Savant Capital LLC Cuts Holdings in Old Republic International Corporation $ORI

Key Points

• Savant Capital LLC cut its stake in Old Republic International by 90% in the fourth quarter, leaving it with 5,829 shares worth about $266,000.
• Old Republic International missed earnings expectations in its latest quarterly report, posting $0.68 EPS versus the $0.79 consensus, though revenue came in slightly ahead of estimates at $2.40 billion.
• The company declared a quarterly dividend of $0.315 per share, implying a 3.3% annual yield, while analysts currently hold a Moderate Buy consensus with an average price target of $42.00.

Savant Capital LLC trimmed its holdings in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 90.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,829 shares of the insurance provider's stock after selling 52,249 shares during the period. Savant Capital LLC's holdings in Old Republic International were worth $266,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Jefferies Financial Group Inc. purchased a new position in Old Republic International in the 4th quarter valued at approximately $2,592,000. Wealth Enhancement Advisory Services LLC increased its stake in Old Republic International by 8.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 708,917 shares of the insurance provider's stock valued at $30,159,000 after purchasing an additional 57,728 shares in the last quarter. Oak Thistle LLC purchased a new position in Old Republic International in the 4th quarter valued at approximately $1,264,000. Gotham Asset Management LLC increased its stake in Old Republic International by 24.7% in the 3rd quarter. Gotham Asset Management LLC now owns 817,747 shares of the insurance provider's stock valued at $34,730,000 after purchasing an additional 162,120 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its stake in Old Republic International by 28.6% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 115,340 shares of the insurance provider's stock valued at $4,898,000 after purchasing an additional 25,653 shares in the last quarter. 70.92% of the stock is owned by hedge funds and other institutional investors.

Old Republic International Trading Up 2.5%

NYSE:ORI opened at $38.12 on Friday. The business's 50-day moving average is $39.80 and its two-hundred day moving average is $41.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.23 and a quick ratio of 0.23. Old Republic International Corporation has a 12 month low of $35.60 and a 12 month high of $46.76. The firm has a market capitalization of $9.26 billion, a PE ratio of 10.22 and a beta of 0.59.

Old Republic International (NYSE:ORI - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Old Republic International had a net margin of 10.83% and a return on equity of 15.71%. The company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same period last year, the business earned $0.81 earnings per share. The company's revenue for the quarter was up 6.7% compared to the same quarter last year. Research analysts predict that Old Republic International Corporation will post 2.95 earnings per share for the current fiscal year.

Old Republic International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, June 5th will be paid a $0.315 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.26 annualized dividend and a dividend yield of 3.3%. Old Republic International's payout ratio is 33.78%.

Analysts Set New Price Targets

A number of brokerages have commented on ORI. Raymond James Financial set a $44.00 target price on Old Republic International in a report on Monday, April 27th. Zacks Research cut Old Republic International from a "hold" rating to a "strong sell" rating in a report on Wednesday, April 29th. Weiss Ratings cut Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday, March 27th. Finally, Piper Sandler increased their target price on Old Republic International from $38.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, April 24th. One research 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 assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $42.00.

Insider Activity at Old Republic International

In related news, SVP Carolyn Monroe sold 13,330 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $38.76, for a total value of $516,670.80. Following the transaction, the senior vice president owned 32,261 shares in the company, valued at approximately $1,250,436.36. The trade was a 29.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 1.32% 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.

Want to see what other hedge funds are holding ORI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Republic International Corporation (NYSE:ORI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.