RLI (NYSE:RLI) Reaches New 1-Year High – Still a Buy?

RLI Corp. (NYSE:RLI)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $167.05 and last traded at $167.05, with a volume of 868 shares. The stock had previously closed at $159.90.

Analyst Upgrades and Downgrades

RLI has been the topic of several research reports. Oppenheimer began coverage on RLI in a research report on Wednesday, October 16th. They issued a “market perform” rating on the stock. JMP Securities reaffirmed a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods lifted their target price on RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Compass Point raised their price target on shares of RLI from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Jefferies Financial Group lifted their price objective on shares of RLI from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $177.40.

RLI Price Performance

The stock has a fifty day simple moving average of $156.60 and a 200-day simple moving average of $148.73. The company has a market capitalization of $7.89 billion, a price-to-earnings ratio of 18.92 and a beta of 0.41.

Shares of RLI are going to split before the market opens on Thursday, January 16th. The 2-1 split was announced on Thursday, November 7th. The newly created shares will be issued to shareholders after the market closes on Wednesday, January 15th.

RLI (NYSE:RLI) last posted its earnings results on Monday, October 21st. The insurance provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.33. The firm had revenue of $470.00 million during the quarter, compared to analysts’ expectations of $491.54 million. RLI had a net margin of 23.77% and a return on equity of 19.03%. The business’s revenue was up 41.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.61 EPS. As a group, equities analysts expect that RLI Corp. will post 5.88 EPS for the current fiscal year.

Institutional Investors Weigh In On RLI

Several hedge funds have recently modified their holdings of RLI. Norden Group LLC purchased a new position in RLI during the first quarter worth approximately $200,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in RLI in the 1st quarter valued at $2,654,000. BNP Paribas Financial Markets grew its stake in RLI by 52.2% in the 1st quarter. BNP Paribas Financial Markets now owns 11,645 shares of the insurance provider’s stock valued at $1,729,000 after acquiring an additional 3,993 shares during the period. Texas Permanent School Fund Corp increased its holdings in RLI by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 35,150 shares of the insurance provider’s stock worth $5,219,000 after acquiring an additional 465 shares in the last quarter. Finally, Duality Advisers LP acquired a new position in RLI during the first quarter worth $414,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

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.