M&T Bank Corp Buys 29,222 Shares of Old Republic International Corporation $ORI

Key Points

• M&T Bank Corp raised its stake in Old Republic by 3.0%, buying 29,222 shares to hold 995,569 shares (about 0.40% of the company) valued at roughly $45.44 million; institutional ownership stands at 70.92% with large position increases from Vanguard, AQR and Thrivent.
• Old Republic missed Q1 EPS estimates ($0.68 vs. $0.79) while revenue rose 6.7% to $2.40 billion; the company has a $9.57 billion market cap, a P/E of 10.54, and recently boosted its quarterly dividend to $0.315 (annualized $1.26, ~3.2% yield).
• Analyst sentiment is mixed but the consensus rating is a "Moderate Buy" with an average price target of $42, despite recent downgrades and varied buy/hold/sell notes.

M&T Bank Corp grew its stake in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 3.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 995,569 shares of the insurance provider's stock after acquiring an additional 29,222 shares during the period. M&T Bank Corp owned about 0.40% of Old Republic International worth $45,438,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Old Republic International by 0.5% during the third quarter. Vanguard Group Inc. now owns 25,470,798 shares of the insurance provider's stock valued at $1,081,745,000 after acquiring an additional 123,954 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Old Republic International by 30.7% during the third quarter. AQR Capital Management LLC now owns 7,553,963 shares of the insurance provider's stock valued at $319,155,000 after acquiring an additional 1,774,807 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Old Republic International by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 6,717,255 shares of the insurance provider's stock valued at $285,268,000 after acquiring an additional 116,549 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Old Republic International by 2,840.8% during the third quarter. Thrivent Financial for Lutherans now owns 3,926,606 shares of the insurance provider's stock valued at $166,763,000 after acquiring an additional 3,793,085 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Old Republic International by 19.1% during the third 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 acquiring an additional 575,778 shares in the last quarter. Institutional investors own 70.92% of the company's stock.

Analyst Ratings Changes

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

Old Republic International Stock Performance

Shares of NYSE:ORI opened at $39.31 on Monday. The company has a market capitalization of $9.57 billion, a price-to-earnings ratio of 10.54 and a beta of 0.63. Old Republic International Corporation has a 52 week low of $35.60 and a 52 week high of $46.76. The company has a quick ratio of 0.27, a current ratio of 0.60 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average of $40.78 and a 200 day moving average of $42.11.

Old Republic International (NYSE:ORI - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.79 by ($0.11). The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. Old Republic International had a return on equity of 15.71% and a net margin of 10.83%.The business's quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the firm earned $0.81 EPS. On average, sell-side analysts predict that Old Republic International Corporation will post 2.95 earnings per share for the current fiscal year.

Old Republic International Increases Dividend

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

Insider Activity

In other Old Republic International news, Director John Eric Smith purchased 1,135 shares of Old Republic International stock in a transaction dated Monday, March 2nd. The shares were acquired at an average cost 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.32% of the company's stock.

About Old Republic International

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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