s previous None dividend of $2.25.

RLI has increased its dividend payment by an average of 4.0% annually over the last three years and has raised its dividend every year for the last 50 years. RLI has a dividend payout ratio of 18.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect RLI to earn $6.26 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 18.5%.

RLI Trading Up 3.5 %

Shares of RLI traded up $5.75 during midday trading on Friday, reaching $172.09. 200,753 shares of the stock were exchanged, compared to its average volume of 153,960. The company’s 50 day moving average is $156.60 and its two-hundred day moving average is $148.73. The company has a market capitalization of $7.89 billion, a P/E ratio of 18.91 and a beta of 0.41. RLI has a 52 week low of $125.77 and a 52 week high of $173.02.

RLI’s stock is going to split before the market opens on Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly minted shares will be distributed to shareholders after the market closes on Wednesday, January 15th.

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 business had revenue of $470.00 million for the quarter, compared to analysts’ expectations of $491.54 million. RLI had a return on equity of 19.03% and a net margin of 23.77%. The business’s revenue for the quarter was up 41.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS. On average, sell-side analysts expect that RLI will post 5.88 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods boosted their target price on shares of RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Wolfe Research assumed coverage on shares of RLI in a research note on Wednesday, October 9th. They set an “outperform” rating and a $182.00 price objective for the company. Royal Bank of Canada raised their target price on shares of RLI from $162.00 to $165.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Compass Point upped their price target on RLI from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Oppenheimer initiated coverage on RLI in a research report on Wednesday, October 16th. They issued a “market perform” rating for the company. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, RLI presently has an average rating of “Moderate Buy” and an average price target of $177.40.

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.