Geode Capital Management LLC Raises Stake in Old Republic International Corporation $ORI

Key Points

• Geode Capital Management increased its stake in Old Republic International by 1.8% in the fourth quarter, ending with 4.18 million shares valued at about $190.9 million.
• Old Republic International reported Q1 earnings of $0.68 per share, below the $0.79 consensus estimate, though revenue came in slightly above expectations 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, implying an annualized yield of about 3.4%.

Geode Capital Management LLC lifted its position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,181,149 shares of the insurance provider's stock after buying an additional 72,857 shares during the quarter. Geode Capital Management LLC owned approximately 1.69% of Old Republic International worth $190,870,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in shares of Old Republic International during the fourth quarter worth about $26,000. Torren Management LLC purchased a new stake in shares of Old Republic International during the fourth quarter worth about $27,000. JPL Wealth Management LLC purchased a new stake in shares of Old Republic International during the third quarter worth about $27,000. Clearstead Trust LLC grew its holdings 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 worth $31,000 after buying an additional 288 shares in the last quarter. Finally, Quest 10 Wealth Builders Inc. purchased a new stake in shares of Old Republic International during the fourth quarter worth about $31,000. 70.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Zacks Research downgraded shares of Old Republic International from a "hold" rating to a "strong sell" rating in a report on Wednesday, April 29th. Raymond James Financial set a $44.00 price target on shares of Old Republic International in a report on Monday, April 27th. Weiss Ratings downgraded shares of Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday, March 27th. Finally, Piper Sandler lifted their price target on shares of Old Republic International from $38.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Old Republic International currently has an average rating of "Moderate Buy" and an average target price of $42.00.

Old Republic International Price Performance

ORI opened at $37.09 on Thursday. The company's 50 day simple moving average is $39.86 and its 200 day simple moving average is $41.78. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.23 and a current ratio of 0.23. Old Republic International Corporation has a 1 year low of $35.60 and a 1 year high of $46.76. The stock 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 released its earnings results 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 return on equity of 15.71% and a net margin of 10.83%.The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the business posted $0.81 earnings per share. Old Republic International's revenue was up 6.7% on a year-over-year basis. As a group, sell-side analysts expect that Old Republic International Corporation will post 2.95 EPS for the current year.

Old Republic International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors 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 dividend yield of 3.4%. Old Republic International's dividend payout ratio (DPR) is currently 33.78%.

Insider Activity

In related news, SVP Carolyn Monroe sold 13,330 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $38.76, for a total value of $516,670.80. Following the sale, the senior vice president directly owned 32,261 shares of the company's stock, valued at approximately $1,250,436.36. This trade represents a 29.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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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