RLI (NYSE:RLI) Now Covered by Oppenheimer

Oppenheimer assumed coverage on shares of RLI (NYSE:RLI - Free Report) in a research note published on Wednesday morning, MarketBeat reports. The firm issued a market perform rating on the insurance provider's stock.

A number of other analysts also recently issued reports on RLI. Jefferies Financial Group lifted their price target on RLI from $165.00 to $180.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Royal Bank of Canada restated a "sector perform" rating and set a $162.00 target price on shares of RLI in a research note on Tuesday, October 8th. Wolfe Research started coverage on shares of RLI in a research note on Wednesday, October 9th. They issued an "outperform" rating and a $182.00 price target on the stock. Compass Point reduced their price objective on shares of RLI from $175.00 to $170.00 and set a "buy" rating for the company in a research report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods increased their target price on shares of RLI from $169.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $173.80.

RLI Price Performance

Shares of RLI stock traded up $1.47 during trading hours on Wednesday, reaching $161.71. 130,007 shares of the stock were exchanged, compared to its average volume of 153,133. RLI has a 12-month low of $125.77 and a 12-month high of $162.72. The business's fifty day moving average is $152.92 and its two-hundred day moving average is $146.51. The firm has a market capitalization of $7.39 billion, a P/E ratio of 22.34 and a beta of 0.41.

RLI (NYSE:RLI - Get Free Report) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 EPS for the quarter, beating analysts' consensus estimates of $1.35 by $0.37. The company had revenue of $416.44 million for the quarter, compared to the consensus estimate of $561.60 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. The company's quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.16 EPS. As a group, equities research analysts predict that RLI will post 6.14 earnings per share for the current fiscal year.

RLI Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.72%. RLI's payout ratio is 16.02%.

Institutional Investors Weigh In On RLI

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. raised its stake in RLI by 237.7% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider's stock valued at $30,864,000 after acquiring an additional 146,324 shares during the last quarter. Maren Capital LLC raised its stake in shares of RLI by 21.3% during the first quarter. Maren Capital LLC now owns 612,081 shares of the insurance provider's stock worth $90,876,000 after purchasing an additional 107,655 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of RLI by 585.0% during the first quarter. Russell Investments Group Ltd. now owns 41,649 shares of the insurance provider's stock worth $6,184,000 after purchasing an additional 35,569 shares during the period. Cubist Systematic Strategies LLC grew its position in RLI by 2,611.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 34,838 shares of the insurance provider's stock valued at $4,901,000 after buying an additional 33,553 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in RLI by 14.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 265,365 shares of the insurance provider's stock valued at $39,400,000 after buying an additional 33,435 shares during the period. 77.89% of the stock is owned by hedge funds and other institutional investors.

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.