PEORIA, Ill. - RLI Corp . (NYSE:RLI), a specialty insurance company, has declared a regular cash dividend for the second quarter of 2024. The company's Board of Directors announced a dividend of $0.29 per share, which is a $0.02 increase from the previous quarter. This dividend is to be paid on June 20, 2024, to shareholders on record as of May 31, 2024.
The company has a history of consistent dividend growth, having increased its dividend payout annually for the past 49 years. Based on the indicated annual dividend of $1.16 and the closing stock price of $143.25 as of yesterday, RLI's dividend yield stands at 0.81%.
RLI Corp. specializes in providing insurance to niche markets in the property, casualty, and surety sectors. It operates through subsidiaries including RLI Insurance Company, Mt. Hawley Insurance Company, and Contractors Bonding and Insurance Company, all of which have earned an A+ Superior rating from AM Best Company. Notably, RLI has achieved underwriting profits for 28 consecutive years and has a long-standing tradition of rewarding its shareholders with regular dividends.
This announcement is based on a press release statement from RLI Corp.
InvestingPro Insights
RLI Corp. has demonstrated a strong financial performance recently, with an adjusted market capitalization of $6.52 billion. The company's commitment to shareholder returns is evident not only in its consistent dividend payments but also in its financial metrics. With an adjusted price-to-earnings (P/E) ratio for the last twelve months as of Q1 2024 at 19.46, RLI stands as a company with a stable earnings outlook. Moreover, the company's price-to-book (P/B) ratio during the same period is 4.27, which, while on the higher side, reflects investor confidence in the company's asset value and financial stability.
RLI's revenue for the last twelve months as of Q1 2024 is reported at $1.59 billion, with a notable quarterly revenue growth of 21.9% for Q1 2024, showcasing the company's ability to increase its earnings over short periods. This is a positive sign for investors looking for companies with the potential for rapid growth. Additionally, the dividend yield as of the latest available date is 2.15%, which is significantly higher than the yield mentioned in the article, suggesting an attractive return for income-focused investors.
An InvestingPro Tip worth noting for potential investors is that RLI has maintained its dividend payments for 49 consecutive years, which is a testament to its financial health and management's commitment to returning value to shareholders. Furthermore, the company's cash flows can sufficiently cover interest payments, indicating a sound financial structure and reduced risk of financial distress.
For investors seeking more detailed analysis and additional InvestingPro Tips, there are 7 more tips available on RLI Corp. These tips can provide deeper insights into the company's financial health and future outlook. Interested readers can access these tips by visiting the InvestingPro platform and can take advantage of an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
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