Comerica Bank Sells 6,931 Shares of Old Republic International Corporation $ORI

Key Points

• Comerica Bank reduced its stake in Old Republic International by 6.6%, now holding 98,500 shares valued at $3.86 million.
• In the most recent earnings report, Old Republic International exceeded expectations with an EPS of $0.83, surpassing estimates of $0.79 and reporting a revenue increase of 10.1% year-over-year.
• The company declared a quarterly dividend of $0.29, with a yield of 2.9%, to be paid to shareholders on September 15th.

Comerica Bank lessened its holdings in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 6.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 98,500 shares of the insurance provider's stock after selling 6,931 shares during the period. Comerica Bank's holdings in Old Republic International were worth $3,863,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ORI. HWG Holdings LP acquired a new position in Old Republic International during the 1st quarter worth $25,000. Alpine Bank Wealth Management bought a new stake in shares of Old Republic International during the first quarter valued at about $31,000. Wayfinding Financial LLC acquired a new stake in Old Republic International in the first quarter worth about $34,000. N.E.W. Advisory Services LLC bought a new position in Old Republic International in the 1st quarter valued at about $35,000. Finally, Meeder Asset Management Inc. bought a new position in Old Republic International in the 1st quarter valued at about $36,000. 70.92% of the stock is owned by institutional investors.

Old Republic International Price Performance

Shares of NYSE:ORI traded up $0.57 on Thursday, reaching $40.93. 546,306 shares of the company traded hands, compared to its average volume of 1,314,902. Old Republic International Corporation has a fifty-two week low of $33.00 and a fifty-two week high of $40.98. The company's 50 day moving average is $37.83 and its 200-day moving average is $37.64. The stock has a market capitalization of $10.17 billion, a PE ratio of 14.03 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 (NYSE:ORI - Get Free Report) last announced its earnings results on Thursday, July 24th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.04. Old Republic International had a return on equity of 20.95% and a net margin of 10.31%.The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.18 billion. Old Republic International's revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, analysts anticipate that Old Republic International Corporation will post 3.17 earnings per share for the current fiscal year.

Old Republic International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.29 per share. The ex-dividend date is Friday, September 5th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.8%. Old Republic International's payout ratio is currently 39.73%.

Insider Activity at Old Republic International

In other news, EVP Stephen J. Oberst sold 4,797 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $39.29, for a total value of $188,474.13. Following the transaction, the executive vice president owned 54,661 shares in the company, valued at $2,147,630.69. This represents a 8.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Carolyn Monroe sold 6,849 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $36.52, for a total transaction of $250,125.48. Following the sale, the senior vice president owned 35,755 shares of the company's stock, valued at approximately $1,305,772.60. This represents 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 insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on ORI shares. Wall Street Zen lowered 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 Old Republic International from $41.00 to $45.00 and gave the company an "overweight" rating in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, 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.