RLI (NYSE:RLI) Price Target Raised to $70.00 at Keefe, Bruyette & Woods

RLI (NYSE:RLI) had its price target boosted by analysts at Keefe, Bruyette & Woods from $67.00 to $70.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 13.86% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. Wells Fargo & Company decreased their price target on RLI from $59.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings cut shares of RLI from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Wall Street Zen downgraded shares of RLI from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Finally, Zacks Research upgraded shares of RLI from a “strong sell” rating to a “hold” rating in a report on Thursday, April 2nd. One 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’s stock. According to data from MarketBeat.com, RLI currently has an average rating of “Hold” and an average price target of $58.75.

RLI Trading Down 1.0%

Shares of NYSE:RLI traded down $0.64 on Wednesday, reaching $61.48. 85,116 shares of the company traded hands, compared to its average volume of 858,975. The business’s 50-day simple moving average is $53.22 and its 200 day simple moving average is $57.75. RLI has a 52 week low of $47.26 and a 52 week high of $72.12. The stock has a market capitalization of $5.65 billion, a P/E ratio of 14.34 and a beta of 0.38.

RLI (NYSE:RLI) last released its earnings results on Wednesday, April 22nd. The insurance provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. The company had revenue of $423.87 million during the quarter, compared to analyst estimates of $564.47 million. RLI had a return on equity of 17.72% and a net margin of 20.81%.RLI’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.92 EPS. Sell-side analysts expect that RLI will post 2.75 EPS for the current fiscal year.

Insider Activity at RLI

In other news, CEO Craig W. Kliethermes acquired 2,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was acquired at an average price of $52.00 per share, with a total value of $104,000.00. Following the completion of the transaction, the chief executive officer owned 150,990 shares of the company’s stock, valued at $7,851,480. This represents a 1.34% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer L. Klobnak bought 2,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were acquired at an average cost of $52.72 per share, with a total value of $105,440.00. Following the purchase, the chief operating officer directly owned 104,318 shares of the company’s stock, valued at approximately $5,499,644.96. This represents a 1.95% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders bought 16,500 shares of company stock valued at $858,955. 2.39% of the stock is currently owned by company insiders.

Institutional Trading of RLI

A number of institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in RLI by 4.6% in the second quarter. GAMMA Investing LLC now owns 5,534 shares of the insurance provider’s stock worth $327,000 after buying an additional 242 shares during the last quarter. Brighton Securities CORP. increased its position in shares of RLI by 12.2% during the second quarter. Brighton Securities CORP. now owns 4,076 shares of the insurance provider’s stock valued at $241,000 after acquiring an additional 444 shares in the last quarter. Versant Capital Management Inc raised its holdings in RLI by 28.5% in the 2nd quarter. Versant Capital Management Inc now owns 835 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 185 shares during the last quarter. Argent Capital Management LLC lifted its position in RLI by 233.6% in the 1st quarter. Argent Capital Management LLC now owns 374,447 shares of the insurance provider’s stock valued at $21,358,000 after acquiring an additional 262,218 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in RLI by 37.0% during the 1st quarter. Bank of America Corp DE now owns 282,656 shares of the insurance provider’s stock valued at $16,123,000 after purchasing an additional 76,413 shares during the last quarter. 77.89% of the stock is currently owned by institutional investors.

About RLI

RLI Corporation (NYSE:RLI) is a specialty property and casualty insurance company focused on underwriting niche risks for businesses and individuals. Headquartered in Peoria, Illinois, the company operates through a network of independent agents and brokers, offering customized coverage solutions. RLI’s approach emphasizes disciplined underwriting, targeted product development and strong customer service to maintain profitability and long-term growth.

Founded in 1965 as Replacement Lens, Inc, RLI initially provided insurance for contact lens manufacturers before shifting its focus to specialty insurance in the 1980s.