Picton Mahoney Asset Management Raises Stock Holdings in Old Republic International Corporation $ORI

Key Points

• Picton Mahoney Asset Management boosted its stake in Old Republic (NYSE:ORI) by an extraordinary 74,706.1% in Q3 to 24,686 shares valued at about $1.05 million, and institutional investors now own roughly 70.92% of the company.
• Analyst sentiment is mixed—Zacks cut ORI to a strong sell and Piper Sandler trimmed its price target to $38 (from $51), yet MarketBeat's average rating remains a Moderate Buy; the company also missed quarterly EPS expectations ($0.74 vs. $0.89).
• Old Republic raised its quarterly dividend to $0.315 (annualized $1.26, about a 3.0% yield), and recent insider activity included a senior VP selling shares while a director purchased shares.

Picton Mahoney Asset Management raised its position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 74,706.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,686 shares of the insurance provider's stock after buying an additional 24,653 shares during the period. Picton Mahoney Asset Management's holdings in Old Republic International were worth $1,049,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Focus Partners Advisor Solutions LLC raised its stake in shares of Old Republic International by 5.6% during the third quarter. Focus Partners Advisor Solutions LLC now owns 44,075 shares of the insurance provider's stock valued at $1,859,000 after acquiring an additional 2,333 shares during the last quarter. Elo Mutual Pension Insurance Co increased its holdings in Old Republic International by 38.6% during the 3rd quarter. Elo Mutual Pension Insurance Co now owns 48,928 shares of the insurance provider's stock valued at $2,078,000 after purchasing an additional 13,628 shares during the period. Journey Strategic Wealth LLC bought a new position in Old Republic International during the 3rd quarter valued at approximately $224,000. Tounjian Advisory Partners LLC bought a new position in Old Republic International during the 3rd quarter valued at approximately $1,049,000. Finally, Allianz SE purchased a new stake in Old Republic International in the 3rd quarter worth approximately $340,000. Institutional investors own 70.92% of the company's stock.

Analyst Ratings Changes

ORI has been the topic of several research analyst reports. Weiss Ratings cut Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, February 27th. Zacks Research cut shares of Old Republic International from a "hold" rating to a "strong sell" rating in a report on Friday, January 23rd. Finally, Piper Sandler reissued a "neutral" rating and set a $38.00 price objective (down from $51.00) on shares of Old Republic International in a research report on Thursday, January 22nd. One 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 given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $42.50.

Old Republic International Stock Performance

Shares of ORI stock opened at $42.13 on Friday. The company's fifty day moving average price is $42.18 and its 200-day moving average price is $42.24. The stock has a market cap of $10.35 billion, a PE ratio of 12.43 and a beta of 0.73. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.27. Old Republic International Corporation has a 12 month low of $34.43 and a 12 month high of $46.76.

Old Republic International (NYSE:ORI - Get Free Report) last issued its quarterly earnings results on Thursday, January 22nd. The insurance provider reported $0.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.89 by ($0.15). Old Republic International had a net margin of 10.24% and a return on equity of 16.21%. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, equities analysts expect that Old Republic International Corporation will post 3.17 EPS for the current fiscal year.

Old Republic International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Monday, March 9th will be given a $0.315 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from Old Republic International's previous quarterly dividend of $0.29. Old Republic International's payout ratio is presently 34.22%.

Insider Activity at Old Republic International

In related news, SVP Carolyn Monroe sold 5,526 shares of the firm's stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $39.28, for a total transaction of $217,061.28. Following the completion of the transaction, the senior vice president owned 27,875 shares of the company's stock, valued at $1,094,930. This trade represents a 16.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Eric Smith acquired 1,135 shares of the stock in a transaction on Monday, March 2nd. The shares were bought at an average price of $43.10 per share, with a total value of $48,918.50. Following the purchase, the director directly owned 4,276 shares of the company's stock, valued at $184,295.60. The trade was a 36.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.10% of the company's stock.

Old Republic International 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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