RLI (NYSE:RLI) Announces Earnings Results

Key Points

• RLI reported earnings of $0.83 per share, surpassing analyst expectations of $0.53 by a significant margin.
• The company announced a quarterly dividend of $0.16, with an annualized dividend yield of 1.1%.
• RLI's stock is currently rated as a "hold" by most analysts, with a consensus price target of $72.80.

RLI (NYSE:RLI - Get Free Report) released its quarterly earnings results on Monday. The insurance provider reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.30, Zacks reports. RLI had a net margin of 17.81% and a return on equity of 15.82%.

RLI Stock Up 0.2%

NYSE RLI traded up $0.11 during mid-day trading on Monday, hitting $59.74. The company's stock had a trading volume of 611,468 shares, compared to its average volume of 530,591. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of 17.12 and a beta of 0.60. The company's 50 day simple moving average is $65.73 and its 200 day simple moving average is $70.40. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI has a twelve month low of $59.01 and a twelve month high of $91.14.

RLI Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, August 29th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, August 29th. RLI's dividend payout ratio (DPR) is currently 18.34%.

Insider Buying and Selling at RLI

In other RLI news, COO Jennifer L. Klobnak acquired 3,000 shares of RLI stock in a transaction dated Thursday, July 24th. The stock was purchased at an average cost of $69.15 per share, for a total transaction of $207,450.00. Following the completion of the acquisition, the chief operating officer directly owned 98,450 shares of the company's stock, valued at $6,807,817.50. This represents a 3.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.16% of the company's stock.

Institutional Trading of RLI

Large investors have recently bought and sold shares of the company. SkyView Investment Advisors LLC increased its position in shares of RLI by 2.9% during the second quarter. SkyView Investment Advisors LLC now owns 8,281 shares of the insurance provider's stock worth $591,000 after purchasing an additional 237 shares in the last quarter. Treasurer of the State of North Carolina boosted its position in shares of RLI by 0.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 38,211 shares of the insurance provider's stock worth $2,760,000 after purchasing an additional 305 shares in the last quarter. Parr Mcknight Wealth Management Group LLC grew its stake in RLI by 2.6% during the 2nd quarter. Parr Mcknight Wealth Management Group LLC now owns 16,494 shares of the insurance provider's stock worth $1,191,000 after buying an additional 425 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in RLI by 46.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,559 shares of the insurance provider's stock valued at $113,000 after buying an additional 493 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in RLI by 0.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 101,759 shares of the insurance provider's stock valued at $7,349,000 after buying an additional 815 shares in the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RLI has been the subject of a number of research analyst reports. Wall Street Zen raised RLI from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Truist Financial set a $62.00 price target on shares of RLI and gave the company a "hold" rating in a report on Friday, October 3rd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of RLI in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $72.80.

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.

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