BidaskClub Lowers RLI Corp. (NYSE:RLI) to Sell

RLI Corp. (NYSE:RLI) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

Other analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of RLI Corp. from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday, July 24th. FBR & Co reiterated a “hold” rating on shares of RLI Corp. in a research report on Thursday, April 20th. ValuEngine upgraded shares of RLI Corp. from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Keefe, Bruyette & Woods set a $51.00 price target on shares of RLI Corp. and gave the stock a “hold” rating in a research report on Wednesday, May 24th. Finally, Royal Bank Of Canada reiterated a “sell” rating and set a $50.00 price target on shares of RLI Corp. in a research report on Monday, May 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $47.00.

RLI Corp. (RLI) traded up 0.25% during midday trading on Friday, reaching $55.73. The company had a trading volume of 45,114 shares. The firm has a market capitalization of $2.45 billion, a P/E ratio of 24.66 and a beta of 1.21. The stock’s 50 day moving average price is $55.71 and its 200-day moving average price is $57.17. RLI Corp. has a one year low of $52.51 and a one year high of $71.46.

RLI Corp. (NYSE:RLI) last posted its quarterly earnings results on Wednesday, July 19th. The insurance provider reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.09. The business had revenue of $196.20 million for the quarter, compared to analyst estimates of $198.09 million. RLI Corp. had a net margin of 12.38% and a return on equity of 10.10%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the business posted $0.61 EPS. On average, equities research analysts anticipate that RLI Corp. will post $2.01 earnings per share for the current year.

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In other RLI Corp. news, Director Michael J. Stone sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $55.25, for a total value of $276,250.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert P. Restrepo, Jr. bought 1,200 shares of the business’s stock in a transaction on Monday, July 24th. The stock was bought at an average price of $57.58 per share, for a total transaction of $69,096.00. Following the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at $403,060. The disclosure for this purchase can be found here. Insiders sold 8,947 shares of company stock worth $501,958 in the last 90 days. Company insiders own 6.09% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of RLI Corp. by 11,386.7% in the first quarter. BlackRock Inc. now owns 4,695,862 shares of the insurance provider’s stock worth $281,845,000 after buying an additional 4,654,981 shares in the last quarter. State Street Corp raised its stake in shares of RLI Corp. by 9.1% in the first quarter. State Street Corp now owns 6,152,020 shares of the insurance provider’s stock worth $369,239,000 after buying an additional 514,755 shares in the last quarter. Royce & Associates LP raised its stake in shares of RLI Corp. by 220.7% in the second quarter. Royce & Associates LP now owns 437,080 shares of the insurance provider’s stock worth $23,873,000 after buying an additional 300,800 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of RLI Corp. by 7.3% in the first quarter. Vanguard Group Inc. now owns 4,163,098 shares of the insurance provider’s stock worth $249,869,000 after buying an additional 284,228 shares in the last quarter. Finally, Van Berkom & Associates Inc. raised its stake in shares of RLI Corp. by 23.5% in the second quarter. Van Berkom & Associates Inc. now owns 834,074 shares of the insurance provider’s stock worth $45,557,000 after buying an additional 158,744 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

About RLI Corp.

RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.

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