Old Republic International Corporation $ORI Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Old Republic International stake by 7.8% in the first quarter, selling 43,799 shares and retaining 517,395 shares worth approximately $20.6 million. Institutional investors and hedge funds collectively own 70.92% of the company.
• Old Republic reported quarterly EPS of $0.76, missing analyst expectations of $0.79, while revenue of $2.50 billion exceeded estimates and increased 5.2% year over year.
• The company declared a quarterly dividend of $0.315 per share, equivalent to $1.26 annually and a 3.0% yield. Analysts collectively maintain a “Moderate Buy” rating, with an average price target of $41.50.

Bank of America Corp DE trimmed its position in Old Republic International Corporation (NYSE:ORI - Free Report) by 7.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 517,395 shares of the insurance provider's stock after selling 43,799 shares during the period. Bank of America Corp DE owned about 0.21% of Old Republic International worth $20,644,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Torren Management LLC purchased a new position in shares of Old Republic International during the fourth quarter valued at approximately $27,000. Commonwealth Retirement Investments LLC acquired a new stake in Old Republic International during the fourth quarter worth approximately $27,000. JPL Wealth Management LLC purchased a new stake in Old Republic International in the 3rd quarter worth approximately $27,000. Quest 10 Wealth Builders Inc. purchased a new stake in Old Republic International in the 4th quarter worth approximately $31,000. Finally, Hilton Head Capital Partners LLC acquired a new position in Old Republic International in the 4th quarter valued at $38,000. 70.92% of the stock is owned by institutional investors and hedge funds.

Old Republic International Stock Performance

NYSE:ORI opened at $42.41 on Wednesday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.38. The company has a market cap of $10.24 billion, a P/E ratio of 10.03 and a beta of 0.58. Old Republic International Corporation has a fifty-two week low of $36.65 and a fifty-two week high of $46.76. The firm's 50 day moving average is $41.48 and its two-hundred day moving average is $40.70.

Old Republic International (NYSE:ORI - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 11.71% and a return on equity of 15.41%. The firm's quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 earnings per share. Analysts expect that Old Republic International Corporation will post 2.91 EPS for the current year.

Old Republic International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, September 4th will be given a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 4th. Old Republic International's payout ratio is 29.79%.

Insiders Place Their Bets

In other Old Republic International news, EVP Stephen J. Oberst sold 13,125 shares of Old Republic International stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $43.96, for a total transaction of $576,975.00. Following the transaction, the executive vice president directly owned 82,205 shares of the company's stock, valued at $3,613,731.80. The trade was a 13.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jeffrey Lange sold 14,075 shares of the company's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $43.76, for a total transaction of $615,922.00. Following the sale, the senior vice president directly owned 12,244 shares of the company's stock, valued at approximately $535,797.44. This trade represents a 53.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 28,988 shares of company stock worth $1,268,458 over the last three months. 1.32% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ORI has been the topic of a number of recent analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Old Republic International in a research note on Wednesday, July 8th. Raymond James Financial set a $44.00 price objective on Old Republic International in a research report on Monday, April 27th. Zacks Research upgraded 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 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. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Old Republic International presently has an average rating of "Moderate Buy" and an average price target of $41.50.

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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