Summit Financial LLC Raises Stock Holdings in Old Republic International Corporation $ORI

Key Points

• Summit Financial LLC has increased its stake in Old Republic International Corporation by 322.6%, now holding a total of 25,427 shares valued at approximately $997,000.
• Old Republic International recently reported earnings per share of $0.83, beating analysts' estimates, with a quarterly revenue of $2.21 billion, reflecting a 10.1% year-over-year increase.
• The company declared a quarterly dividend of $0.29 per share, resulting in an annualized yield of 2.9%, with the ex-dividend date set for September 5th.

Summit Financial LLC boosted its position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) by 322.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,427 shares of the insurance provider's stock after purchasing an additional 19,410 shares during the quarter. Summit Financial LLC's holdings in Old Republic International were worth $997,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Hamlin Capital Management LLC boosted its position in Old Republic International by 1.6% during the first quarter. Hamlin Capital Management LLC now owns 5,191,308 shares of the insurance provider's stock worth $203,603,000 after purchasing an additional 79,796 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Old Republic International by 11.8% in the first quarter. Northern Trust Corp now owns 3,551,918 shares of the insurance provider's stock worth $139,306,000 after acquiring an additional 375,916 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Old Republic International by 3.6% in the first quarter. Bank of New York Mellon Corp now owns 2,918,236 shares of the insurance provider's stock worth $114,453,000 after acquiring an additional 100,264 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Old Republic International by 7.3% in the first 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. raised its holdings in shares of Old Republic International by 9.7% in the first 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 currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Stephen J. Oberst sold 4,797 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $39.29, for a total value of $188,474.13. Following the completion of the sale, the executive vice president owned 54,661 shares of the company's stock, valued at $2,147,630.69. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Carolyn Monroe sold 6,849 shares of the company's stock in a transaction dated 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 directly 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 owned by corporate insiders.

Old Republic International Trading Down 0.8%

NYSE:ORI traded down $0.32 on Thursday, hitting $39.73. 708,963 shares of the stock were exchanged, compared to its average volume of 1,320,151. The stock has a market cap of $9.87 billion, a PE ratio of 13.59 and a beta of 0.74. 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 stock has a fifty day moving average of $37.58 and a 200-day moving average of $37.51. Old Republic International Corporation has a fifty-two week low of $33.00 and a fifty-two week high of $40.21.

Old Republic International (NYSE:ORI - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The company 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%.Old Republic International's quarterly revenue was up 10.1% compared to the same quarter last year. As a group, equities analysts expect that Old Republic International Corporation will post 3.17 earnings per share for the current fiscal year.

Old Republic International Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ORI. Piper Sandler cut their price target on Old Republic International from $42.00 to $41.00 and set an "overweight" rating for the company in a report on Friday, July 25th. Wall Street Zen cut Old Republic International from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "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.