12,015,139 Shares in Old Republic International Corporation $ORI Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 12.0 million Old Republic shares worth approximately $491.7 million, giving it a 4.98% stake. Institutional investors collectively own 70.92% of ORI.
• Old Republic reported quarterly revenue of $2.50 billion, up 5.2% year over year, but EPS of $0.76 fell short of the $0.79 consensus estimate. The stock opened at $41.62, near analysts’ $41.50 consensus price target.
• The company declared a quarterly dividend of $0.315 per share, or $1.26 annualized, representing a 3.0% yield and a 29.79% payout ratio.

Bank of New York Mellon Corp purchased a new position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,015,139 shares of the insurance provider's stock, valued at approximately $491,660,000. Bank of New York Mellon Corp owned about 4.98% of Old Republic International at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Insight Wealth Strategies LLC grew its stake in Old Republic International by 23.3% during the second quarter. Insight Wealth Strategies LLC now owns 85,627 shares of the insurance provider's stock worth $3,512,000 after buying an additional 16,203 shares during the period. Fiduciary Financial Group LLC raised its stake in shares of Old Republic International by 7.1% in the 2nd quarter. Fiduciary Financial Group LLC now owns 8,355 shares of the insurance provider's stock valued at $342,000 after acquiring an additional 551 shares during the period. Handelsbanken Fonder AB lifted its holdings in shares of Old Republic International by 1.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 60,871 shares of the insurance provider's stock valued at $2,491,000 after acquiring an additional 1,100 shares in the last quarter. Harrell Investment Partners LLC lifted its holdings in shares of Old Republic International by 16.1% during the 2nd quarter. Harrell Investment Partners LLC now owns 27,123 shares of the insurance provider's stock valued at $1,110,000 after acquiring an additional 3,756 shares in the last quarter. Finally, Bill Few Associates Inc. boosted its position in Old Republic International by 32.7% during the 2nd quarter. Bill Few Associates Inc. now owns 8,291 shares of the insurance provider's stock worth $339,000 after purchasing an additional 2,043 shares during the period. 70.92% of the stock is currently owned by hedge funds and other institutional investors.

Old Republic International Trading Down 0.4%

ORI opened at $41.62 on Friday. Old Republic International Corporation has a 12-month low of $36.65 and a 12-month high of $46.76. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market capitalization of $10.05 billion, a PE ratio of 9.84 and a beta of 0.58. The firm's fifty day moving average price is $41.69 and its 200 day moving average price is $40.74.

Old Republic International (NYSE:ORI - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $0.76 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.03). The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.38 billion. Old Republic International had a return on equity of 15.41% and a net margin of 11.71%.The business's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.81 EPS. As a group, research analysts expect that Old Republic International Corporation will post 2.91 EPS for the current fiscal year.

Old Republic International Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, September 4th will be paid a dividend of $0.315 per share. The ex-dividend date is Friday, September 4th. This represents a $1.26 annualized dividend and a yield of 3.0%. Old Republic International's dividend payout ratio (DPR) is 29.79%.

Analysts Set New Price Targets

Several brokerages recently issued reports on ORI. Raymond James Financial set a $44.00 price target on Old Republic International in a report on Monday, April 27th. Piper Sandler reduced their price objective on Old Republic International from $40.00 to $39.00 and set a "neutral" rating on the stock in a research note on Friday, July 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Old Republic International in a research report on Wednesday, July 8th. Finally, Zacks Research upgraded Old Republic International from a "strong sell" rating to a "hold" rating in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.50.

Insider Activity at Old Republic International

In related news, SVP Jeffrey Lange sold 14,075 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $43.76, for a total transaction of $615,922.00. Following the sale, the senior vice president owned 12,244 shares in the company, valued at $535,797.44. This represents a 53.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Carolyn Monroe sold 1,788 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $42.26, for a total value of $75,560.88. Following the completion of the sale, the senior vice president directly owned 32,261 shares in the company, valued at $1,363,349.86. This represents a 5.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 28,988 shares of company stock valued at $1,268,458 in the last quarter. Insiders own 1.32% of the company's stock.

Old Republic International Profile

Old Republic International Corporation, through its subsidiaries, engages in the insurance underwriting and related services business primarily in the United States and Canada. It operates through three segments: General Insurance, Title Insurance, and Republic Financial Indemnity Group Run-off Business. The General Insurance segment offers aviation, commercial auto, commercial multi-peril, commercial property, general liability, home and auto warranty, inland marine, travel accident, and workers' compensation insurance products; and financial indemnity products for specialty coverages, including errors and omissions, fidelity, directors and officers, and surety.

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