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

Key Points

• ProShare Advisors LLC cut its Old Republic International stake by 19.5% in the fourth quarter, selling 190,998 shares and leaving it with 789,305 shares valued at about $36.0 million.
• Old Republic International reported Q1 earnings of $0.68 per share, missing analyst expectations, though revenue of $2.40 billion slightly topped estimates and rose 6.7% year over year.
• The company declared a quarterly dividend of $0.315 per share, equal to a 3.2% annualized yield, while analysts currently rate the stock a “Moderate Buy” with a $42 average price target.

ProShare Advisors LLC lessened its stake in Old Republic International Corporation (NYSE:ORI - Free Report) by 19.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 789,305 shares of the insurance provider's stock after selling 190,998 shares during the period. ProShare Advisors LLC owned about 0.32% of Old Republic International worth $36,024,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ORI. Thrivent Financial for Lutherans increased its stake in shares of Old Republic International by 2,840.8% in the third quarter. Thrivent Financial for Lutherans now owns 3,926,606 shares of the insurance provider's stock worth $166,763,000 after buying an additional 3,793,085 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Old Republic International by 55.7% in the second quarter. AQR Capital Management LLC now owns 5,779,156 shares of the insurance provider's stock worth $221,457,000 after buying an additional 2,066,965 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of Old Republic International by 98.0% in the third quarter. Captrust Financial Advisors now owns 3,197,538 shares of the insurance provider's stock worth $135,799,000 after buying an additional 1,582,895 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Old Republic International in the second quarter worth $27,289,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Old Republic International by 19.1% in the third quarter. Bank of New York Mellon Corp now owns 3,585,558 shares of the insurance provider's stock worth $152,279,000 after buying an additional 575,778 shares during the last quarter. Institutional investors own 70.92% of the company's stock.

Insider Buying and Selling at Old Republic International

In related news, Director John Eric Smith acquired 1,135 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were acquired at an average cost of $43.10 per share, for a total transaction of $48,918.50. Following the completion of the purchase, the director directly owned 4,276 shares in the company, valued at $184,295.60. This trade represents a 36.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Carolyn Monroe sold 13,330 shares of Old Republic International stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $38.76, for a total transaction of $516,670.80. Following the sale, the senior vice president owned 32,261 shares in the company, valued at approximately $1,250,436.36. This represents a 29.24% 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.

Old Republic International Stock Performance

Shares of ORI opened at $39.55 on Wednesday. Old Republic International Corporation has a 1 year low of $35.60 and a 1 year high of $46.76. The company has a market cap of $9.60 billion, a price-to-earnings ratio of 10.60 and a beta of 0.63. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a fifty day moving average of $40.13 and a 200-day moving average of $41.98.

Old Republic International (NYSE:ORI - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $2.39 billion. During the same period last year, the firm posted $0.81 EPS. The business's revenue was up 6.7% compared to the same quarter last year. As a group, equities analysts anticipate that Old Republic International Corporation will post 2.95 earnings per share for the current year.

Old Republic International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.315 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.26 annualized dividend and a dividend yield of 3.2%. Old Republic International's payout ratio is 33.78%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Weiss Ratings lowered shares of Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, March 27th. Piper Sandler lifted their price objective on shares of Old Republic International from $38.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. Zacks Research downgraded shares of Old Republic International from a "hold" rating to a "strong sell" rating in a report on Wednesday, April 29th. Finally, Raymond James Financial set a $44.00 price objective on shares of Old Republic International in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $42.00.

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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