RLI (NYSE:RLI) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

RLI Corp. (NYSE:RLI)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $153.44 and traded as high as $171.69. RLI shares last traded at $169.54, with a volume of 165,046 shares traded.

Wall Street Analysts Forecast Growth

RLI has been the subject of several analyst reports. Wolfe Research initiated coverage on shares of RLI in a report on Wednesday, October 9th. They set an “outperform” rating and a $182.00 price target for the company. Oppenheimer started coverage on shares of RLI in a research note on Wednesday, October 16th. They set a “market perform” rating for the company. Jefferies Financial Group raised their price target on RLI from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Compass Point upped their price objective on RLI from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Royal Bank of Canada raised their target price on RLI from $162.00 to $165.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Three 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 has a consensus rating of “Moderate Buy” and an average target price of $177.40.

RLI Stock Up 0.7 %

The firm has a fifty day simple moving average of $166.50 and a 200-day simple moving average of $153.44. The company has a market cap of $7.77 billion, a PE ratio of 18.63 and a beta of 0.46.

Shares of RLI are set to split on the morning of Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly minted shares will be issued to shareholders after the market closes on Wednesday, January 15th.

RLI (NYSE:RLI) last released its quarterly earnings results on Monday, October 21st. The insurance provider reported $1.31 EPS for the quarter, topping the consensus estimate of $0.98 by $0.33. The company had revenue of $470.00 million for the quarter, compared to analyst estimates of $491.54 million. RLI had a return on equity of 19.03% and a net margin of 23.77%. The firm’s revenue was up 41.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.61 earnings per share. Equities research analysts forecast that RLI Corp. will post 5.85 earnings per share for the current fiscal year.

RLI Increases Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. UMB Bank n.a. raised its holdings in shares of RLI by 620.0% in the third 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 last quarter. V Square Quantitative Management LLC purchased a new stake in RLI during the 3rd quarter valued at approximately $32,000. Nomura Asset Management Co. Ltd. raised 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 acquiring an additional 100 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in RLI by 45.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 77 shares during the period. Finally, American National Bank purchased a new position in shares of RLI in the 2nd quarter valued at approximately $35,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

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.