Artemis Investment Management LLP Acquires New Shares in Old Republic International Corporation $ORI

Key Points

• Artemis Investment Management added a new position in Old Republic (NYSE:ORI) in Q4, buying 40,231 shares worth about $1.84 million, part of broader institutional buying that leaves institutions owning roughly 70.9% of the stock.
• Old Republic recently reported $0.68 EPS (missing estimates by $0.11) with $2.40 billion in revenue, raised its quarterly dividend to $0.315 (a 3.2% yield), and trades at about a 10.5 PE with a market cap near $9.6 billion and an average analyst price target of $42 ("Moderate Buy").

Artemis Investment Management LLP bought a new position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 40,231 shares of the insurance provider's stock, valued at approximately $1,836,000.

Several other institutional investors also recently bought and sold shares of ORI. Vest Financial LLC bought a new position in shares of Old Republic International in the 3rd quarter worth about $1,517,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Old Republic International by 261.8% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 277,350 shares of the insurance provider's stock worth $11,779,000 after acquiring an additional 200,692 shares in the last quarter. American National Bank & Trust grew its holdings in Old Republic International by 80.0% in the third quarter. American National Bank & Trust now owns 45,000 shares of the insurance provider's stock worth $1,911,000 after purchasing an additional 20,000 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Old Republic International by 2,840.8% during the third quarter. Thrivent Financial for Lutherans now owns 3,926,606 shares of the insurance provider's stock valued at $166,763,000 after purchasing an additional 3,793,085 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Old Republic International by 19.1% during the third quarter. Bank of New York Mellon Corp now owns 3,585,558 shares of the insurance provider's stock valued at $152,279,000 after purchasing an additional 575,778 shares in the last quarter. 70.92% of the stock is currently owned by institutional investors.

Old Republic International Price Performance

Shares of ORI opened at $39.31 on Friday. The firm has a fifty day simple moving average of $40.78 and a two-hundred day simple moving average of $42.12. The firm has a market cap of $9.57 billion, a PE ratio of 10.54 and a beta of 0.63. The company has a current ratio of 0.60, a quick ratio of 0.27 and a debt-to-equity ratio of 0.27. Old Republic International Corporation has a 1-year low of $35.60 and a 1-year high of $46.76.

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

Old Republic International Increases Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, SVP Carolyn Monroe sold 5,526 shares of the business's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $39.28, for a total transaction of $217,061.28. Following the completion of the sale, the senior vice president directly owned 27,875 shares in the company, valued at approximately $1,094,930. The trade was a 16.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Eric Smith bought 1,135 shares of Old Republic International stock in a transaction on Monday, March 2nd. The shares were acquired at an average cost of $43.10 per share, with a total value of $48,918.50. Following the completion of the acquisition, the director owned 4,276 shares of the company's stock, valued at $184,295.60. The trade was a 36.13% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.32% of the stock is owned by corporate insiders.

Old Republic International Company 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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