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

Other hedge funds have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Old Republic International by 4.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 590,079 shares of the insurance provider's stock valued at $23,143,000 after purchasing an additional 23,775 shares in the last quarter. Farther Finance Advisors LLC grew its position in Old Republic International by 304.7% in the first quarter. Farther Finance Advisors LLC now owns 15,319 shares of the insurance provider's stock worth $607,000 after acquiring an additional 11,534 shares in the last quarter. GAMMA Investing LLC grew its position in Old Republic International by 4,738.8% in the first quarter. GAMMA Investing LLC now owns 216,730 shares of the insurance provider's stock worth $8,500,000 after acquiring an additional 212,251 shares in the last quarter. Bank of New York Mellon Corp grew its position in 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 in the last quarter. Finally, Merit Financial Group LLC grew its position in Old Republic International by 336.1% in the first quarter. Merit Financial Group LLC now owns 24,982 shares of the insurance provider's stock worth $980,000 after acquiring an additional 19,254 shares in the last quarter. 70.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Carolyn Monroe sold 6,849 shares of the company's stock in a transaction dated 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 transaction, the senior vice president directly owned 35,755 shares of the company's stock, valued at approximately $1,305,772.60. This represents a 16.08% 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, EVP Stephen J. Oberst sold 4,797 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $39.29, for a total transaction of $188,474.13. Following the completion of the transaction, the executive vice president directly owned 54,661 shares of the company's stock, valued at approximately $2,147,630.69. The trade was a 8.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on ORI. Wall Street Zen lowered shares of Old Republic International from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Piper Sandler cut their price target on shares of Old Republic International from $42.00 to $41.00 and set an "overweight" rating for the company in a research report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $41.50.

Old Republic International Trading Up 0.3%

Shares of NYSE:ORI traded up $0.14 during midday trading on Friday, hitting $39.88. 142,193 shares of the stock traded hands, compared to its average volume of 1,317,086. The stock has a market capitalization of $9.91 billion, a PE ratio of 13.65 and a beta of 0.74. The business's 50 day moving average is $37.64 and its two-hundred day moving average is $37.53. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.26. Old Republic International Corporation has a one year low of $33.00 and a one year high of $40.21.

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

Old Republic International Dividend Announcement

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

About Old Republic International

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.