RLI (NYSE:RLI) Given Sector Perform Rating at Royal Bank of Canada

RLI (NYSE:RLI)‘s stock had its “sector perform” rating restated by Royal Bank of Canada in a research note issued on Wednesday, Benzinga reports. They presently have a $155.00 price target on the insurance provider’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 8.61% from the company’s current price.

A number of other brokerages also recently commented on RLI. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $168.00 price objective on shares of RLI in a research report on Friday, June 21st. Jefferies Financial Group dropped their price target on shares of RLI from $170.00 to $165.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Compass Point lowered their price objective on RLI from $175.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, JMP Securities restated a “market perform” rating on shares of RLI in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $164.50.

RLI Stock Performance

Shares of NYSE:RLI traded down $0.98 during midday trading on Wednesday, hitting $142.71. The company’s stock had a trading volume of 101,941 shares, compared to its average volume of 164,227. The stock’s 50 day simple moving average is $142.07 and its 200 day simple moving average is $142.74. The stock has a market capitalization of $6.52 billion, a price-to-earnings ratio of 19.71 and a beta of 0.41. RLI has a fifty-two week low of $125.77 and a fifty-two week high of $149.20.

RLI (NYSE:RLI) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.37. RLI had a return on equity of 18.89% and a net margin of 20.78%. The company had revenue of $416.44 million during the quarter, compared to analysts’ expectations of $561.60 million. During the same period in the prior year, the business earned $1.16 earnings per share. RLI’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, analysts anticipate that RLI will post 5.84 EPS for the current year.

Hedge Funds Weigh In On RLI

A number of hedge funds and other institutional investors have recently bought and sold shares of RLI. Maren Capital LLC acquired a new position in shares of RLI in the 4th quarter valued at $67,149,000. Norges Bank acquired a new position in RLI in the fourth quarter valued at about $52,592,000. Jacobs Levy Equity Management Inc. boosted its holdings in RLI by 237.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 207,883 shares of the insurance provider’s stock worth $30,864,000 after buying an additional 146,324 shares during the last quarter. Los Angeles Capital Management LLC grew its position in shares of RLI by 65.6% during the 4th quarter. Los Angeles Capital Management LLC now owns 203,046 shares of the insurance provider’s stock worth $27,029,000 after buying an additional 80,451 shares during the period. Finally, Nepsis Inc. acquired a new position in shares of RLI during the 4th quarter worth about $9,424,000. 77.89% of the stock is owned by 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.