Royal Bank of Canada Has $17.31 Million Stake in Old Republic International Corporation $ORI

Key Points

• Royal Bank of Canada cut its Old Republic International stake by 34.2% in the first quarter, selling 225,371 shares and retaining 433,783 shares valued at approximately $17.31 million. Institutional investors collectively own 70.92% of the insurer.
• Old Republic reported quarterly EPS of $0.76, missing analysts’ $0.79 estimate, while revenue rose 5.2% year over year to $2.50 billion. The company maintains a quarterly dividend of $0.315 per share, representing a 2.9% yield.
• ORI shares opened at $43.47, near the upper half of their 52-week range, while analysts maintain a “Moderate Buy” consensus with an average price target of $41.50. Company insiders sold 40,530 shares worth about $1.71 million over the past 90 days.

Royal Bank of Canada decreased its position in Old Republic International Corporation (NYSE:ORI - Free Report) by 34.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 433,783 shares of the insurance provider's stock after selling 225,371 shares during the quarter. Royal Bank of Canada owned about 0.18% of Old Republic International worth $17,309,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC acquired a new stake in Old Republic International in the first quarter valued at approximately $1,054,000. Quantinno Capital Management LP increased its stake in shares of Old Republic International by 31.4% during the 1st quarter. Quantinno Capital Management LP now owns 1,174,530 shares of the insurance provider's stock worth $46,864,000 after purchasing an additional 280,858 shares during the last quarter. Family Manage LLC increased its stake in shares of Old Republic International by 12.0% during the 1st quarter. Family Manage LLC now owns 12,301 shares of the insurance provider's stock worth $491,000 after purchasing an additional 1,322 shares during the last quarter. Matrix Private Capital Group LLC bought a new position in shares of Old Republic International during the 1st quarter valued at $506,000. Finally, Waverly Advisors LLC raised its holdings in shares of Old Republic International by 2.3% during the 1st quarter. Waverly Advisors LLC now owns 12,760 shares of the insurance provider's stock valued at $509,000 after purchasing an additional 288 shares in the last quarter. Institutional investors and hedge funds own 70.92% of the company's stock.

Old Republic International Price Performance

NYSE ORI opened at $43.47 on Friday. Old Republic International Corporation has a 1 year low of $36.65 and a 1 year high of $46.76. The company has a fifty day simple moving average of $40.64 and a 200 day simple moving average of $40.57. The company has a current ratio of 0.30, a quick ratio of 0.23 and a debt-to-equity ratio of 0.38. The company has a market cap of $10.49 billion, a P/E ratio of 10.28 and a beta of 0.58.

Old Republic International (NYSE:ORI - Get Free Report) last announced its earnings results on Thursday, July 23rd. The insurance provider reported $0.76 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.03). The firm had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.38 billion. Old Republic International had a return on equity of 15.41% and a net margin of 11.71%.The business's revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 EPS. On average, sell-side analysts predict that Old Republic International Corporation will post 2.91 EPS for the current year.

Old Republic International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were paid a dividend of $0.315 per share. The ex-dividend date was Friday, June 5th. This represents a $1.26 annualized dividend and a yield of 2.9%. Old Republic International's dividend payout ratio is presently 29.79%.

Insider Activity at Old Republic International

In other news, SVP Jeffrey Lange sold 14,075 shares of the firm's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $43.76, for a total value of $615,922.00. Following the sale, the senior vice president owned 12,244 shares in the company, valued at approximately $535,797.44. This trade represents a 53.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Carolyn Monroe sold 13,330 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $38.76, for a total transaction of $516,670.80. Following the transaction, the senior vice president owned 32,261 shares of the company's stock, valued at approximately $1,250,436.36. The trade was a 29.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 40,530 shares of company stock worth $1,709,568 in the last 90 days. 1.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ORI shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Old Republic International in a report on Wednesday, July 8th. Raymond James Financial set a $44.00 target price on Old Republic International in a report on Monday, April 27th. Piper Sandler reduced their price target on Old Republic International from $40.00 to $39.00 and set a "neutral" rating for the company in a research report on Friday, July 24th. Finally, Zacks Research upgraded Old Republic International from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $41.50.

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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