The Vanguard Group, Inc. recently announced the acquisition of new stake in RLI Corp. (NYSE:RLI). The institutional investor has increased its shareholding in the Financial company by 2.12% to 4.56 million shares with purchase of 94672.0 shares. This fresh investment now brings its stake to 10.04% valued currently at $598.04 million. In addition, Dimensional Fund Advisors LP raised its holdings by 5027.0 to 0.9 million shares. And Eaton Vance Management has lifted its position by 7.15% or 46159.0 shares – to 0.69 million shares.
With over 0.16 million RLI Corp. (RLI) shares trading Friday and a closing price of $139.64 on the day, the dollar volume was approximately $22.6 million. The shares have shown a positive half year performance of 30.94% and its price on 01/13/23 gained nearly 2.34%. Currently, there are 45.38M common shares owned by the public and among those 43.53M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for RLI have a consensus price objective of $139.33. The analysts have set the share’s price value over the next 12 months at a high of $150.00 and a low of $123.00. The average price target is -0.22% below its recent price level and a downside to the estimated low will see the stock lose -13.53% over that period. But an upside of 6.91% will see the stock hit the forecast high price target while median target price for the stock is $145.00.
Insiders at the company have transacted a total of 62 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 44 of these insider trades were purchases, accounting for 107,817 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 79,641 shares.
The top 3 mutual fund holders in RLI Corp. are Vanguard Total Stock Market Index, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 1.3 million shares of the company’s stock, all valued at over $170.48 million. The company bought an additional 1570.0 shares recently to bring their total holdings to about 2.86% of the shares outstanding. iShares Core S&P Mid Cap ETF sold 237.0 shares to see its total holdings shrink to 1.25 million shares valued at over $163.56 million and representing 2.75% of the shares outstanding. Vanguard Small Cap Index Fund bought 1292.0 shares to bring its total holdings to over 1.11 million shares at a value of $146.16 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.45% of the shares outstanding.
Shares of RLI Corp. (NYSE: RLI) opened at $136.29, down -$0.16 from a prior closing price of $136.45. However, the script later moved the day high at 140.69, up 2.34%. The company’s stock has a 5-day price change of 1.96% and 34.06% over the past three months. RLI shares are trading 6.38% year to date (YTD), with the 12-month market performance up to 35.29% higher. It has a 12-month low price of $91.11 and touched a high of $138.05 over the same period. RLI has an average intraday trading volume of 198.46K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.67%, 9.09%, and 24.24% respectively.
Institutional ownership of RLI Corp. (NYSE: RLI) shares accounts for 82.70% of the company’s 45.38M shares outstanding. Mutual fund holders own 38.56%, while other institutional holders and individual stakeholders account for 44.40% and 35.75% respectively.
It has a market capitalization of $6.19B and a beta (3y monthly) value of 0.45. The stock’s trailing 12-month PE ratio is 10.98, while the earnings-per-share (ttm) stands at $12.71. The company has a PEG of 1.12 and the debt-to-equity ratio at 0.14. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.17% over the week and 2.27% over the month.
Analysts forecast that RLI Corp. (RLI) will achieve an EPS of $1.18 for the current quarter, $1.25 for the next quarter and $4.51 for 2023. The lowest estimate earnings-per-share for the quarter is $1.07 while analysts give the company a high EPS estimate of $1.33. Comparatively, EPS for the current quarter was $1.26 a year ago. Earnings per share for the fiscal year are expected to increase by 76.50%, and -1.46% over the next financial year. EPS should shrink at an annualized rate of 9.80% over the next five years, compared to 18.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate RLI Corp. (RLI) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 5 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Compass Point coverage for the RLI Corp. (RLI) stock in a research note released on February 22, 2022 offered a Buy rating with a price target of $117. Keefe Bruyette was of a view on October 19, 2021 that the stock is Outperform, while Compass Point gave the stock Neutral rating on September 18, 2020, issuing a price target of $90. B. Riley FBR on their part issued Buy rating on March 23, 2020.
