Old Republic International Corporation $ORI Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Old Republic International stake by 21.7% in the first quarter, adding 48,956 shares to own 274,831 shares valued at approximately $11.0 million.
• Institutional investors and hedge funds own 70.92% of ORI, with Goldman Sachs holding about 1.59 million shares after also increasing its position.
• Analysts give ORI an overall “Moderate Buy” rating with an average price target of $41.50; the company recently reported quarterly EPS of $0.76, below the $0.79 consensus estimate, despite revenue exceeding expectations.

California State Teachers Retirement System lifted its stake in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 21.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 274,831 shares of the insurance provider's stock after acquiring an additional 48,956 shares during the quarter. California State Teachers Retirement System owned 0.11% of Old Republic International worth $10,966,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Old Republic International by 30.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,157 shares of the insurance provider's stock valued at $477,000 after buying an additional 2,867 shares during the period. NewEdge Advisors LLC increased its holdings in Old Republic International by 121.9% in the first quarter. NewEdge Advisors LLC now owns 24,069 shares of the insurance provider's stock valued at $944,000 after buying an additional 13,224 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Old Republic International by 122.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,534 shares of the insurance provider's stock worth $178,000 after acquiring an additional 2,493 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Old Republic International by 10.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,593,065 shares of the insurance provider's stock worth $62,480,000 after purchasing an additional 148,891 shares during the last quarter. Finally, Sivia Capital Partners LLC lifted its stake in Old Republic International by 31.8% during the second quarter. Sivia Capital Partners LLC now owns 8,414 shares of the insurance provider's stock worth $323,000 after purchasing an additional 2,028 shares during the last quarter. 70.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Stephen J. 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 transaction of $576,975.00. Following the completion of the sale, the executive vice president directly owned 82,205 shares of the company's stock, valued at $3,613,731.80. This trade represents a 13.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Carolyn Monroe sold 13,330 shares of Old Republic International stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $38.76, for a total transaction of $516,670.80. Following the completion of the transaction, the senior vice president owned 32,261 shares in the company, valued at approximately $1,250,436.36. This trade represents a 29.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 40,530 shares of company stock valued at $1,709,568. Company insiders own 1.32% of the company's stock.

Analysts Set New Price Targets

ORI has been the topic of several recent analyst reports. Raymond James Financial set a $44.00 price target on shares of Old Republic International in a research note on Monday, April 27th. Piper Sandler dropped their target price on shares of Old Republic International from $40.00 to $39.00 and set a "neutral" rating on the stock in a research report on Friday, July 24th. Zacks Research raised shares of Old Republic International from a "strong sell" rating to a "hold" rating in a research report on Friday, June 26th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Old Republic International in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Old Republic International presently has an average rating of "Moderate Buy" and an average target price of $41.50.

Old Republic International Price Performance

Shares of NYSE:ORI opened at $43.33 on Tuesday. Old Republic International Corporation has a one year low of $36.01 and a one year high of $46.76. The stock has a market capitalization of $10.52 billion, a price-to-earnings ratio of 10.24 and a beta of 0.58. The company has a 50-day simple moving average of $40.35 and a 200-day simple moving average of $40.56. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.23 and a current ratio of 0.68.

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

Old Republic International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were paid a $0.315 dividend. This represents a $1.26 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Friday, June 5th. Old Republic International's dividend payout ratio (DPR) is 29.79%.

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. 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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