Old Republic International Corporation $ORI Shares Sold by Millennium Management LLC

Key Points

• Millennium Management LLC reduced its stake in Old Republic International Corporation by 9.3%, selling 76,817 shares during the first quarter, bringing its total ownership to 746,683 shares valued at approximately $29.3 million.
• Analysts have downgraded Old Republic International's rating from "buy" to "hold", while other analysts set a revised price target of $45.00 with a consensus average rating of "buy".
• The company recently announced a quarterly dividend of $0.29 per share, with an annual yield of 2.9%, set to be paid to shareholders of record on September 5th.

Millennium Management LLC cut its stake in Old Republic International Corporation (NYSE:ORI - Free Report) by 9.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 746,683 shares of the insurance provider's stock after selling 76,817 shares during the quarter. Millennium Management LLC owned about 0.30% of Old Republic International worth $29,285,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Old Republic International by 30.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,157 shares of the insurance provider's stock valued at $477,000 after purchasing an additional 2,867 shares during the period. Interval Partners LP raised its position in Old Republic International by 68.3% in the first quarter. Interval Partners LP now owns 364,045 shares of the insurance provider's stock valued at $14,278,000 after purchasing an additional 147,792 shares during the period. Jacobs Levy Equity Management Inc. raised its position in Old Republic International by 184.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 345,546 shares of the insurance provider's stock valued at $13,552,000 after purchasing an additional 224,209 shares during the period. Gotham Asset Management LLC raised its position in Old Republic International by 24.4% in the first quarter. Gotham Asset Management LLC now owns 503,261 shares of the insurance provider's stock valued at $19,738,000 after purchasing an additional 98,780 shares during the period. Finally, AQR Capital Management LLC raised its position in Old Republic International by 96.9% in the first quarter. AQR Capital Management LLC now owns 3,712,191 shares of the insurance provider's stock valued at $145,481,000 after purchasing an additional 1,827,180 shares during the period. 70.92% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Old Republic International news, SVP Carolyn Monroe sold 6,849 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $36.52, for a total transaction of $250,125.48. Following the completion of the transaction, the senior vice president directly owned 35,755 shares of the company's stock, valued at $1,305,772.60. This trade represents a 16.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephen J. Oberst sold 4,797 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $39.29, for a total transaction of $188,474.13. Following the transaction, the executive vice president directly owned 54,661 shares of the company's stock, valued at approximately $2,147,630.69. This represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

Old Republic International Stock Down 1.7%

Old Republic International stock traded down $0.66 during midday trading on Tuesday, hitting $39.22. 1,270,897 shares of the stock were exchanged, compared to its average volume of 1,090,975. The firm has a market cap of $9.74 billion, a P/E ratio of 13.43 and a beta of 0.78. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.25 and a quick ratio of 0.25. Old Republic International Corporation has a 1 year low of $33.00 and a 1 year high of $41.15. The company has a 50 day moving average price of $38.19 and a two-hundred day moving average price of $37.84.

Old Republic International (NYSE:ORI - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. Old Republic International had a net margin of 10.31% and a return on equity of 20.95%. The firm's quarterly revenue was up 10.1% on a year-over-year basis. On average, sell-side analysts predict that Old Republic International Corporation will post 3.17 earnings per share for the current fiscal year.

Old Republic International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, September 5th. Old Republic International's dividend payout ratio (DPR) is currently 39.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Old Republic International from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Piper Sandler lifted their price target on shares of Old Republic International from $41.00 to $45.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Old Republic International currently has an average rating of "Buy" and a consensus target price of $43.50.

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.