RLI (NYSE:RLI) Releases Earnings Results, Beats Expectations By $0.33 EPS
by Mitch Edgeman · The Markets DailyRLI (NYSE:RLI – Get Free Report) issued its earnings results on Monday. The insurance provider reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.33, Briefing.com reports. The business had revenue of $470.00 million during the quarter, compared to analysts’ expectations of $491.54 million. RLI had a net margin of 20.78% and a return on equity of 18.33%. The company’s quarterly revenue was up 41.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.61 earnings per share.
RLI Trading Down 0.6 %
Shares of NYSE:RLI opened at $162.09 on Tuesday. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 22.11 and a beta of 0.41. RLI has a 12-month low of $125.77 and a 12-month high of $164.25. The business has a 50-day moving average price of $153.93 and a 200 day moving average price of $146.85.
RLI Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date of this dividend was Friday, August 30th. RLI’s dividend payout ratio is presently 15.83%.
Wall Street Analysts Forecast Growth
RLI has been the subject of a number of recent research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $162.00 price objective on shares of RLI in a report on Tuesday, October 8th. Wolfe Research initiated coverage on RLI in a report on Wednesday, October 9th. They issued an “outperform” rating and a $182.00 price target for the company. Keefe, Bruyette & Woods boosted their price objective on RLI from $169.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Jefferies Financial Group upped their target price on RLI from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, JMP Securities reiterated a “market perform” rating on shares of RLI in a report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $173.80.
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.
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