Old Republic International Corporation (NYSE:ORI) Shares Bought by Ontario Teachers Pension Plan Board

Key Points

• The Ontario Teachers Pension Plan Board increased its stake in Old Republic International Corporation by 58%, acquiring an additional 9,411 shares, raising its total holdings to 25,630 shares valued at approximately $1,005,000.
• Old Republic International reported earnings of $0.83 per share, exceeding expectations, with revenue of $2.21 billion, marking a 10.1% year-over-year increase.
• The company recently declared a quarterly dividend of $0.29 per share, yielding 3.1%, with a payout ratio of 39.73%.

Ontario Teachers Pension Plan Board raised its stake in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 58.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,630 shares of the insurance provider's stock after buying an additional 9,411 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Old Republic International were worth $1,005,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ORI. Northern Trust Corp boosted its stake in Old Republic International by 14.4% in the fourth quarter. Northern Trust Corp now owns 3,176,002 shares of the insurance provider's stock worth $114,940,000 after buying an additional 400,384 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Old Republic International by 3.6% in the first quarter. Bank of New York Mellon Corp now owns 2,918,236 shares of the insurance provider's stock worth $114,453,000 after acquiring an additional 100,264 shares during the period. Invesco Ltd. lifted its stake in shares of Old Republic International by 26.4% in the 4th quarter. Invesco Ltd. now owns 2,349,942 shares of the insurance provider's stock valued at $85,044,000 after purchasing an additional 490,788 shares during the period. AQR Capital Management LLC lifted its position in Old Republic International by 2.7% during the fourth quarter. AQR Capital Management LLC now owns 1,885,011 shares of the insurance provider's stock valued at $68,219,000 after buying an additional 49,160 shares during the period. Finally, LSV Asset Management lifted its position in Old Republic International by 12.9% during the first quarter. LSV Asset Management now owns 1,880,341 shares of the insurance provider's stock valued at $73,747,000 after buying an additional 214,634 shares during the period. Hedge funds and other institutional investors own 70.92% of the company's stock.

Insider Activity at Old Republic International

In related news, SVP Carolyn Monroe sold 6,849 shares of the company'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 value 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 represents a 16.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Old Republic International Stock Performance

NYSE:ORI traded up $0.44 during midday trading on Tuesday, hitting $37.93. The company's stock had a trading volume of 1,180,991 shares, compared to its average volume of 1,327,536. Old Republic International Corporation has a fifty-two week low of $33.00 and a fifty-two week high of $39.84. The firm's 50 day moving average is $37.12 and its 200-day moving average is $37.31. 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 firm has a market cap of $9.42 billion, a P/E ratio of 12.99 and a beta of 0.74.

Old Republic International (NYSE:ORI - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The insurance provider reported $0.83 EPS for the quarter, beating the consensus estimate 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 was up 10.1% on a year-over-year basis. Equities 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 business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, June 6th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.1%. Old Republic International's payout ratio is currently 39.73%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ORI shares. Wall Street Zen lowered Old Republic International from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Piper Sandler lowered their target price on Old Republic International from $42.00 to $41.00 and set an "overweight" rating for the company in a research report on Friday, July 25th. Finally, Raymond James Financial set a $42.00 price target on Old Republic International and gave the stock an "outperform" rating in a research report on Monday, April 28th.

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.