Heartland Advisors Inc. Sells 92,643 Shares of Old Republic International Corporation (NYSE:ORI)

Key Points

• Heartland Advisors Inc. reduced its holdings in Old Republic International Corporation by 22.4%, owning 321,610 shares valued at approximately $12.6 million as of the latest SEC filing.
• Several institutional investors have increased their stakes in Old Republic International, contributing to a total of 70.92% of the stock being owned by hedge funds and other institutional investors.
• Old Republic International reported earnings of $0.83 per share, exceeding expectations, and announced a quarterly dividend of $0.29 per share, translating to an annual yield of 3.25%.

Heartland Advisors Inc. cut its position in Old Republic International Corporation (NYSE:ORI - Free Report) by 22.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 321,610 shares of the insurance provider's stock after selling 92,643 shares during the quarter. Heartland Advisors Inc. owned about 0.13% of Old Republic International worth $12,614,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Venturi Wealth Management LLC grew its position in shares of Old Republic International by 1.8% in the 1st quarter. Venturi Wealth Management LLC now owns 19,055 shares of the insurance provider's stock valued at $747,000 after acquiring an additional 340 shares during the period. Summit Financial LLC lifted its stake in Old Republic International by 6.1% in the 4th quarter. Summit Financial LLC now owns 6,017 shares of the insurance provider's stock valued at $218,000 after purchasing an additional 347 shares during the last quarter. Penbrook Management LLC grew its holdings in Old Republic International by 5.0% during the first quarter. Penbrook Management LLC now owns 8,480 shares of the insurance provider's stock worth $333,000 after purchasing an additional 400 shares during the period. Advisory Services Network LLC increased its position in Old Republic International by 4.5% during the fourth quarter. Advisory Services Network LLC now owns 9,452 shares of the insurance provider's stock worth $342,000 after buying an additional 404 shares during the last quarter. Finally, Huntington National Bank raised its stake in Old Republic International by 34.8% in the fourth quarter. Huntington National Bank now owns 1,737 shares of the insurance provider's stock valued at $63,000 after buying an additional 448 shares during the period. 70.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Carolyn Monroe sold 10,601 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $37.38, for a total transaction of $396,265.38. Following the transaction, the senior vice president directly owned 35,755 shares of the company's stock, valued at approximately $1,336,521.90. This trade represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ORI shares. Piper Sandler cut their price objective on Old Republic International from $42.00 to $41.00 and set an "overweight" rating for the company in a research report on Friday. Wall Street Zen downgraded Old Republic International from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Raymond James Financial set a $42.00 price objective on shares of Old Republic International and gave the company an "outperform" rating in a report on Monday, April 28th.

Old Republic International Stock Performance

Old Republic International stock traded up $0.31 during trading hours on Tuesday, hitting $36.26. The company had a trading volume of 493,219 shares, compared to its average volume of 1,321,697. The firm has a 50-day moving average of $37.32 and a 200 day moving average of $37.24. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.63 and a quick ratio of 0.24. The firm has a market cap of $8.96 billion, a PE ratio of 12.43 and a beta of 0.73. Old Republic International Corporation has a one year low of $33.00 and a one year high of $39.84.

Old Republic International (NYSE:ORI - Get Free Report) last announced 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. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.18 billion. Old Republic International had a return on equity of 20.95% and a net margin of 10.31%. The company's revenue for the quarter was up 10.1% on a year-over-year basis. On average, sell-side analysts expect that Old Republic International Corporation will post 3.17 earnings per share for the current year.

Old Republic International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, June 6th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date was Friday, June 6th. Old Republic International's dividend payout ratio is currently 39.73%.

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.