Old Republic International Corporation $ORI Shares Sold by Nordea Investment Management AB

Key Points

• Nordea Investment Management trimmed its stake in Old Republic by 12.6% in Q4, selling 61,607 shares and leaving 426,052 shares (about 0.17% of the company) worth roughly $19.6 million.
• Other institutions were net buyers: Thrivent added about 3.79 million shares to hold 3.93 million ($166.8M) and Mitsubishi UFJ boosted its stake by 261.8%, with institutional ownership at about 70.92%.
• Old Republic missed Q4 estimates with $0.74 EPS vs. $0.89 expected, but raised its quarterly dividend to $0.315 (annualized $1.26, ~3.2% yield); the stock trades near $39 with a market cap around $9.6B and a P/E of ~11.6.

Nordea Investment Management AB lessened its holdings in Old Republic International Corporation (NYSE:ORI - Free Report) by 12.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 426,052 shares of the insurance provider's stock after selling 61,607 shares during the period. Nordea Investment Management AB owned about 0.17% of Old Republic International worth $19,603,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Ellsworth Advisors LLC purchased a new position in Old Republic International during the third quarter valued at $6,000,000. Vest Financial LLC purchased a new stake in shares of Old Republic International during the third quarter worth about $1,517,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Old Republic International by 261.8% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 277,350 shares of the insurance provider's stock worth $11,779,000 after purchasing an additional 200,692 shares in the last quarter. American National Bank & Trust raised its position in shares of Old Republic International by 80.0% during the 3rd quarter. American National Bank & Trust now owns 45,000 shares of the insurance provider's stock worth $1,911,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Old Republic International by 2,840.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 3,926,606 shares of the insurance provider's stock worth $166,763,000 after purchasing an additional 3,793,085 shares during the last quarter. Institutional investors and hedge funds own 70.92% of the company's stock.

Old Republic International Price Performance

Shares of NYSE ORI opened at $39.17 on Wednesday. The firm has a 50-day simple moving average of $41.06 and a 200-day simple moving average of $42.27. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $9.62 billion, a price-to-earnings ratio of 11.55 and a beta of 0.73. Old Republic International Corporation has a 52 week low of $34.43 and a 52 week high of $46.76.

Old Republic International (NYSE:ORI - Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The insurance provider reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.15). Old Republic International had a net margin of 10.24% and a return on equity of 16.21%. During the same quarter in the previous year, the firm posted $0.90 EPS. On average, equities analysts predict that Old Republic International Corporation will post 3.17 earnings per share for the current fiscal year.

Old Republic International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Monday, March 9th were given a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost from Old Republic International's previous quarterly dividend of $0.29. The ex-dividend date was Monday, March 9th. Old Republic International's dividend payout ratio (DPR) is currently 37.17%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ORI shares. Weiss Ratings upgraded Old Republic International from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, March 13th. Zacks Research cut Old Republic International from a "hold" rating to a "strong sell" rating in a report on Friday, January 23rd. Finally, Piper Sandler restated a "neutral" rating and issued a $38.00 target price (down from $51.00) on shares of Old Republic International in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Old Republic International presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.50.

Insider Buying and Selling

In related news, SVP Carolyn Monroe sold 5,526 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $39.28, for a total value of $217,061.28. Following the completion of the sale, the senior vice president owned 27,875 shares of the company's stock, valued at approximately $1,094,930. This trade represents a 16.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Eric Smith acquired 1,135 shares of Old Republic International stock in a transaction that occurred on Monday, March 2nd. The shares were bought at an average price of $43.10 per share, for a total transaction of $48,918.50. Following the transaction, the director owned 4,276 shares of the company's stock, valued at $184,295.60. This represents a 36.13% increase in their position. The SEC filing for this purchase provides additional information. 1.10% of the stock is owned by corporate insiders.

Old Republic International Company 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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