RLI Corp. (NYSE:RLI – Free Report) – Zacks Research raised their Q3 2024 earnings per share estimates for shares of RLI in a note issued to investors on Wednesday, September 20th. Zacks Research analyst T. De now forecasts that the insurance provider will earn $0.97 per share for the quarter, up from their previous estimate of $0.93. The consensus estimate for RLI’s current full-year earnings is $4.50 per share.
RLI has been the topic of a number of other research reports. StockNews.com started coverage on RLI in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Jefferies Financial Group started coverage on RLI in a research note on Thursday, September 7th. They issued a “buy” rating and a $155.00 target price on the stock. Finally, Compass Point increased their target price on RLI from $165.00 to $170.00 in a research note on Thursday, July 27th.
RLI Stock Performance
NYSE:RLI opened at $139.99 on Monday. The stock’s fifty day moving average is $134.51 and its 200 day moving average is $133.33. RLI has a fifty-two week low of $100.96 and a fifty-two week high of $149.65. The firm has a market capitalization of $6.38 billion, a PE ratio of 8.99 and a beta of 0.42.
RLI (NYSE:RLI – Get Free Report) last released its quarterly earnings results on Monday, July 24th. The insurance provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.03). RLI had a net margin of 36.31% and a return on equity of 16.97%. The company had revenue of $381.86 million for the quarter, compared to analysts’ expectations of $358.35 million. During the same quarter in the previous year, the company posted $1.49 EPS.
Hedge Funds Weigh In On RLI
Several institutional investors have recently made changes to their positions in RLI. Eagle Bay Advisors LLC purchased a new position in shares of RLI during the second quarter valued at $25,000. Compass Wealth Management LLC bought a new stake in RLI during the fourth quarter valued at about $32,000. West Tower Group LLC bought a new stake in RLI during the second quarter valued at about $37,000. HM Payson & Co. bought a new stake in RLI during the first quarter valued at about $48,000. Finally, Bessemer Group Inc. boosted its position in RLI by 47.5% during the first quarter. Bessemer Group Inc. now owns 376 shares of the insurance provider’s stock valued at $50,000 after purchasing an additional 121 shares in the last quarter. Hedge funds and other institutional investors own 79.23% of the company’s stock.
RLI Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Thursday, August 31st were paid a dividend of $0.27 per share. The ex-dividend date was Wednesday, August 30th. This represents a $1.08 annualized dividend and a dividend yield of 0.77%. RLI’s dividend payout ratio is currently 6.93%.
About RLI
RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. 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.
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