Old Republic International Corporation $ORI Position Reduced by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP reduced its Old Republic International stake by 33.7% in the second quarter, selling 96,586 shares and retaining 190,427 shares valued at approximately $7.8 million.
• Old Republic reported quarterly earnings of $0.76 per share, below the $0.79 consensus estimate, while revenue rose 5.2% year over year to $2.50 billion.
• The company paid a quarterly dividend of $0.315 per share, equivalent to a 3.1% yield, and analysts maintain a “Moderate Buy” consensus rating with a $41.50 price target.

Corient Private Wealth LP trimmed its position in Old Republic International Corporation (NYSE:ORI - Free Report) by 33.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 190,427 shares of the insurance provider's stock after selling 96,586 shares during the period. Corient Private Wealth LP owned approximately 0.08% of Old Republic International worth $7,792,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Retirement Investments LLC bought a new position in Old Republic International during the fourth quarter valued at about $27,000. Hilton Head Capital Partners LLC bought a new stake in Old Republic International in the fourth quarter worth about $38,000. Caitong International Asset Management Co. Ltd bought a new stake in Old Republic International in the fourth quarter worth about $48,000. Western Wealth Management LLC acquired a new stake in Old Republic International in the 1st quarter valued at about $90,000. Finally, Nalls Sherbakoff Group LLC acquired a new stake in Old Republic International in the 4th quarter valued at about $92,000. 70.92% of the stock is owned by institutional investors.

Old Republic International Price Performance

ORI stock opened at $40.49 on Friday. Old Republic International Corporation has a one year low of $36.65 and a one year high of $46.76. The firm has a 50-day moving average of $42.12 and a two-hundred day moving average of $40.70. The firm has a market capitalization of $9.78 billion, a PE ratio of 9.57 and a beta of 0.57. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.38.

Old Republic International (NYSE:ORI - Get Free Report) last released its earnings results on Thursday, July 23rd. The insurance provider reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.03). Old Republic International had a return on equity of 15.41% and a net margin of 11.71%.The firm had revenue of $2.50 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period last year, the business earned $0.81 earnings per share. The business's revenue was up 5.2% on a year-over-year basis. On average, analysts forecast that Old Republic International Corporation will post 2.91 earnings per share for the current year.

Old Republic International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, September 4th were paid a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, September 4th. Old Republic International's payout ratio is 29.79%.

Insider Activity

In other news, EVP Stephen Oberst sold 13,125 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $43.96, for a total value of $576,975.00. Following the completion of the sale, the executive vice president owned 82,205 shares in the company, valued at $3,613,731.80. This represents a 13.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Carolyn Monroe sold 4,386 shares of the firm's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $42.01, for a total value of $184,255.86. Following the completion of the sale, the senior vice president directly owned 27,875 shares of the company's stock, valued at approximately $1,171,028.75. This trade represents a 13.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 33,374 shares of company stock worth $1,452,714 over the last quarter. Corporate insiders own 1.32% of the company's stock.

Analyst Ratings Changes

ORI has been the subject of several research reports. Weiss Ratings upgraded shares of Old Republic International from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, September 3rd. Zacks Research raised shares of Old Republic International from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. Finally, Piper Sandler reduced their target price on shares of Old Republic International from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $41.50.

Old Republic International Company Profile

Old Republic International Corporation NYSE: ORI is an insurance holding company headquartered in Chicago, Illinois. Through its subsidiaries, the company provides property and casualty insurance, title insurance and related services, and mortgage guaranty insurance, primarily serving businesses, real estate professionals, lenders and individual policyholders.

Old Republic's general insurance operations offer commercial insurance products such as workers' compensation, commercial automobile, general and professional liability, property, inland marine, aviation, transportation, and surety coverage.

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