Hennessy Advisors Inc. Invests $8.61 Million in Old Republic International Corporation $ORI

Key Points

• Hennessy Advisors Inc. has invested approximately $8.61 million in Old Republic International Corporation by acquiring 223,998 shares during the second quarter.
• Institutional investors own about 70.92% of Old Republic International’s stock, with significant increases in holdings from firms like GAMMA Investing LLC and Merit Financial Group LLC.
• Old Republic International recently reported an EPS of $0.83 for the last quarter, exceeding analysts' estimates, and has announced a quarterly dividend of $0.29, yielding about 2.7%.

Hennessy Advisors Inc. bought a new position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 223,998 shares of the insurance provider's stock, valued at approximately $8,610,000. Hennessy Advisors Inc. owned approximately 0.09% of Old Republic International at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ORI. GAMMA Investing LLC increased its position in shares of Old Republic International by 4,738.8% during the first quarter. GAMMA Investing LLC now owns 216,730 shares of the insurance provider's stock worth $8,500,000 after acquiring an additional 212,251 shares in the last quarter. Merit Financial Group LLC increased its position in shares of Old Republic International by 336.1% during the first quarter. Merit Financial Group LLC now owns 24,982 shares of the insurance provider's stock worth $980,000 after acquiring an additional 19,254 shares in the last quarter. Curat Global LLC bought a new stake in shares of Old Republic International during the first quarter worth about $196,000. Sivia Capital Partners LLC bought a new stake in shares of Old Republic International during the first quarter worth about $250,000. Finally, UMB Bank n.a. increased its position in shares of Old Republic International by 7.4% during the first quarter. UMB Bank n.a. now owns 18,505 shares of the insurance provider's stock worth $726,000 after acquiring an additional 1,276 shares in the last quarter. 70.92% of the stock is owned by institutional investors.

Insider Activity at Old Republic International

In related news, EVP Stephen J. Oberst sold 4,797 shares of Old Republic International stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $39.29, for a total value of $188,474.13. Following the completion of the transaction, the executive vice president directly owned 54,661 shares in the company, valued at approximately $2,147,630.69. The trade was a 8.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Carolyn Monroe sold 6,849 shares of Old Republic International stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $36.52, for a total transaction of $250,125.48. Following the completion of the transaction, the senior vice president owned 35,755 shares of the company's stock, valued at $1,305,772.60. This represents a 16.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ORI shares. Weiss Ratings reiterated a "buy (a-)" rating on shares of Old Republic International in a research note on Saturday, September 27th. Piper Sandler increased their price objective on shares of Old Republic International from $41.00 to $45.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Wall Street Zen lowered shares of Old Republic International from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Raymond James Financial upgraded shares of Old Republic International from an "outperform" rating to a "strong-buy" rating and increased their price objective for the company from $43.00 to $47.00 in a research note on Monday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. Based on data from MarketBeat, Old Republic International has an average rating of "Strong Buy" and a consensus price target of $46.00.

Old Republic International Trading Up 1.1%

Shares of ORI stock opened at $43.35 on Friday. The company has a 50 day moving average of $39.45 and a 200-day moving average of $38.21. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.26. Old Republic International Corporation has a 12-month low of $33.00 and a 12-month high of $43.56. The firm has a market cap of $10.77 billion, a P/E ratio of 14.84 and a beta of 0.76.

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

Old Republic International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, September 5th. Old Republic International's 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.

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