RLI (NYSE:RLI) Price Target Cut to $80.00 by Analysts at Royal Bank of Canada

RLI (NYSE:RLI) had its target price cut by Royal Bank of Canada from $88.00 to $80.00 in a report issued on Friday,Benzinga reports. They currently have a sector perform rating on the insurance provider’s stock.

RLI has been the subject of several other research reports. Wolfe Research assumed coverage on RLI in a report on Wednesday, October 9th. They issued an “outperform” rating and a $91.00 price target for the company. Keefe, Bruyette & Woods cut their target price on RLI from $100.50 to $100.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. JMP Securities reissued a “market perform” rating on shares of RLI in a research report on Thursday. Jefferies Financial Group raised their price objective on shares of RLI from $82.50 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Oppenheimer initiated coverage on shares of RLI in a report on Wednesday, October 16th. They issued a “market perform” rating on the stock. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.70.

RLI Stock Up 1.1 %

Shares of RLI opened at $72.52 on Friday. RLI has a 52-week low of $67.04 and a 52-week high of $91.14. The stock has a market cap of $6.65 billion, a PE ratio of 19.36 and a beta of 0.47. The firm’s fifty day moving average is $83.01 and its two-hundred day moving average is $78.75.

RLI (NYSE:RLI) last posted its quarterly earnings results on Wednesday, January 22nd. The insurance provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.64). RLI had a return on equity of 16.38% and a net margin of 19.53%. As a group, research analysts anticipate that RLI will post 3.13 earnings per share for the current year.

RLI Cuts Dividend

The business also recently declared a None dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were paid a $2.145 dividend. This represents a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, November 29th. RLI’s dividend payout ratio (DPR) is 15.49%.

Insider Transactions at RLI

In other RLI news, Director Michael J. Stone sold 400 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $84.78, for a total transaction of $33,910.00. Following the transaction, the director now directly owns 429,622 shares in the company, valued at $36,421,205.05. This represents a 0.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.09% of the company’s stock.

Institutional Investors Weigh In On RLI

Institutional investors and hedge funds have recently modified their holdings of the company. UMB Bank n.a. increased its stake in RLI by 620.0% during the third quarter. UMB Bank n.a. now owns 180 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 155 shares during the period. V Square Quantitative Management LLC purchased a new stake in RLI during the 3rd quarter worth approximately $32,000. Versant Capital Management Inc lifted its holdings in RLI by 53.8% during the 4th quarter. Versant Capital Management Inc now owns 203 shares of the insurance provider’s stock worth $33,000 after buying an additional 71 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in RLI by 76.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock valued at $36,000 after buying an additional 100 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of RLI by 45.6% in the second 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. Hedge funds and other 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.