RLI Corp. (NYSE:RLI) Expected to Post Q2 2024 Earnings of $1.36 Per Share

RLI Corp. (NYSE:RLI) – Research analysts at William Blair lowered their Q2 2024 earnings per share (EPS) estimates for RLI in a note issued to investors on Tuesday, April 23rd. William Blair analyst A. Klauber now anticipates that the insurance provider will post earnings of $1.36 per share for the quarter, down from their previous forecast of $1.65. The consensus estimate for RLI’s current full-year earnings is $5.64 per share. William Blair also issued estimates for RLI’s Q3 2024 earnings at $1.26 EPS and Q4 2024 earnings at $1.44 EPS.

Several other equities research analysts also recently weighed in on RLI. JMP Securities reissued a “market perform” rating on shares of RLI in a research note on Tuesday. Royal Bank of Canada raised their price objective on RLI from $148.00 to $155.00 and gave the stock a “sector perform” rating in a report on Wednesday. Compass Point lifted their price objective on shares of RLI from $158.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of RLI from $160.00 to $168.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, RLI has an average rating of “Moderate Buy” and a consensus price target of $163.25.

RLI Stock Performance

NYSE:RLI opened at $144.15 on Friday. The stock’s 50 day simple moving average is $144.77 and its two-hundred day simple moving average is $139.01. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.39 and a quick ratio of 0.38. The company has a market cap of $6.59 billion, a price-to-earnings ratio of 19.91 and a beta of 0.37. RLI has a 1 year low of $123.04 and a 1 year high of $149.20.

RLI (NYSE:RLI) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.26. The business had revenue of $444.80 million for the quarter, compared to the consensus estimate of $460.05 million. RLI had a net margin of 20.96% and a return on equity of 17.24%. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.63 earnings per share.

Institutional Trading of RLI

Several large investors have recently made changes to their positions in RLI. QRG Capital Management Inc. purchased a new position in RLI in the 3rd quarter worth approximately $661,000. Envestnet Asset Management Inc. boosted its stake in RLI by 28.2% during the third quarter. Envestnet Asset Management Inc. now owns 76,124 shares of the insurance provider’s stock worth $10,344,000 after buying an additional 16,725 shares during the last quarter. Resonant Capital Advisors LLC grew its holdings in RLI by 1.7% in the 3rd quarter. Resonant Capital Advisors LLC now owns 4,727 shares of the insurance provider’s stock valued at $642,000 after buying an additional 77 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of RLI by 1.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,082,470 shares of the insurance provider’s stock worth $147,097,000 after acquiring an additional 11,965 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of RLI in the 3rd quarter worth $840,000. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

RLI Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Thursday, February 29th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.75%. The ex-dividend date was Wednesday, February 28th. RLI’s payout ratio is 14.92%.

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.