RLI (NYSE:RLI) Stock Price Down 4.8% – Here’s What Happened

RLI Corp. (NYSE:RLI) was down 4.8% on Monday . The company traded as low as $72.82 and last traded at $72.31. Approximately 40,113 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 369,762 shares. The stock had previously closed at $75.93.

Analysts Set New Price Targets

RLI has been the topic of several recent research reports. Wall Street Zen raised shares of RLI from a “sell” rating to a “hold” rating in a research note on Tuesday, May 6th. Keefe, Bruyette & Woods reduced their price objective on RLI from $95.00 to $85.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a report on Thursday, April 24th. Finally, Compass Point lowered RLI from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, RLI presently has a consensus rating of “Hold” and an average target price of $78.60.

RLI Stock Down 2.8%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.38 and a current ratio of 0.34. The stock has a market cap of $6.78 billion, a price-to-earnings ratio of 19.72 and a beta of 0.70. The business’s 50 day moving average is $75.59 and its 200 day moving average is $77.82.

RLI (NYSE:RLI) last issued its earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. RLI had a return on equity of 16.63% and a net margin of 19.53%. The business had revenue of $36.73 million during the quarter, compared to analysts’ expectations of $442.20 million. During the same quarter last year, the firm posted $0.95 earnings per share. RLI’s revenue was down 8.3% compared to the same quarter last year. Equities analysts expect that RLI Corp. will post 3.08 earnings per share for the current year.

RLI Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, May 30th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, May 30th. This is a positive change from RLI’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 0.87%. RLI’s dividend payout ratio (DPR) is presently 21.05%.

Insider Buying and Selling at RLI

In other news, Director Robert P. Restrepo, Jr. sold 2,864 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $74.89, for a total transaction of $214,484.96. Following the transaction, the director now directly owns 23,312 shares in the company, valued at $1,745,835.68. The trade was a 10.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jordan W. Graham sold 1,500 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $74.77, for a total transaction of $112,155.00. Following the completion of the transaction, the director now directly owns 12,854 shares in the company, valued at $961,093.58. This trade represents a 10.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On RLI

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in shares of RLI in the 4th quarter valued at approximately $31,000. SBI Securities Co. Ltd. acquired a new stake in RLI in the fourth quarter valued at approximately $56,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in RLI by 100.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 198 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of RLI by 100.0% during the 1st quarter. Versant Capital Management Inc now owns 406 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 203 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of RLI by 88.5% during the 1st quarter. Farther Finance Advisors LLC now owns 477 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 224 shares in the last quarter. 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.