Bank of New York Mellon Corp Acquires 8,266,829 Shares of Old Republic International Corporation $ORI

Key Points

• Bank of New York Mellon dramatically increased its stake in Old Republic International, buying 8.27 million additional shares in the fourth quarter and lifting its holdings to 11.85 million shares, or about 4.79% of the company.
• Old Republic International reported mixed quarterly results, missing EPS expectations at $0.68 versus $0.79 forecast, though revenue came in slightly above estimates at $2.40 billion and rose 6.7% year over year.
• The company declared a quarterly dividend of $0.315 per share, payable June 15, which works out to an annualized yield of about 3.4% at the reported share price.

Bank of New York Mellon Corp boosted its position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 230.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,852,387 shares of the insurance provider's stock after purchasing an additional 8,266,829 shares during the quarter. Bank of New York Mellon Corp owned about 4.79% of Old Republic International worth $540,943,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ORI. V Square Quantitative Management LLC bought a new stake in Old Republic International during the 4th quarter worth about $26,000. Torren Management LLC acquired a new position in shares of Old Republic International during the 4th quarter worth about $27,000. JPL Wealth Management LLC acquired a new position in shares of Old Republic International during the 3rd quarter worth about $27,000. Clearstead Trust LLC grew its position in shares of Old Republic International by 65.6% during the 3rd quarter. Clearstead Trust LLC now owns 727 shares of the insurance provider's stock worth $31,000 after buying an additional 288 shares during the period. Finally, Quest 10 Wealth Builders Inc. acquired a new position in shares of Old Republic International during the 4th quarter worth about $31,000. 70.92% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Old Republic International news, SVP Carolyn Monroe sold 13,330 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $38.76, for a total transaction of $516,670.80. Following the completion of the transaction, the senior vice president owned 32,261 shares of the company's stock, valued at $1,250,436.36. This represents a 29.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ORI has been the subject of several analyst reports. Weiss Ratings lowered Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday, March 27th. Zacks Research lowered Old Republic International from a "hold" rating to a "strong sell" rating in a research report on Wednesday, April 29th. Piper Sandler boosted their target price on Old Republic International from $38.00 to $40.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Finally, Raymond James Financial set a $44.00 target price on Old Republic International in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Old Republic International presently has a consensus rating of "Moderate Buy" and an average price target of $42.00.

Old Republic International Price Performance

Shares of ORI opened at $37.09 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.23 and a current ratio of 0.23. The stock has a 50 day simple moving average of $39.86 and a 200 day simple moving average of $41.78. Old Republic International Corporation has a 52-week low of $35.60 and a 52-week high of $46.76. The firm has a market capitalization of $9.01 billion, a PE ratio of 9.94 and a beta of 0.59.

Old Republic International (NYSE:ORI - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). Old Republic International had a net margin of 10.83% and a return on equity of 15.71%. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Old Republic International's revenue for the quarter was up 6.7% compared to the same quarter last year. Sell-side analysts predict that Old Republic International Corporation will post 2.95 EPS for the current fiscal year.

Old Republic International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be given a dividend of $0.315 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.26 dividend on an annualized basis and a yield of 3.4%. Old Republic International's dividend payout ratio is 33.78%.

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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