Old Republic International Corporation $ORI Stake Reduced 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 reduced its holdings in Old Republic International Corporation (NYSE:ORI - Free Report) by 9.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 746,683 shares of the insurance provider's stock after selling 76,817 shares during the quarter. Millennium Management LLC owned 0.30% of Old Republic International worth $29,285,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ORI. Wealth Enhancement Advisory Services LLC raised its position in shares of Old Republic International by 4.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 590,079 shares of the insurance provider's stock worth $23,143,000 after purchasing an additional 23,775 shares during the period. Farther Finance Advisors LLC increased its stake in Old Republic International by 304.7% in the 1st quarter. Farther Finance Advisors LLC now owns 15,319 shares of the insurance provider's stock worth $607,000 after purchasing an additional 11,534 shares in the last quarter. GAMMA Investing LLC raised its holdings in Old Republic International by 4,738.8% during the 1st quarter. GAMMA Investing LLC now owns 216,730 shares of the insurance provider's stock worth $8,500,000 after buying an additional 212,251 shares during the period. 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 valued at $114,453,000 after buying an additional 100,264 shares in the last quarter. Finally, Merit Financial Group LLC lifted its stake in Old Republic International by 336.1% during the first quarter. Merit Financial Group LLC now owns 24,982 shares of the insurance provider's stock valued at $980,000 after buying an additional 19,254 shares in the last quarter. 70.92% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Old Republic International from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Piper Sandler raised their price objective 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, According to MarketBeat.com, Old Republic International has an average rating of "Buy" and an average price target of $43.50.

Old Republic International Price Performance

Shares of ORI opened at $39.93 on Thursday. The business's 50-day moving average is $38.06 and its 200-day moving average is $37.77. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.25 and a quick ratio of 0.25. The company has a market capitalization of $9.92 billion, a price-to-earnings ratio of 13.67 and a beta of 0.78. Old Republic International Corporation has a fifty-two week low of $33.00 and a fifty-two week high of $41.15.

Old Republic International (NYSE:ORI - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.18 billion. Old Republic International had a net margin of 10.31% and a return on equity of 20.95%. Old Republic International's quarterly revenue was up 10.1% on a year-over-year basis. Equities research analysts expect that Old Republic International Corporation will post 3.17 EPS for the current fiscal year.

Old Republic International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 2.9%. The ex-dividend date is Friday, September 5th. Old Republic International's dividend payout ratio is currently 39.73%.

Insider Buying and Selling at Old Republic International

In related news, Director Therace Risch acquired 1,500 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were purchased at an average price of $39.90 per share, for a total transaction of $59,850.00. Following the purchase, the director owned 9,625 shares in the company, valued at $384,037.50. This represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stephen J. Oberst sold 4,797 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $39.29, for a total transaction of $188,474.13. Following the completion of the transaction, the executive vice president owned 54,661 shares in the company, valued at approximately $2,147,630.69. This represents a 8.07% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.10% of the company's stock.

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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