RLI Corp. (NYSE:RLI) – Research analysts at B. Riley lifted their FY2018 earnings per share (EPS) estimates for RLI in a note issued to investors on Thursday, Zacks Investment Research reports. B. Riley analyst R. Binner now expects that the insurance provider will post earnings per share of $2.35 for the year, up from their prior forecast of $2.00. B. Riley currently has a “Neutral” rating on the stock. B. Riley also issued estimates for RLI’s FY2019 earnings at $2.35 EPS.
A number of other brokerages also recently issued reports on RLI. Zacks Investment Research upgraded RLI from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research report on Tuesday, September 26th. Keefe, Bruyette & Woods restated a “hold” rating and set a $55.00 price objective on shares of RLI in a research report on Wednesday, December 6th. Finally, Royal Bank of Canada restated an “underperform” rating and set a $51.00 price objective (up from $50.00) on shares of RLI in a research report on Friday, October 20th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $57.67.
The firm also recently announced a special dividend, which was paid on Wednesday, December 27th. Shareholders of record on Thursday, November 30th were issued a $1.75 dividend. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a yield of 1.42%. RLI’s payout ratio is currently 46.67%.
In other RLI news, Director Robert P. Restrepo, Jr. bought 1,026 shares of the stock in a transaction on Monday, November 13th. The stock was acquired at an average cost of $59.30 per share, for a total transaction of $60,841.80. Following the completion of the acquisition, the director now owns 8,026 shares in the company, valued at approximately $475,941.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Stone sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $59.68, for a total value of $119,360.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,141 shares of company stock valued at $307,795. 6.09% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in RLI. Russell Investments Group Ltd. grew its stake in RLI by 17.1% in the second quarter. Russell Investments Group Ltd. now owns 10,074 shares of the insurance provider’s stock valued at $550,000 after acquiring an additional 1,474 shares during the period. Schwab Charles Investment Management Inc. grew its stake in RLI by 10.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 241,075 shares of the insurance provider’s stock valued at $13,168,000 after acquiring an additional 22,145 shares during the period. First Trust Advisors LP acquired a new stake in RLI in the second quarter valued at approximately $463,000. SG Americas Securities LLC grew its stake in RLI by 50.4% in the second quarter. SG Americas Securities LLC now owns 10,700 shares of the insurance provider’s stock valued at $584,000 after acquiring an additional 3,586 shares during the period. Finally, Legal & General Group Plc grew its stake in RLI by 6.0% in the second quarter. Legal & General Group Plc now owns 87,632 shares of the insurance provider’s stock valued at $4,789,000 after acquiring an additional 4,996 shares during the period. 83.63% of the stock is owned by hedge funds and other institutional investors.
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RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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