Cubist Systematic Strategies LLC Sells 95,699 Shares of Old Republic International Corporation $ORI

Key Points

• Cubist Systematic Strategies LLC reduced its holdings in Old Republic International Corporation by 35.5%, owning 174,149 shares worth $6.83 million after selling 95,699 shares in the first quarter.
• The company declared a quarterly dividend of $0.29 per share, payable on September 15th, which represents an annualized yield of 2.9%.
• Old Republic International's stock was recently rated with an average "Buy" and a price target of $43.50, despite a downgrade from "buy" to "hold" by Wall Street Zen.

Cubist Systematic Strategies LLC lowered its position in Old Republic International Corporation (NYSE:ORI - Free Report) by 35.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 174,149 shares of the insurance provider's stock after selling 95,699 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.07% of Old Republic International worth $6,830,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in Old Republic International by 106.4% during the 1st quarter. Royal Bank of Canada now owns 784,795 shares of the insurance provider's stock valued at $30,779,000 after buying an additional 404,570 shares in the last quarter. Quarry LP grew its holdings in Old Republic International by 6,645.5% during the 1st quarter. Quarry LP now owns 742 shares of the insurance provider's stock valued at $29,000 after buying an additional 731 shares in the last quarter. Vident Advisory LLC grew its holdings in Old Republic International by 26.9% during the 1st quarter. Vident Advisory LLC now owns 10,170 shares of the insurance provider's stock valued at $399,000 after buying an additional 2,153 shares in the last quarter. Evergreen Capital Management LLC grew its holdings in Old Republic International by 5.0% during the 1st quarter. Evergreen Capital Management LLC now owns 25,811 shares of the insurance provider's stock valued at $1,012,000 after buying an additional 1,238 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in Old Republic International during the 1st quarter valued at about $5,877,000. Hedge funds and other institutional investors own 70.92% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ORI. Wall Street Zen lowered Old Republic International from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Piper Sandler lifted their target price on Old Republic International from $41.00 to $45.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Old Republic International presently has a consensus rating of "Buy" and a consensus price target of $43.50.

Old Republic International Price Performance

ORI stock traded down $0.68 during midday trading on Friday, reaching $40.41. The company had a trading volume of 1,173,846 shares, compared to its average volume of 1,152,149. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.25 and a quick ratio of 0.25. Old Republic International Corporation has a 1 year low of $33.00 and a 1 year high of $41.15. The company has a market capitalization of $10.04 billion, a P/E ratio of 13.84 and a beta of 0.78. The firm has a 50-day moving average price of $37.94 and a 200-day moving average price of $37.70.

Old Republic International (NYSE:ORI - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The insurance provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.04. Old Republic International had a net margin of 10.31% and a return on equity of 20.95%. The business had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.18 billion. The company's quarterly revenue was up 10.1% on a year-over-year basis. On average, research analysts anticipate that Old Republic International Corporation will post 3.17 earnings per share for the current fiscal year.

Old Republic International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.16 annualized dividend and a yield of 2.9%. Old Republic International's dividend payout ratio is currently 39.73%.

Insiders Place Their Bets

In other Old Republic International news, SVP Carolyn Monroe sold 6,849 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $36.52, for a total value of $250,125.48. Following the completion of the sale, the senior vice president owned 35,755 shares of the company's stock, valued at $1,305,772.60. This represents a 16.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephen J. Oberst sold 4,797 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $39.29, for a total value of $188,474.13. Following the completion of the sale, the executive vice president directly owned 54,661 shares of the company's stock, valued at approximately $2,147,630.69. This represents a 8.07% decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

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.