Gabelli Funds LLC Purchases 28,550 Shares of Old Republic International Corporation $ORI

Key Points

• Gabelli Funds LLC increased its stake in Old Republic International by 72.3% in the fourth quarter, buying 28,550 additional shares and bringing its total to 68,050 shares worth about $3.1 million.
• Old Republic International reported Q1 earnings of $0.68 per share, missing analyst expectations of $0.79, though revenue of $2.40 billion slightly topped estimates and rose 6.7% year over year.
• The company announced a quarterly dividend of $0.315 per share, implying an annualized yield of 3.2%; the stock also has a consensus analyst rating of “Moderate Buy” with an average price target of $42.

Gabelli Funds LLC grew its position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 72.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,050 shares of the insurance provider's stock after acquiring an additional 28,550 shares during the quarter. Gabelli Funds LLC's holdings in Old Republic International were worth $3,106,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ORI. V Square Quantitative Management LLC bought a new stake in shares of Old Republic International during the fourth quarter valued at approximately $26,000. Torren Management LLC bought a new stake in shares of Old Republic International during the fourth quarter valued at approximately $27,000. JPL Wealth Management LLC bought a new stake in shares of Old Republic International during the third quarter valued at approximately $27,000. Clearstead Trust LLC boosted its position in shares of Old Republic International by 65.6% during the third quarter. Clearstead Trust LLC now owns 727 shares of the insurance provider's stock valued at $31,000 after buying an additional 288 shares during the last quarter. Finally, Quest 10 Wealth Builders Inc. purchased a new position in shares of Old Republic International during the fourth quarter valued at approximately $31,000. Institutional investors own 70.92% of the company's stock.

Old Republic International Stock Down 0.5%

Shares of NYSE:ORI opened at $39.65 on Friday. The business's 50 day moving average is $40.09 and its 200 day moving average is $41.99. 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 Corporation has a 12-month low of $35.60 and a 12-month high of $46.76. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 10.63 and a beta of 0.63.

Old Republic International (NYSE:ORI - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $0.68 earnings per share 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 analysts' expectations of $2.39 billion. During the same period in the prior year, the firm posted $0.81 EPS. The firm's revenue for the quarter was up 6.7% on a year-over-year basis. On average, sell-side analysts forecast that Old Republic International Corporation will post 2.95 earnings per share for the current fiscal year.

Old Republic International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be given a $0.315 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.26 annualized dividend and a yield of 3.2%. Old Republic International's payout ratio is currently 33.78%.

Insider Buying and Selling at Old Republic International

In other Old Republic International news, Director John Eric Smith acquired 1,135 shares of the business's stock in a transaction on Monday, March 2nd. The shares were acquired at an average price of $43.10 per share, with a total value of $48,918.50. Following the completion of the transaction, the director owned 4,276 shares in the company, valued at approximately $184,295.60. This trade represents a 36.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Carolyn Monroe sold 13,330 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $38.76, for a total value of $516,670.80. Following the completion of the transaction, the senior vice president directly owned 32,261 shares in the company, valued at approximately $1,250,436.36. This represents a 29.24% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Zacks Research cut Old Republic International from a "hold" rating to a "strong sell" rating in a research report on Wednesday, April 29th. Raymond James Financial set a $44.00 target price on Old Republic International in a research report on Monday, April 27th. Piper Sandler lifted their target price on Old Republic International from $38.00 to $40.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Finally, Weiss Ratings cut Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a research 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 assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $42.00.

Old Republic International 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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