RLI Corp. (NYSE:RLI) issued its earnings results on Wednesday. The insurance provider reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.09, Bloomberg Earnings reports. RLI Corp. had a net margin of 12.38% and a return on equity of 10.13%. The business had revenue of $196.20 million for the quarter, compared to the consensus estimate of $198.09 million. During the same quarter last year, the firm posted $0.61 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year.
Shares of RLI Corp. (NYSE:RLI) opened at 56.88 on Friday. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 24.41 and a beta of 1.20. RLI Corp. has a 12-month low of $52.51 and a 12-month high of $71.46. The company’s 50-day moving average is $55.32 and its 200-day moving average is $57.42.
In other news, Director Michael J. Stone sold 947 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $54.76, for a total value of $51,857.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Stone sold 5,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $55.25, for a total transaction of $276,250.00. The disclosure for this sale can be found here. 6.09% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of RLI. Parametric Portfolio Associates LLC boosted its stake in shares of RLI Corp. by 28.1% in the first quarter. Parametric Portfolio Associates LLC now owns 86,155 shares of the insurance provider’s stock worth $5,171,000 after buying an additional 18,878 shares during the last quarter. Norges Bank purchased a new stake in shares of RLI Corp. during the fourth quarter worth $22,277,000. Mason Street Advisors LLC boosted its stake in shares of RLI Corp. by 7.2% in the first quarter. Mason Street Advisors LLC now owns 8,944 shares of the insurance provider’s stock worth $537,000 after buying an additional 597 shares during the last quarter. BlackRock Inc. boosted its stake in shares of RLI Corp. by 11,386.7% in the first quarter. BlackRock Inc. now owns 4,695,862 shares of the insurance provider’s stock worth $281,845,000 after buying an additional 4,654,981 shares during the last quarter. Finally, Teachers Advisors LLC boosted its stake in shares of RLI Corp. by 12.9% in the fourth quarter. Teachers Advisors LLC now owns 71,333 shares of the insurance provider’s stock worth $4,503,000 after buying an additional 8,171 shares during the last quarter. Institutional investors and hedge funds own 81.75% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods set a $51.00 price target on shares of RLI Corp. and gave the company a “hold” rating in a report on Wednesday, May 24th. ValuEngine raised shares of RLI Corp. from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. FBR & Co reaffirmed a “hold” rating on shares of RLI Corp. in a report on Thursday, April 20th. Finally, Royal Bank Of Canada reaffirmed a “sell” rating and set a $50.00 price target on shares of RLI Corp. in a report on Monday, May 22nd. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $41.33.
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About RLI Corp.
RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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