Horizon Investments LLC Reduces Stock Holdings in Old Republic International Corporation $ORI

Key Points

• Horizon Investments LLC cut its stake in Old Republic International by 95.1% in the fourth quarter, selling 122,368 shares and leaving it with 6,283 shares worth about $271,000.
• Analysts remain mixed on ORI: the consensus rating is Moderate Buy with an average price target of $42, though recent notes included both upgrades and downgrades.
• Old Republic International reported Q1 earnings of $0.68 per share, missing estimates, while revenue came in slightly ahead of expectations; the company also raised its quarterly dividend to $0.315 per share.

Horizon Investments LLC trimmed its holdings in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 95.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,283 shares of the insurance provider's stock after selling 122,368 shares during the quarter. Horizon Investments LLC's holdings in Old Republic International were worth $271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vest Financial LLC purchased a new position in Old Republic International during the 3rd quarter worth $1,517,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in Old Republic International by 261.8% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 277,350 shares of the insurance provider's stock worth $11,779,000 after buying an additional 200,692 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Old Republic International by 2,840.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 3,926,606 shares of the insurance provider's stock worth $166,763,000 after buying an additional 3,793,085 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Old Republic International by 19.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,585,558 shares of the insurance provider's stock valued at $152,279,000 after purchasing an additional 575,778 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Old Republic International by 8.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 708,917 shares of the insurance provider's stock valued at $30,159,000 after purchasing an additional 57,728 shares during the last quarter. 70.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ORI has been the topic of several research analyst reports. Piper Sandler boosted their price target on Old Republic International from $38.00 to $40.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Weiss Ratings downgraded Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, March 27th. Zacks Research downgraded Old Republic International from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Finally, Raymond James Financial set a $44.00 price target on Old Republic International in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.00.

Old Republic International Stock Down 0.6%

Old Republic International stock opened at $39.26 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.27 and a current ratio of 0.23. The business's 50-day simple moving average is $40.64 and its two-hundred day simple moving average is $42.06. The company has a market cap of $9.53 billion, a PE ratio of 10.52 and a beta of 0.63. Old Republic International Corporation has a fifty-two week low of $35.60 and a fifty-two week high of $46.76.

Old Republic International (NYSE:ORI - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. Old Republic International had a net margin of 10.83% and a return on equity of 15.71%. The business's quarterly revenue was up 6.7% compared to the same quarter last year. During the same period last year, the firm earned $0.81 EPS. Equities analysts anticipate that Old Republic International Corporation will post 2.95 EPS for the current year.

Old Republic International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Monday, March 9th were issued a $0.315 dividend. This is a boost from Old Republic International's previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Monday, March 9th. This represents a $1.26 annualized dividend and a dividend yield of 3.2%. Old Republic International's payout ratio is presently 33.78%.

Insider Activity

In related news, Director John Eric Smith acquired 1,135 shares of the firm's stock in a transaction dated Monday, March 2nd. The stock was acquired at an average price of $43.10 per share, with a total value of $48,918.50. Following the acquisition, the director directly owned 4,276 shares in the company, valued at $184,295.60. This represents a 36.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.32% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.