RLI (NYSE:RLI) Issues Quarterly Earnings Results, Beats Expectations By $0.21 EPS

RLI (NYSE:RLI) issued its quarterly earnings results on Monday. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.21, Zacks reports. The company had revenue of $510.22 million for the quarter, compared to analysts’ expectations of $444.75 million. RLI had a return on equity of 17.16% and a net margin of 19.02%.During the same period last year, the firm earned $1.31 EPS.

RLI Price Performance

RLI opened at $61.24 on Wednesday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.06. RLI has a 12 month low of $59.01 and a 12 month high of $91.14. The company has a fifty day simple moving average of $65.49 and a 200 day simple moving average of $70.22. The stock has a market cap of $5.62 billion, a P/E ratio of 16.07 and a beta of 0.60.

RLI Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, August 29th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, August 29th. RLI’s dividend payout ratio is currently 18.34%.

Insider Activity at RLI

In other news, COO Jennifer L. Klobnak acquired 3,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was acquired at an average price of $69.15 per share, for a total transaction of $207,450.00. Following the transaction, the chief operating officer directly owned 98,450 shares in the company, valued at approximately $6,807,817.50. This represents a 3.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.16% of the stock is currently owned by corporate insiders.

Institutional Trading of RLI

Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in RLI by 46.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,559 shares of the insurance provider’s stock worth $113,000 after purchasing an additional 493 shares in the last quarter. Osaic Holdings Inc. increased its holdings in RLI by 63.2% during the 2nd quarter. Osaic Holdings Inc. now owns 2,634 shares of the insurance provider’s stock worth $190,000 after purchasing an additional 1,020 shares in the last quarter. Two Sigma Securities LLC bought a new position in RLI during the 2nd quarter worth about $284,000. Occudo Quantitative Strategies LP bought a new position in RLI during the 2nd quarter worth about $285,000. Finally, Bank of Nova Scotia increased its holdings in RLI by 26.2% during the 2nd quarter. Bank of Nova Scotia now owns 5,123 shares of the insurance provider’s stock worth $370,000 after purchasing an additional 1,062 shares in the last quarter. Institutional investors own 77.89% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on RLI. Wall Street Zen raised RLI from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Truist Financial set a $62.00 price objective on RLI and gave the stock a “hold” rating in a research note on Friday, October 3rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLI in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, RLI has an average rating of “Hold” and a consensus price target of $72.80.

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.