RLI Corp. (NYSE:RLI) Forecasted to Earn FY2024 Earnings of $6.09 Per Share

RLI Corp. (NYSE:RLI) – Equities researchers at Zacks Research boosted their FY2024 earnings estimates for shares of RLI in a research note issued to investors on Wednesday, August 28th. Zacks Research analyst T. De now anticipates that the insurance provider will post earnings per share of $6.09 for the year, up from their previous forecast of $6.02. The consensus estimate for RLI’s current full-year earnings is $6.14 per share. Zacks Research also issued estimates for RLI’s Q4 2024 earnings at $1.59 EPS, Q1 2025 earnings at $1.85 EPS, Q4 2025 earnings at $1.46 EPS, FY2025 earnings at $6.13 EPS and FY2026 earnings at $6.45 EPS.

RLI (NYSE:RLI) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.37. The business had revenue of $416.44 million during the quarter, compared to the consensus estimate of $561.60 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.16 earnings per share.

RLI has been the subject of a number of other research reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $155.00 target price on shares of RLI in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods boosted their price objective on RLI from $169.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Compass Point cut their target price on RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. JMP Securities restated a “market perform” rating on shares of RLI in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group reduced their price objective on shares of RLI from $170.00 to $165.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $166.25.

RLI Price Performance

NYSE:RLI opened at $154.10 on Monday. The company has a market capitalization of $7.04 billion, a P/E ratio of 21.28 and a beta of 0.41. RLI has a 1 year low of $125.77 and a 1 year high of $154.26. The business has a fifty day simple moving average of $144.94 and a two-hundred day simple moving average of $144.56.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Maren Capital LLC purchased a new position in RLI in the fourth quarter worth $67,149,000. Norges Bank bought a new stake in RLI during the fourth quarter worth about $52,592,000. Jacobs Levy Equity Management Inc. boosted its holdings in shares of RLI by 237.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock worth $30,864,000 after purchasing an additional 146,324 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of RLI by 585.0% during the 1st quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider’s stock valued at $6,184,000 after purchasing an additional 35,569 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in shares of RLI by 2,611.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 34,838 shares of the insurance provider’s stock valued at $4,901,000 after purchasing an additional 33,553 shares during the last quarter. Hedge funds and other institutional investors own 77.89% of the company’s stock.

RLI Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a dividend of $0.29 per share. The ex-dividend date is Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.75%. RLI’s dividend payout ratio (DPR) is presently 16.02%.

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.