RLI Corp. (RLI) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of RLI Corp. (NYSE:RLI) from a buy rating to a hold rating in a research note issued to investors on Monday morning.

According to Zacks, “RLI Corp. boasts one of the industry’s most profitable P&C writers, with an impressive track record of underwriting profits in 37 of the past 41 years (particularly the last 21 years). Its ability to consistently increase dividend, announce special dividends, maintain combined ratios at favorable levels as well as a solid capital position are other positives. Continuous strategic investments to fortify Casualty segment bode well. The company also remains focused on strengthening its underwriting results and has decided to drop underperforming products in the property business. However, exposure to catastrophe losses and escalating expenses raise concerns. Share of RLI Corp underperformed the industry year to date. Also there were no earnings momentum witnessed over the last 60 days.”

Other equities analysts have also issued reports about the stock. FBR & Co restated a hold rating on shares of RLI Corp. in a report on Friday, July 21st. ValuEngine upgraded shares of RLI Corp. from a sell rating to a hold rating in a report on Friday, June 2nd. Keefe, Bruyette & Woods set a $51.00 price objective on shares of RLI Corp. and gave the stock a hold rating in a report on Wednesday, May 24th. BidaskClub lowered shares of RLI Corp. from a hold rating to a sell rating in a report on Friday, August 11th. Finally, Royal Bank Of Canada restated a sell rating and issued a $50.00 price objective on shares of RLI Corp. in a report on Monday, May 22nd. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company has an average rating of Hold and an average price target of $47.00.

Shares of RLI Corp. (NYSE RLI) opened at 54.96 on Monday. RLI Corp. has a 52 week low of $50.34 and a 52 week high of $69.51. The firm’s 50-day moving average is $54.39 and its 200-day moving average is $56.02. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 24.32 and a beta of 1.24.

RLI Corp. (NYSE:RLI) last announced its quarterly earnings data on Wednesday, July 19th. The insurance provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.09. RLI Corp. had a net margin of 12.38% and a return on equity of 10.10%. The company had revenue of $196.20 million during the quarter, compared to analyst estimates of $198.09 million. During the same period in the previous year, the business earned $0.61 EPS. The firm’s revenue for the quarter was up .1% on a year-over-year basis. Analysts forecast that RLI Corp. will post $2.02 earnings per share for the current fiscal year.

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The business also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Thursday, August 31st were paid a dividend of $0.21 per share. The ex-dividend date was Tuesday, August 29th. This represents a $0.84 dividend on an annualized basis and a yield of 1.53%. RLI Corp.’s dividend payout ratio is presently 37.17%.

In other RLI Corp. news, Director Michael J. Stone sold 947 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $54.76, for a total transaction of $51,857.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael J. Stone sold 3,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $57.95, for a total transaction of $173,850.00. The disclosure for this sale can be found here. 6.09% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Meadow Creek Investment Management LLC raised its stake in RLI Corp. by 1.3% during the 1st quarter. Meadow Creek Investment Management LLC now owns 1,716 shares of the insurance provider’s stock valued at $103,000 after buying an additional 22 shares during the last quarter. Flinton Capital Management LLC raised its stake in RLI Corp. by 60.3% during the 2nd quarter. Flinton Capital Management LLC now owns 2,000 shares of the insurance provider’s stock valued at $109,000 after buying an additional 752 shares during the last quarter. Riverhead Capital Management LLC raised its stake in RLI Corp. by 64.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,296 shares of the insurance provider’s stock valued at $125,000 after buying an additional 896 shares during the last quarter. Bank of Montreal Can raised its stake in RLI Corp. by 5.8% during the 2nd quarter. Bank of Montreal Can now owns 2,549 shares of the insurance provider’s stock valued at $138,000 after buying an additional 139 shares during the last quarter. Finally, Elkfork Partners LLC raised its stake in RLI Corp. by 1.3% during the 1st quarter. Elkfork Partners LLC now owns 2,652 shares of the insurance provider’s stock valued at $159,000 after buying an additional 34 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

About RLI Corp.

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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