Dark Forest Capital Management LP Has $10.47 Million Stock Holdings in Old Republic International Corporation $ORI

Key Points

• Dark Forest Capital Management LP increased its stake in Old Republic International Corporation by 505.8% to own 266,913 shares, making it the firm's 8th largest holding.
• Old Republic International reported an EPS of $0.83, beating estimates, with revenue of $2.21 billion for the quarter and a net margin of 10.31%.
• The company declared a quarterly dividend of $0.29 per share, with an annualized yield of 2.9%, and the payout ratio is currently 39.73%.

Dark Forest Capital Management LP lifted its stake in Old Republic International Corporation (NYSE:ORI - Free Report) by 505.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 266,913 shares of the insurance provider's stock after purchasing an additional 222,854 shares during the quarter. Old Republic International accounts for approximately 0.5% of Dark Forest Capital Management LP's holdings, making the stock its 8th biggest position. Dark Forest Capital Management LP owned approximately 0.11% of Old Republic International worth $10,468,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Old Republic International by 4.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 590,079 shares of the insurance provider's stock worth $23,143,000 after purchasing an additional 23,775 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Old Republic International by 304.7% in the 1st quarter. Farther Finance Advisors LLC now owns 15,319 shares of the insurance provider's stock worth $607,000 after purchasing an additional 11,534 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Old Republic International by 4,738.8% in the 1st quarter. GAMMA Investing LLC now owns 216,730 shares of the insurance provider's stock worth $8,500,000 after purchasing an additional 212,251 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Old Republic International by 3.6% in the 1st quarter. Bank of New York Mellon Corp now owns 2,918,236 shares of the insurance provider's stock worth $114,453,000 after purchasing an additional 100,264 shares during the last quarter. Finally, Merit Financial Group LLC raised its position in shares of Old Republic International by 336.1% in the 1st quarter. Merit Financial Group LLC now owns 24,982 shares of the insurance provider's stock worth $980,000 after purchasing an additional 19,254 shares during the last quarter. Hedge funds and other institutional investors own 70.92% of the company's stock.

Insider Activity

In other news, EVP Stephen J. Oberst sold 4,797 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $39.29, for a total transaction of $188,474.13. Following the completion of the sale, the executive vice president owned 54,661 shares of the company's stock, valued at $2,147,630.69. This represents a 8.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Therace Risch purchased 1,500 shares of Old Republic International stock in a transaction dated Tuesday, September 2nd. The shares were acquired at an average cost of $39.90 per share, with a total value of $59,850.00. Following the transaction, the director directly owned 9,625 shares in the company, valued at approximately $384,037.50. The trade was a 18.46% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ORI shares. Piper Sandler lifted their price target on Old Republic International from $41.00 to $45.00 and gave the stock an "overweight" rating in a research report on Tuesday. Wall Street Zen lowered Old Republic International from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $43.50.

Old Republic International Stock Performance

NYSE:ORI traded down $0.68 during mid-day trading on Friday, reaching $40.41. The company's stock had a trading volume of 1,173,846 shares, compared to its average volume of 1,152,149. Old Republic International Corporation has a 12-month low of $33.00 and a 12-month high of $41.15. The firm's fifty day moving average price is $37.94 and its two-hundred day moving average price is $37.70. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.26. The stock has a market cap of $10.04 billion, a P/E ratio of 13.84 and a beta of 0.78.

Old Republic International (NYSE:ORI - Get Free Report) last issued its earnings results on Thursday, July 24th. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.04. Old Republic International had a return on equity of 20.95% and a net margin of 10.31%.The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. The business's revenue for the quarter was up 10.1% on a year-over-year basis. On average, equities analysts forecast that Old Republic International Corporation will post 3.17 EPS for the current fiscal year.

Old Republic International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.16 annualized dividend and a dividend yield of 2.9%. Old Republic International's dividend payout ratio is presently 39.73%.

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.