RLI (NYSE:RLI) Reaches New 52-Week High – Should You Buy?

Shares of RLI Corp. (NYSE:RLI) reached a new 52-week high during trading on Tuesday . The stock traded as high as $161.45 and last traded at $161.20, with a volume of 12955 shares changing hands. The stock had previously closed at $159.75.

Wall Street Analyst Weigh In

RLI has been the topic of several recent research reports. Jefferies Financial Group upped their price objective on RLI from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Royal Bank of Canada reissued a “sector perform” rating and issued a $162.00 price objective on shares of RLI in a research report on Tuesday, October 8th. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a research note on Tuesday, July 23rd. Compass Point lowered their price objective on RLI from $175.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods increased their target price on RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $173.80.

RLI Stock Performance

The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 21.79 and a beta of 0.41. The stock’s fifty day moving average is $152.31 and its two-hundred day moving average is $146.32.

RLI (NYSE:RLI) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.37. RLI had a return on equity of 18.33% and a net margin of 20.78%. The firm had revenue of $416.44 million during the quarter, compared to analyst estimates of $561.60 million. During the same quarter last year, the firm earned $1.16 EPS. RLI’s quarterly revenue was up 9.1% on a year-over-year basis. Sell-side analysts anticipate that RLI Corp. will post 6.14 earnings per share for the current year.

RLI Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.16 annualized dividend and a yield of 0.72%. RLI’s dividend payout ratio is presently 15.83%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its holdings in shares of RLI by 45.6% during the second quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 77 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake in RLI by 5.8% in the second quarter. Mercer Global Advisors Inc. ADV now owns 1,633 shares of the insurance provider’s stock valued at $230,000 after acquiring an additional 89 shares during the period. Inspire Investing LLC raised its position in shares of RLI by 3.8% during the 2nd quarter. Inspire Investing LLC now owns 2,502 shares of the insurance provider’s stock worth $352,000 after purchasing an additional 92 shares during the period. CWM LLC lifted its holdings in shares of RLI by 3.4% in the 3rd quarter. CWM LLC now owns 3,875 shares of the insurance provider’s stock worth $601,000 after purchasing an additional 126 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in RLI by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 25,815 shares of the insurance provider’s stock valued at $3,832,000 after purchasing an additional 128 shares during the period. 77.89% of the stock is owned by institutional investors and hedge funds.

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.