California Public Employees Retirement System Has $23.07 Million Position in Old Republic International Corporation $ORI

Key Points

• CalPERS trimmed its Old Republic International stake by 8.3% in the first quarter, but still held 578,333 shares worth about $23.1 million. The fund now owns roughly 0.24% of the insurer.
• Old Republic’s latest earnings missed expectations, with quarterly EPS of $0.68 versus the $0.79 consensus, even as revenue of $2.40 billion slightly beat estimates and rose 6.7% year over year.
• The company continues to pay a solid dividend, recently issuing a quarterly payout of $0.315 per share, or $1.26 annualized, for a yield of about 3.0%. Analysts currently rate the stock a “Moderate Buy” with a consensus price target of $42.00.

California Public Employees Retirement System lowered its holdings in Old Republic International Corporation (NYSE:ORI - Free Report) by 8.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 578,333 shares of the insurance provider's stock after selling 52,298 shares during the period. California Public Employees Retirement System owned approximately 0.24% of Old Republic International worth $23,075,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Jefferies Financial Group Inc. purchased a new position in shares of Old Republic International during the 4th quarter valued at $2,592,000. Oak Thistle LLC purchased a new stake in shares of Old Republic International during the 4th quarter worth about $1,264,000. Wealth Enhancement Advisory Services LLC grew its position in Old Republic International by 8.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 708,917 shares of the insurance provider's stock worth $30,159,000 after acquiring an additional 57,728 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Old Republic International during the 4th quarter worth $2,157,000. Finally, Jefferson Bridge Capital LLC bought a new position in shares of Old Republic International during the 4th quarter valued at $2,663,000. Hedge funds and other institutional investors own 70.92% of the company's stock.

Old Republic International Price Performance

Shares of NYSE:ORI opened at $41.63 on Thursday. The business has a 50 day moving average price of $39.76 and a 200 day moving average price of $40.54. Old Republic International Corporation has a twelve month low of $35.60 and a twelve month high of $46.76. The company has a market cap of $10.11 billion, a price-to-earnings ratio of 11.16 and a beta of 0.58. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.27.

Old Republic International (NYSE:ORI - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $0.68 EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The business's quarterly revenue was up 6.7% on a year-over-year basis. Research analysts predict that Old Republic International Corporation will post 2.95 earnings per share for the current year.

Old Republic International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a dividend of $0.315 per share. The ex-dividend date was Friday, June 5th. This represents a $1.26 annualized dividend and a dividend yield of 3.0%. Old Republic International's payout ratio is presently 33.78%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ORI shares. Weiss Ratings restated a "buy (b)" rating on shares of Old Republic International in a report on Wednesday, July 8th. Raymond James Financial set a $44.00 price target on Old Republic International in a research note on Monday, April 27th. Piper Sandler increased 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. Finally, Zacks Research raised Old Republic International from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Old Republic International currently has an average rating of "Moderate Buy" and a consensus target price of $42.00.

Insider Activity at Old Republic International

In other news, SVP Carolyn Monroe sold 13,330 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were 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 approximately $1,250,436.36. This represents a 29.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 1.32% of the company's stock.

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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