Old Republic International Corporation $ORI Stake Boosted by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in Old Republic International Corporation by 30.1% during the second quarter, owning 696,600 shares valued at approximately $26.8 million.
• Analysts have varying ratings for Old Republic International, with two giving a Strong Buy and one a Buy rating, alongside target price increases up to $47.00.
• Old Republic International recently announced a quarterly dividend of $0.29 per share, representing an annualized yield of 2.8% with a payout ratio of approximately 39.73%.

Allianz Asset Management GmbH increased its position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 30.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 696,600 shares of the insurance provider's stock after purchasing an additional 161,282 shares during the quarter. Allianz Asset Management GmbH owned 0.28% of Old Republic International worth $26,777,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Hamlin Capital Management LLC lifted its stake in Old Republic International by 1.6% during the first quarter. Hamlin Capital Management LLC now owns 5,191,308 shares of the insurance provider's stock worth $203,603,000 after purchasing an additional 79,796 shares during the last quarter. AQR Capital Management LLC lifted its stake in Old Republic International by 96.9% during the first quarter. AQR Capital Management LLC now owns 3,712,191 shares of the insurance provider's stock worth $145,481,000 after purchasing an additional 1,827,180 shares during the last quarter. Northern Trust Corp lifted its stake in Old Republic International by 11.8% during the first quarter. Northern Trust Corp now owns 3,551,918 shares of the insurance provider's stock worth $139,306,000 after purchasing an additional 375,916 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Old Republic International by 3.6% during the first quarter. Bank of New York Mellon Corp now owns 2,918,236 shares of the insurance provider's stock worth $114,453,000 after purchasing an additional 100,264 shares during the last quarter. Finally, Invesco Ltd. increased its position in Old Republic International by 7.3% in the first quarter. Invesco Ltd. now owns 2,521,439 shares of the insurance provider's stock worth $98,891,000 after buying an additional 171,497 shares during the period. 70.92% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ORI has been the topic of several analyst reports. Wall Street Zen lowered Old Republic International from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Raymond James Financial raised Old Republic International from an "outperform" rating to a "strong-buy" rating and increased their target price for the stock from $43.00 to $47.00 in a research report on Monday, September 22nd. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Old Republic International in a research report on Wednesday, October 8th. Finally, Piper Sandler increased their target price on Old Republic International from $45.00 to $47.00 and gave the stock an "overweight" rating in a research report on Monday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Strong Buy" and a consensus target price of $47.00.

Insider Buying and Selling

In other news, Director Therace Risch bought 1,500 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were purchased at an average cost of $39.90 per share, with a total value of $59,850.00. Following the completion of the acquisition, the director directly owned 9,625 shares in the company, valued at approximately $384,037.50. The trade was a 18.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Carolyn Monroe sold 6,849 shares of Old Republic International stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $36.52, for a total value of $250,125.48. Following the transaction, the senior vice president directly owned 35,755 shares in the company, valued at approximately $1,305,772.60. The trade was a 16.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.

Old Republic International Price Performance

Shares of ORI opened at $41.48 on Friday. The firm has a market capitalization of $10.31 billion, a price-to-earnings ratio of 14.21 and a beta of 0.76. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.25 and a current ratio of 0.25. Old Republic International Corporation has a one year low of $33.00 and a one year high of $44.00. The stock's fifty day moving average is $40.70 and its 200-day moving average is $38.50.

Old Republic International (NYSE:ORI - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The insurance provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.04. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.18 billion. Old Republic International had a return on equity of 20.95% and a net margin of 10.31%.The firm's revenue for the quarter was up 10.1% compared to the same quarter last year. Equities analysts anticipate that Old Republic International Corporation will post 3.17 EPS for the current year.

Old Republic International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Friday, September 5th. Old Republic International's payout ratio is presently 39.73%.

About Old Republic International

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.

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