Keefe, Bruyette & Woods Upgrades RLI (NYSE:RLI) to Strong-Buy

RLI (NYSE:RLI) was upgraded by equities research analysts at Keefe, Bruyette & Woods from a “moderate buy” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

RLI has been the topic of a number of other reports. Zacks Research lowered shares of RLI from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Truist Financial set a $58.00 price objective on shares of RLI in a research report on Friday, January 23rd. Wells Fargo & Company set a $59.00 target price on RLI and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Jefferies Financial Group raised RLI from an “underperform” rating to a “hold” rating and set a $52.00 target price for the company in a research note on Friday, January 23rd. Finally, Citizens Jmp restated a “market perform” rating on shares of RLI in a research note on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, RLI has an average rating of “Hold” and a consensus price target of $65.20.

RLI Price Performance

Shares of NYSE:RLI traded up $0.09 during trading on Tuesday, reaching $61.74. The company had a trading volume of 69,227 shares, compared to its average volume of 842,490. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of 14.16 and a beta of 0.53. The stock’s fifty day moving average price is $61.21 and its 200 day moving average price is $63.10. RLI has a fifty-two week low of $55.80 and a fifty-two week high of $81.79.

RLI (NYSE:RLI) last issued its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.18. The firm had revenue of $465.69 million during the quarter, compared to the consensus estimate of $447.53 million. RLI had a return on equity of 18.67% and a net margin of 21.43%.During the same period last year, the company earned $0.41 earnings per share. On average, equities analysts anticipate that RLI will post 3.08 EPS for the current fiscal year.

Insider Transactions at RLI

In related news, CEO Craig W. Kliethermes acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The stock was purchased at an average cost of $57.45 per share, for a total transaction of $287,250.00. Following the transaction, the chief executive officer directly owned 143,990 shares of the company’s stock, valued at approximately $8,272,225.50. This trade represents a 3.60% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Klobnak bought 2,000 shares of RLI stock in a transaction that occurred on Friday, January 23rd. The stock was bought at an average cost of $57.99 per share, for a total transaction of $115,980.00. Following the purchase, the chief operating officer owned 100,318 shares in the company, valued at $5,817,440.82. This represents a 2.03% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On RLI

A number of institutional investors have recently made changes to their positions in the stock. Quent Capital LLC acquired a new stake in shares of RLI during the third quarter valued at $26,000. Farther Finance Advisors LLC lifted its holdings in RLI by 94.4% in the 4th quarter. Farther Finance Advisors LLC now owns 414 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 201 shares in the last quarter. Clarity Asset Management Inc. purchased a new position in RLI in the 2nd quarter valued at about $28,000. Hantz Financial Services Inc. boosted its stake in shares of RLI by 3,645.5% during the 2nd quarter. Hantz Financial Services Inc. now owns 412 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 401 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of RLI by 156.4% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 464 shares of the insurance provider’s stock worth $30,000 after buying an additional 283 shares in the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

About RLI

RLI Corporation (NYSE:RLI) is a specialty property and casualty insurance company focused on underwriting niche risks for businesses and individuals. Headquartered in Peoria, Illinois, the company operates through a network of independent agents and brokers, offering customized coverage solutions. RLI’s approach emphasizes disciplined underwriting, targeted product development and strong customer service to maintain profitability and long-term growth.

Founded in 1965 as Replacement Lens, Inc, RLI initially provided insurance for contact lens manufacturers before shifting its focus to specialty insurance in the 1980s.