Royal Bank of Canada Acquires 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 boosted its holdings in Old Republic International Corporation (NYSE:ORI - Free Report) by 106.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 0.32% of Old Republic International worth $30,779,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Hamlin Capital Management LLC lifted its holdings in shares of Old Republic International by 1.6% in the first quarter. Hamlin Capital Management LLC now owns 5,191,308 shares of the insurance provider's stock valued at $203,603,000 after purchasing an additional 79,796 shares in the last quarter. Northern Trust Corp raised its position in Old Republic International by 11.8% in the 1st quarter. Northern Trust Corp now owns 3,551,918 shares of the insurance provider's stock valued at $139,306,000 after buying an additional 375,916 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Old Republic International by 3.6% during the 1st 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 acquiring an additional 100,264 shares in the last quarter. Invesco Ltd. boosted its holdings in Old Republic International by 7.3% during the 1st quarter. Invesco Ltd. now owns 2,521,439 shares of the insurance provider's stock worth $98,891,000 after acquiring an additional 171,497 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in Old Republic International by 9.7% during the 1st quarter. Raymond James Financial Inc. now owns 2,032,093 shares of the insurance provider's stock worth $79,699,000 after acquiring an additional 179,254 shares during the last quarter. 70.92% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ORI has been the subject of several analyst reports. Piper Sandler increased their target price on shares of Old Republic International from $41.00 to $45.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. 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. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $43.50.

Insiders Place Their Bets

In other news, EVP Stephen J. Oberst sold 4,797 shares of Old Republic International stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $39.29, for a total value of $188,474.13. Following the completion of the transaction, the executive vice president owned 54,661 shares in the company, valued at $2,147,630.69. This trade represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Carolyn Monroe sold 6,849 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $36.52, for a total transaction of $250,125.48. Following the completion of the sale, the senior vice president directly owned 35,755 shares in the company, valued at approximately $1,305,772.60. This trade represents a 16.08% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.10% of the company's stock.

Old Republic International Trading Down 1.7%

NYSE:ORI opened at $40.41 on Friday. 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 firm's 50 day moving average is $37.94 and its 200 day moving average is $37.70. The stock has a market capitalization of $10.04 billion, a PE ratio of 13.84 and a beta of 0.78.

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

Old Republic International Announces Dividend

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

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