RLI (NYSE:RLI) Price Target Cut to $170.00 by Analysts at Compass Point

RLI (NYSE:RLI) had its price target decreased by Compass Point from $175.00 to $170.00 in a research note released on Wednesday morning, Benzinga reports. Compass Point currently has a buy rating on the insurance provider’s stock.

Several other research firms have also commented on RLI. JMP Securities restated a market perform rating on shares of RLI in a research report on Tuesday. Jefferies Financial Group lowered their target price on RLI from $170.00 to $165.00 and set a buy rating on the stock in a research report on Friday, June 14th. Royal Bank of Canada boosted their price target on RLI from $148.00 to $155.00 and gave the stock a sector perform rating in a research report on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods reissued an outperform rating and set a $168.00 price target on shares of RLI in a report on Friday, June 21st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $164.50.

RLI Stock Up 3.0 %

RLI opened at $147.04 on Wednesday. The company’s 50-day moving average price is $141.87 and its 200 day moving average price is $142.82. RLI has a fifty-two week low of $125.77 and a fifty-two week high of $149.20. The firm has a market cap of $6.73 billion, a price-to-earnings ratio of 20.31 and a beta of 0.41.

RLI (NYSE:RLI) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.37. The business had revenue of $416.44 million for the quarter, compared to the consensus estimate of $561.60 million. RLI had a return on equity of 18.33% and a net margin of 20.78%. The business’s revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the business posted $1.16 EPS. Research analysts anticipate that RLI will post 5.96 earnings per share for the current year.

RLI Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Friday, May 31st were paid a $0.29 dividend. The ex-dividend date was Friday, May 31st. This is a boost from RLI’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a yield of 0.79%. RLI’s payout ratio is 16.02%.

Institutional Investors Weigh In On RLI

A number of large investors have recently added to or reduced their stakes in the stock. Maren Capital LLC acquired a new position in RLI in the fourth quarter worth about $67,149,000. Norges Bank acquired a new stake in RLI during the 4th quarter worth $52,592,000. Jacobs Levy Equity Management Inc. boosted its stake in RLI by 237.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock worth $30,864,000 after purchasing an additional 146,324 shares during the period. Los Angeles Capital Management LLC increased its holdings in RLI by 65.6% during the 4th quarter. Los Angeles Capital Management LLC now owns 203,046 shares of the insurance provider’s stock worth $27,029,000 after purchasing an additional 80,451 shares in the last quarter. Finally, Nepsis Inc. bought a new position in RLI in the fourth quarter valued at $9,424,000. 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.