RLI Stock Scheduled to Split on Thursday, January 16th (NYSE:RLI)

RLI Corp. (NYSE:RLI) shares are going to split before the market opens on Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, January 15th.

RLI Stock Performance

RLI stock opened at $162.64 on Friday. The firm has a 50 day simple moving average of $169.08 and a 200 day simple moving average of $156.19. RLI has a 52 week low of $132.30 and a 52 week high of $182.29. The stock has a market cap of $7.45 billion, a P/E ratio of 17.87 and a beta of 0.47.

RLI (NYSE:RLI) last posted its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.31 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 net margin of 23.77% and a return on equity of 19.03%. RLI’s revenue was up 41.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.61 EPS. Sell-side analysts predict that RLI will post 5.85 EPS for the current year.

RLI Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RLI shares. Wolfe Research initiated coverage on shares of RLI in a research note on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 price objective for the company. Jefferies Financial Group boosted their price target on RLI from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Royal Bank of Canada increased their price objective on RLI from $162.00 to $165.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Oppenheimer assumed coverage on RLI in a report on Wednesday, October 16th. They issued a “market perform” rating for the company. Finally, Compass Point increased 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 analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, RLI has a consensus rating of “Moderate Buy” and a consensus target price of $177.40.

Insider Transactions at RLI

In other news, Director Michael J. Stone sold 200 shares of the firm’s stock in a transaction 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 sale, the director now owns 214,811 shares in the company, valued at approximately $36,421,205.05. This trade represents a 0.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RLI

Several large investors have recently bought and sold shares of the stock. Van ECK Associates Corp increased its holdings in shares of RLI by 3.2% during the 2nd quarter. Van ECK Associates Corp now owns 19,495 shares of the insurance provider’s stock worth $2,743,000 after purchasing an additional 605 shares during the period. Versor Investments LP acquired a new position in RLI in the 2nd quarter valued at approximately $366,000. TD Asset Management Inc lifted its position in shares of RLI by 12.8% in the 2nd quarter. TD Asset Management Inc now owns 12,186 shares of the insurance provider’s stock worth $1,714,000 after acquiring an additional 1,386 shares during the period. Victory Capital Management Inc. lifted its position in shares of RLI by 1.5% in the 2nd quarter. Victory Capital Management Inc. now owns 133,747 shares of the insurance provider’s stock worth $18,817,000 after acquiring an additional 2,028 shares during the period. Finally, Arizona State Retirement System grew its holdings in shares of RLI by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 11,514 shares of the insurance provider’s stock worth $1,620,000 after purchasing an additional 229 shares in the last quarter. 77.89% of the stock is currently owned by institutional investors and hedge funds.

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.