Old Republic International Corporation $ORI Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC sharply reduced its Old Republic International stake in the fourth quarter, cutting shares by 83.6% to 14,451 shares worth about $623,000.
• Analyst sentiment is mixed but slightly constructive, with an average rating of “Moderate Buy” and a consensus price target of $42.00. Recent calls included a Zacks upgrade to hold and Piper Sandler raising its target to $40.
• Old Republic reported mixed quarterly results and continues paying a dividend: EPS of $0.68 missed estimates, while revenue came in slightly above expectations at $2.40 billion. The company also paid a quarterly dividend of $0.315 per share, equal to a 3.1% yield.

Hsbc Holdings PLC cut its stake in Old Republic International Corporation (NYSE:ORI - Free Report) by 83.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,451 shares of the insurance provider's stock after selling 73,621 shares during the period. Hsbc Holdings PLC's holdings in Old Republic International were worth $623,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

ORI has been the topic of a number of research analyst reports. Zacks Research upgraded Old Republic International from a "strong sell" rating to a "hold" rating in a research report on Friday, June 26th. Weiss Ratings reaffirmed 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 target on Old Republic International in a research note on Monday, April 27th. Finally, 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 report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given 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 price target of $42.00.

Insiders Place Their Bets

In other Old Republic International news, SVP Carolyn Monroe sold 13,330 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $38.76, for a total transaction of $516,670.80. Following the transaction, the senior vice president owned 32,261 shares of the company's stock, valued at $1,250,436.36. This represents a 29.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 1.32% of the company's stock.

Old Republic International Stock Performance

Shares of NYSE ORI opened at $40.30 on Thursday. The company has a market cap of $9.79 billion, a PE ratio of 10.80 and a beta of 0.58. Old Republic International Corporation has a 12 month low of $35.60 and a 12 month high of $46.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.23 and a quick ratio of 0.23. The company has a 50-day simple moving average of $39.49 and a 200-day simple moving average of $40.69.

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

Old Republic International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a $0.315 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.26 annualized dividend and a yield of 3.1%. Old Republic International's payout ratio is 33.78%.

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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