RLI (NYSE:RLI) Hits New 52-Week High – Time to Buy?

RLI Corp. (NYSE:RLI)’s stock price hit a new 52-week high on Thursday . The company traded as high as $177.81 and last traded at $177.79, with a volume of 15004 shares traded. The stock had previously closed at $176.01.

Wall Street Analyst Weigh In

Several research firms have issued reports on RLI. Oppenheimer assumed coverage on shares of RLI in a report on Wednesday, October 16th. They set a “market perform” rating on the stock. Wolfe Research assumed coverage on shares of RLI in a report on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 target price on the stock. Compass Point increased their price target on RLI from $170.00 to $185.00 and gave the company a “buy” rating in a report on Friday, October 25th. Royal Bank of Canada lifted their price objective on RLI from $162.00 to $165.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group increased their target price on RLI from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $177.40.

RLI Price Performance

The company has a 50-day simple moving average of $160.17 and a 200-day simple moving average of $150.50. The firm has a market cap of $8.16 billion, a PE ratio of 19.54 and a beta of 0.41.

RLI shares are going to split on the morning of Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, January 15th.

RLI (NYSE:RLI) last released its quarterly earnings data on Monday, October 21st. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.33. RLI had a net margin of 23.77% and a return on equity of 19.03%. The company had revenue of $470.00 million during the quarter, compared to analysts’ expectations of $491.54 million. During the same period in the previous year, the company earned $0.61 EPS. The firm’s quarterly revenue was up 41.7% on a year-over-year basis. As a group, equities research analysts predict that RLI Corp. will post 5.85 earnings per share for the current year.

RLI Increases Dividend

The company also recently announced a None dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be given a dividend of $4.29 per share. The ex-dividend date is Friday, November 29th. This is a positive change from RLI’s previous None dividend of $2.25. This represents a yield of 0.7%. RLI’s payout ratio is 12.75%.

Hedge Funds Weigh In On RLI

Hedge funds and other institutional investors have recently made changes to their positions in the company. UMB Bank n.a. lifted its stake in RLI by 620.0% in the third quarter. UMB Bank n.a. now owns 180 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 155 shares during the period. V Square Quantitative Management LLC purchased a new stake in shares of RLI in the 3rd quarter worth approximately $32,000. American National Bank purchased a new position in RLI during the second quarter valued at approximately $35,000. Nomura Asset Management Co. Ltd. raised its stake in RLI by 76.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 230 shares of the insurance provider’s stock worth $36,000 after buying an additional 100 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of RLI by 45.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 246 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 77 shares during the period. Institutional investors own 77.89% of the company’s stock.

About RLI

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.