RLI Corp. (NYSE:RLI) Director Michael J. Stone Sells 200 Shares

RLI Corp. (NYSE:RLI) Director Michael J. Stone sold 200 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $169.55, for a total value of $33,910.00. Following the transaction, the director now directly owns 214,811 shares in the company, valued at approximately $36,421,205.05. This represents a 0.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

RLI Stock Performance

NYSE:RLI opened at $166.86 on Wednesday. The firm has a 50-day simple moving average of $167.61 and a 200-day simple moving average of $154.22. RLI Corp. has a one year low of $126.71 and a one year high of $182.29. The firm has a market cap of $7.65 billion, a P/E ratio of 18.34 and a beta of 0.46.

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, research analysts predict that RLI Corp. will post 5.85 EPS for the current fiscal year.

RLI Increases Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have commented on RLI shares. Oppenheimer started coverage on RLI in a research report on Wednesday, October 16th. They issued a “market perform” rating on the stock. Royal Bank of Canada raised their price target on shares of RLI from $162.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group boosted their price objective on shares of RLI from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Wolfe Research initiated coverage on shares of RLI in a research report on Wednesday, October 9th. They set an “outperform” rating and a $182.00 target price on the stock. Finally, Compass Point boosted their price target on RLI from $170.00 to $185.00 and gave the company a “buy” rating in a report on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $177.40.

Institutional Trading of RLI

Institutional investors have recently modified their holdings of the company. Motiv8 Investments LLC acquired a new stake in RLI in the third quarter valued at approximately $217,000. Hsbc Holdings PLC boosted its position in shares of RLI by 117.7% in the 2nd quarter. Hsbc Holdings PLC now owns 8,571 shares of the insurance provider’s stock worth $1,206,000 after purchasing an additional 4,634 shares in the last quarter. Bridges Investment Management Inc. purchased a new position in RLI during the 2nd quarter worth $954,000. &PARTNERS acquired a new position in RLI during the 2nd quarter valued at about $753,000. Finally, Bruce & Co. Inc. raised its stake in RLI by 1,020.0% in the second quarter. Bruce & Co. Inc. now owns 22,400 shares of the insurance provider’s stock valued at $3,151,000 after buying an additional 20,400 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

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.