Old Republic International Corporation $ORI Stake Lessened by CoreCap Advisors LLC

Key Points

• CoreCap Advisors cut its Old Republic International stake by 97.5% in the second quarter, selling 119,917 shares and retaining 3,051 shares valued at approximately $125,000. Institutional investors and hedge funds collectively own 70.92% of ORI.
• Two company executives sold shares totaling nearly $1.2 million; one sale was specifically made to cover tax withholding obligations tied to vested equity awards.
• Analysts maintain a consensus “Moderate Buy” rating with a $41.50 price target. ORI recently reported quarterly EPS of $0.76, below estimates, while revenue rose 5.2% year over year, and the company maintains a $0.315 quarterly dividend yielding about 3.0%.

CoreCap Advisors LLC cut its stake in Old Republic International Corporation (NYSE:ORI - Free Report) by 97.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,051 shares of the insurance provider's stock after selling 119,917 shares during the period. CoreCap Advisors LLC's holdings in Old Republic International were worth $125,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in ORI. V Square Quantitative Management LLC acquired a new stake in shares of Old Republic International in the 4th quarter valued at about $26,000. Torren Management LLC bought a new stake in Old Republic International in the fourth quarter valued at about $27,000. Commonwealth Retirement Investments LLC bought a new stake in Old Republic International in the fourth quarter valued at about $27,000. JPL Wealth Management LLC bought a new stake in Old Republic International in the third quarter valued at about $27,000. Finally, Quest 10 Wealth Builders Inc. acquired a new stake in Old Republic International during the fourth quarter valued at approximately $31,000. 70.92% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Jeffrey Lange sold 14,075 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $43.76, for a total value of $615,922.00. Following the completion of the transaction, the senior vice president directly owned 12,244 shares of the company's stock, valued at $535,797.44. This represents a 53.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Stephen J. Oberst sold 13,125 shares of Old Republic International stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $43.96, for a total transaction of $576,975.00. Following the sale, the executive vice president owned 82,205 shares in the company, valued at approximately $3,613,731.80. This represents a 13.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 1.32% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on ORI. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Old Republic International in a report on Wednesday, July 8th. Piper Sandler lowered their price target on Old Republic International from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Friday, July 24th. Zacks Research raised Old Republic International from a "strong sell" rating to a "hold" rating in a research report on Friday, June 26th. Finally, Raymond James Financial set a $44.00 price objective on Old Republic International in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $41.50.

Old Republic International Stock Performance

ORI stock opened at $42.48 on Wednesday. Old Republic International Corporation has a 1 year low of $36.65 and a 1 year high of $46.76. The stock has a market capitalization of $10.26 billion, a price-to-earnings ratio of 10.04 and a beta of 0.58. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.30 and a current ratio of 0.30. The stock's fifty day moving average is $40.98 and its two-hundred day moving average is $40.56.

Old Republic International (NYSE:ORI - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $0.76 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.03). The firm had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.38 billion. Old Republic International had a return on equity of 15.41% and a net margin of 11.71%.The firm's revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 EPS. On average, research analysts predict that Old Republic International Corporation will post 2.91 EPS for the current year.

Old Republic International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were paid a $0.315 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.26 annualized dividend and a dividend yield of 3.0%. Old Republic International's dividend payout ratio (DPR) is presently 29.79%.

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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