RLI Corp. (NYSE:RLI – Get Free Report) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 1,480,000 shares, a growth of 28.7% from the February 13th total of 1,150,000 shares. Approximately 1.7% of the company’s stock are sold short. Based on an average daily trading volume, of 476,100 shares, the short-interest ratio is presently 3.1 days.
Analyst Ratings Changes
A number of research firms have commented on RLI. Compass Point dropped their price objective on shares of RLI from $185.00 to $82.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. StockNews.com upgraded shares of RLI from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. JMP Securities restated a “market perform” rating on shares of RLI in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods dropped their price target on shares of RLI from $100.50 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, Jefferies Financial Group lowered shares of RLI from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $95.00 to $61.00 in a research note on Monday, January 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, RLI presently has a consensus rating of “Hold” and an average price target of $82.80.
Read Our Latest Stock Report on RLI
Insider Buying and Selling at RLI
Hedge Funds Weigh In On RLI
Several institutional investors and hedge funds have recently modified their holdings of RLI. Norges Bank purchased a new position in shares of RLI during the fourth quarter valued at approximately $80,476,000. Wellington Management Group LLP lifted its stake in shares of RLI by 580.4% during the fourth quarter. Wellington Management Group LLP now owns 415,247 shares of the insurance provider’s stock valued at $68,445,000 after buying an additional 354,219 shares during the period. Nepsis Inc. lifted its stake in shares of RLI by 138.8% during the fourth quarter. Nepsis Inc. now owns 296,526 shares of the insurance provider’s stock valued at $48,876,000 after buying an additional 172,370 shares during the period. Geode Capital Management LLC increased its position in RLI by 12.8% during the fourth quarter. Geode Capital Management LLC now owns 1,024,518 shares of the insurance provider’s stock worth $168,907,000 after purchasing an additional 116,088 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in RLI during the fourth quarter worth approximately $17,854,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.
RLI Price Performance
RLI stock traded up $0.99 during trading on Monday, reaching $76.68. 124,430 shares of the company were exchanged, compared to its average volume of 323,042. The company has a market cap of $7.04 billion, a P/E ratio of 20.50 and a beta of 0.39. RLI has a 52-week low of $67.53 and a 52-week high of $91.15. The stock’s 50 day moving average price is $75.58 and its 200 day moving average price is $79.38. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.38 and a current ratio of 0.34.
RLI (NYSE:RLI – Get Free Report) last released its quarterly earnings data on Wednesday, January 22nd. The insurance provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.64). RLI had a return on equity of 16.63% and a net margin of 19.53%. As a group, analysts predict that RLI will post 3.08 earnings per share for the current fiscal year.
RLI Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Friday, February 28th will be paid a dividend of $0.15 per share. This is an increase from RLI’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, February 28th. This represents a $0.60 annualized dividend and a dividend yield of 0.78%. RLI’s dividend payout ratio is presently 16.00%.
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.
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