RLI (NYSE:RLI) Stock Passes Above 200 Day Moving Average – Here’s What Happened

RLI Corp. (NYSE:RLI) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $154.69 and traded as high as $167.85. RLI shares last traded at $165.02, with a volume of 161,838 shares.

Analysts Set New Price Targets

A number of research firms recently weighed in on RLI. Compass Point raised their price target on shares of RLI from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada upped their target price on RLI from $162.00 to $165.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Jefferies Financial Group boosted their price objective on RLI from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Oppenheimer started coverage on shares of RLI in a research report on Wednesday, October 16th. They set a “market perform” rating for the company. Finally, Wolfe Research initiated coverage on RLI in a research note on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 price objective on the stock. Three 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, the company has an average rating of “Moderate Buy” and an average target price of $177.40.

RLI Stock Up 1.2 %

The company has a market capitalization of $7.66 billion, a PE ratio of 18.36 and a beta of 0.46. The company has a 50-day moving average price of $168.35 and a two-hundred day moving average price of $155.03.

RLI shares are set to split before the market opens on Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly issued shares will be distributed to shareholders after the market closes on Wednesday, January 15th.

RLI (NYSE:RLI) last announced its quarterly 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. RLI had a net margin of 23.77% and a return on equity of 19.03%. The company had revenue of $470.00 million for the quarter, compared to analysts’ expectations of $491.54 million. During the same quarter in the previous year, the company earned $0.61 earnings per share. RLI’s quarterly revenue was up 41.7% on a year-over-year basis. As a group, equities analysts anticipate that RLI Corp. will post 5.85 EPS for the current fiscal year.

RLI Increases Dividend

The company also recently disclosed a None dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 29th were issued a $4.29 dividend. This is an increase from RLI’s previous None dividend of $2.25. The ex-dividend date of this dividend was Friday, November 29th. This represents a yield of 0.7%. RLI’s dividend payout ratio is 12.75%.

Insider Transactions at RLI

In related news, Director Michael J. Stone sold 200 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $169.55, for a total transaction of $33,910.00. Following the sale, the director now directly owns 214,811 shares of the company’s stock, valued at approximately $36,421,205.05. This represents a 0.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 5.09% of the company’s stock.

Institutional Investors Weigh In On RLI

Institutional investors and hedge funds have recently made changes to their positions in the company. UMB Bank n.a. boosted its stake in RLI by 620.0% during the 3rd quarter. UMB Bank n.a. now owns 180 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 155 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of RLI during the third quarter valued at $32,000. Nomura Asset Management Co. Ltd. increased its holdings in RLI by 76.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock worth $36,000 after buying an additional 100 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in RLI by 45.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock worth $37,000 after buying an additional 77 shares during the last quarter. Finally, American National Bank & Trust lifted its stake in RLI by 62.5% during the 3rd quarter. American National Bank & Trust now owns 403 shares of the insurance provider’s stock valued at $62,000 after acquiring an additional 155 shares during the period. 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.