RLI (NYSE:RLI) Sets New 52-Week High – Still a Buy?

RLI Corp. (NYSE:RLI) reached a new 52-week high during trading on Wednesday . The company traded as high as $181.64 and last traded at $180.89, with a volume of 167709 shares trading hands. The stock had previously closed at $179.76.

Wall Street Analysts Forecast Growth

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

RLI Trading Up 0.6 %

The stock’s 50-day moving average price is $162.35 and its 200-day moving average price is $151.43. The company has a market capitalization of $8.29 billion, a P/E ratio of 19.88 and a beta of 0.41.

RLI’s stock is going to split on the morning of Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly created shares will be issued to shareholders after the closing bell on Wednesday, January 15th.

RLI (NYSE:RLI) last released its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.33. RLI had a net margin of 23.77% and a return on equity of 19.03%. The business had revenue of $470.00 million for the quarter, compared to analysts’ expectations of $491.54 million. During the same quarter last year, the company earned $0.61 EPS. The company’s revenue for the quarter was up 41.7% compared to the same quarter last year. Sell-side analysts expect that RLI Corp. will post 5.85 earnings per share for the current fiscal year.

RLI Increases Dividend

The company also recently disclosed a None dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be issued a $4.29 dividend. This represents a dividend yield of 0.7%. The ex-dividend date is Friday, November 29th. This is a boost from RLI’s previous None dividend of $2.25. RLI’s dividend payout ratio (DPR) is 12.75%.

Institutional Trading of RLI

Large investors have recently modified their holdings of the company. UMB Bank n.a. increased 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 buying an additional 155 shares during the period. V Square Quantitative Management LLC acquired a new position in RLI during the 3rd quarter valued at about $32,000. American National Bank acquired a new position in RLI during the 2nd quarter valued at about $35,000. Nomura Asset Management Co. Ltd. increased its stake in RLI by 76.9% during 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 increased its stake in RLI by 45.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after buying an additional 77 shares during the period. Institutional investors and hedge funds own 77.89% of the company’s stock.

RLI Company Profile

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.