Arbejdsmarkedets Tillaegspension Purchases Shares of 537,655 Old Republic International Corporation $ORI

Key Points

• Arbejdsmarkedets Tillaegspension bought a new stake in Old Republic International during the fourth quarter, acquiring 537,655 shares valued at about $24.5 million. The position represented roughly 0.22% of ORI and about 0.6% of the fund’s portfolio.
• Old Republic International’s latest quarterly results missed earnings expectations, reporting $0.68 EPS versus the $0.79 estimate, while revenue came in slightly above forecasts at $2.40 billion. Analysts currently rate the stock a Moderate Buy with an average target price of $42.
• The company also raised its quarterly dividend to $0.315 per share from $0.29, implying an annualized dividend of $1.26 and a yield of about 3.2%. Meanwhile, insider activity was mixed, with one director buying shares and an SVP selling shares to cover tax withholding obligations.

Arbejdsmarkedets Tillaegspension purchased a new stake in Old Republic International Corporation (NYSE:ORI - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 537,655 shares of the insurance provider's stock, valued at approximately $24,539,000. Old Republic International makes up about 0.6% of Arbejdsmarkedets Tillaegspension's portfolio, making the stock its 21st largest holding. Arbejdsmarkedets Tillaegspension owned approximately 0.22% of Old Republic International at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Baader Bank Aktiengesellschaft purchased a new stake in shares of Old Republic International in the 4th quarter valued at about $607,000. Allworth Financial LP raised its holdings in shares of Old Republic International by 1.3% in the 4th quarter. Allworth Financial LP now owns 47,021 shares of the insurance provider's stock valued at $2,146,000 after acquiring an additional 588 shares in the last quarter. Mainsail Asset Management LLC raised its holdings in shares of Old Republic International by 5.9% in the 4th quarter. Mainsail Asset Management LLC now owns 5,389 shares of the insurance provider's stock valued at $246,000 after acquiring an additional 300 shares in the last quarter. World Investment Advisors raised its holdings in shares of Old Republic International by 42.9% in the 4th quarter. World Investment Advisors now owns 13,194 shares of the insurance provider's stock valued at $601,000 after acquiring an additional 3,963 shares in the last quarter. Finally, Valeo Financial Advisors LLC raised its holdings in shares of Old Republic International by 11.0% in the 4th quarter. Valeo Financial Advisors LLC now owns 5,399 shares of the insurance provider's stock valued at $246,000 after acquiring an additional 534 shares in the last quarter. Hedge funds and other institutional investors own 70.92% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ORI shares. Zacks Research cut Old Republic International from a "hold" rating to a "strong sell" rating in a report on Wednesday, April 29th. Piper Sandler raised their price objective on Old Republic International from $38.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Weiss Ratings cut Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday, March 27th. Finally, Raymond James Financial set a $44.00 price objective on Old Republic International in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Old Republic International currently has a consensus rating of "Moderate Buy" and an average target price of $42.00.

Insider Buying and Selling

In other Old Republic International news, SVP Carolyn Monroe sold 13,330 shares of Old Republic International stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $38.76, for a total value of $516,670.80. Following the transaction, the senior vice president directly owned 32,261 shares of the company's stock, valued at $1,250,436.36. The trade was a 29.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John Eric Smith purchased 1,135 shares of the firm's stock in a transaction on Monday, March 2nd. The stock was bought at an average cost of $43.10 per share, for a total transaction of $48,918.50. Following the completion of the purchase, the director directly owned 4,276 shares in the company, valued at approximately $184,295.60. This trade represents a 36.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.32% of the stock is owned by insiders.

Old Republic International Price Performance

Shares of Old Republic International stock opened at $39.15 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.23 and a quick ratio of 0.23. The business's 50 day simple moving average is $40.28 and its two-hundred day simple moving average is $41.98. The stock has a market capitalization of $9.51 billion, a P/E ratio of 10.49 and a beta of 0.63. Old Republic International Corporation has a one year low of $35.60 and a one year high of $46.76.

Old Republic International (NYSE:ORI - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.79 by ($0.11). The company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. Old Republic International had a return on equity of 15.71% and a net margin of 10.83%.Old Republic International's revenue for the quarter was up 6.7% on a year-over-year basis. During the same period last year, the firm earned $0.81 earnings per share. Analysts forecast that Old Republic International Corporation will post 2.95 EPS for the current year.

Old Republic International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 9th were paid a $0.315 dividend. This is an increase from Old Republic International's previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Monday, March 9th. This represents a $1.26 dividend on an annualized basis and a yield of 3.2%. Old Republic International's payout ratio is presently 33.78%.

About Old Republic International

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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