Royal Bank of Canada Buys 404,570 Shares of Old Republic International Corporation $ORI

Key Points

• Royal Bank of Canada increased its stake in Old Republic International Corporation by 106.4% in the first quarter, acquiring an additional 404,570 shares, bringing its total ownership to 784,795 shares worth approximately $30.8 million.
• Several other institutional investors, including Hamlin Capital Management and Northern Trust Corp, have also increased their holdings in Old Republic, indicating strong institutional interest.
• Old Republic International reported a 10.1% increase in revenue year-over-year and posted earnings per share of $0.83, surpassing analyst expectations, while announcing a quarterly dividend of $0.29 per share.

Royal Bank of Canada increased its position in Old Republic International Corporation (NYSE:ORI - Free Report) by 106.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 784,795 shares of the insurance provider's stock after acquiring an additional 404,570 shares during the quarter. Royal Bank of Canada owned about 0.32% of Old Republic International worth $30,779,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. HWG Holdings LP purchased a new stake in Old Republic International in the 1st quarter worth about $25,000. Quarry LP grew its holdings in Old Republic International by 6,645.5% during the 1st quarter. Quarry LP now owns 742 shares of the insurance provider's stock valued at $29,000 after buying an additional 731 shares in the last quarter. Alpine Bank Wealth Management purchased a new position in Old Republic International during the 1st quarter valued at about $31,000. Wayfinding Financial LLC purchased a new position in Old Republic International during the 1st quarter valued at about $34,000. Finally, N.E.W. Advisory Services LLC purchased a new position in Old Republic International during the 1st quarter valued at about $35,000. Hedge funds and other institutional investors own 70.92% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on ORI shares. Wall Street Zen lowered Old Republic International from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Piper Sandler lifted their target price on Old Republic International from $41.00 to $45.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $43.50.

Insider Buying and Selling

In other news, Director Therace Risch bought 1,500 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was bought at an average price of $39.90 per share, for a total transaction of $59,850.00. Following the transaction, the director directly owned 9,625 shares of the company's stock, valued at $384,037.50. This represents a 18.46% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Carolyn Monroe sold 6,849 shares of the business'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 sale, the senior vice president owned 35,755 shares of the company's stock, valued at $1,305,772.60. The trade was a 16.08% decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.

Old Republic International Price Performance

Shares of NYSE ORI traded down $0.28 during midday trading on Friday, hitting $40.29. 1,020,222 shares of the company's stock were exchanged, compared to its average volume of 1,157,922. Old Republic International Corporation has a 12-month low of $33.00 and a 12-month high of $41.15. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.26. The company has a market cap of $10.01 billion, a price-to-earnings ratio of 13.80 and a beta of 0.78. The business's fifty day moving average price is $38.11 and its two-hundred day moving average price is $37.82.

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

Old Republic International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be given a $0.29 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.16 dividend on an annualized basis and a yield of 2.9%. Old Republic International's payout ratio is presently 39.73%.

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.