Empowered Funds LLC Invests $1.05 Million in Old Republic International Corporation $ORI

Key Points

• Empowered Funds LLC initiated a position in Old Republic International worth approximately $1.05 million, while institutional investors overall own 70.92% of the company.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $41.50, despite Piper Sandler lowering its target to $39.
• Old Republic reported quarterly revenue of $2.50 billion, up 5.2% year over year, but earnings per share of $0.76 missed estimates. The company also declared a quarterly dividend of $0.315, representing a 2.9% annualized yield.

Empowered Funds LLC bought a new position in Old Republic International Corporation (NYSE:ORI - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,413 shares of the insurance provider's stock, valued at approximately $1,054,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in shares of Old Republic International by 230.6% during the 4th quarter. Bank of New York Mellon Corp now owns 11,852,387 shares of the insurance provider's stock valued at $540,943,000 after acquiring an additional 8,266,829 shares during the last quarter. GQG Partners LLC purchased a new stake in Old Republic International during the fourth quarter valued at $155,960,000. Norges Bank purchased a new stake in Old Republic International during the fourth quarter valued at $134,633,000. AQR Capital Management LLC lifted its position in Old Republic International by 55.7% during the second quarter. AQR Capital Management LLC now owns 5,779,156 shares of the insurance provider's stock valued at $221,457,000 after purchasing an additional 2,066,965 shares during the last quarter. Finally, Raymond James Financial Inc. grew its stake in shares of Old Republic International by 55.0% in the 4th quarter. Raymond James Financial Inc. now owns 3,234,373 shares of the insurance provider's stock worth $147,650,000 after buying an additional 1,147,102 shares in the last quarter. 70.92% of the stock is owned by institutional investors.

Insider Transactions at Old Republic International

In related news, SVP Jeffrey Lange sold 14,075 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $43.76, for a total value of $615,922.00. Following the transaction, the senior vice president owned 12,244 shares of the company's stock, valued at $535,797.44. This represents a 53.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Carolyn Monroe sold 1,788 shares of Old Republic International stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $42.26, for a total transaction of $75,560.88. Following the transaction, the senior vice president directly owned 32,261 shares in the company, valued at approximately $1,363,349.86. The trade was a 5.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 28,988 shares of company stock valued at $1,268,458. 1.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ORI shares. Weiss Ratings restated a "buy (b)" rating on shares of Old Republic International in a research report on Wednesday, July 8th. Piper Sandler dropped their target price on Old Republic International from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Friday, July 24th. Raymond James Financial set a $44.00 target price on Old Republic International in a research report on Monday, April 27th. Finally, Zacks Research upgraded Old Republic International from a "strong sell" rating to a "hold" rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Old Republic International presently has a consensus rating of "Moderate Buy" and a consensus price target of $41.50.

Old Republic International Stock Performance

Shares of Old Republic International stock opened at $42.84 on Monday. Old Republic International Corporation has a 52 week low of $36.65 and a 52 week high of $46.76. The company has a market capitalization of $10.34 billion, a PE ratio of 10.13 and a beta of 0.58. The stock's fifty day moving average is $41.29 and its two-hundred day moving average is $40.65. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.38.

Old Republic International (NYSE:ORI - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $0.76 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.03). The company had revenue of $2.50 billion during the quarter, compared to analysts' expectations of $2.38 billion. Old Republic International had a return on equity of 15.41% and a net margin of 11.71%.The company's quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 EPS. As a group, analysts expect that Old Republic International Corporation will post 2.91 earnings per share for the current year.

Old Republic International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, September 4th will be paid a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, September 4th. Old Republic International's dividend payout ratio is currently 29.79%.

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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