Vanguard Group Inc. Trims Holdings in Old Republic International Corporation (NYSE:ORI)

Key Points

• Vanguard Group Inc. reduces its stake in Old Republic International by selling 92,516 shares, resulting in ownership of approximately 25.3 million shares, which is about 10.24% of the company.
• Old Republic International reported a 10.1% year-over-year increase in quarterly revenue, totaling $2.21 billion, and earnings per share of $0.83, surpassing analysts' expectations.
• The company announced a quarterly dividend of $0.29 per share, yielding 3.1%, with a current payout ratio of 39.73% based on its earnings.

Vanguard Group Inc. reduced its holdings in Old Republic International Corporation (NYSE:ORI - Free Report) by 0.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,300,425 shares of the insurance provider's stock after selling 92,516 shares during the period. Vanguard Group Inc. owned approximately 10.24% of Old Republic International worth $992,283,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Northern Trust Corp raised its stake in Old Republic International by 14.4% during the fourth quarter. Northern Trust Corp now owns 3,176,002 shares of the insurance provider's stock worth $114,940,000 after purchasing an additional 400,384 shares during the period. Bank of New York Mellon Corp raised its stake in Old Republic International by 3.6% during 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 purchasing an additional 100,264 shares during the period. Invesco Ltd. raised its stake in Old Republic International by 26.4% during the fourth quarter. Invesco Ltd. now owns 2,349,942 shares of the insurance provider's stock worth $85,044,000 after purchasing an additional 490,788 shares during the period. AQR Capital Management LLC raised its stake in Old Republic International by 2.7% during the fourth quarter. AQR Capital Management LLC now owns 1,885,011 shares of the insurance provider's stock worth $68,219,000 after purchasing an additional 49,160 shares during the period. Finally, LSV Asset Management raised its stake in Old Republic International by 12.9% during the first quarter. LSV Asset Management now owns 1,880,341 shares of the insurance provider's stock worth $73,747,000 after purchasing an additional 214,634 shares during the period. 70.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on ORI. Raymond James Financial set a $42.00 target price on shares of Old Republic International and gave the stock an "outperform" rating in a research note on Monday, April 28th. Piper Sandler reduced their target price on shares of Old Republic International from $42.00 to $41.00 and set an "overweight" rating on the stock in a research note on Friday, July 25th. Finally, Wall Street Zen cut shares of Old Republic International from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th.

Old Republic International Stock Up 0.0%

NYSE ORI traded up $0.02 on Friday, hitting $38.73. 994,442 shares of the stock were exchanged, compared to its average volume of 1,321,311. 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 fifty-two week low of $33.00 and a fifty-two week high of $39.84. The company has a market cap of $9.62 billion, a PE ratio of 13.26 and a beta of 0.74. The company has a 50-day moving average price of $37.17 and a 200-day moving average price of $37.34.

Old Republic International (NYSE:ORI - Get Free Report) last posted 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. Old Republic International had a net margin of 10.31% and a return on equity of 20.95%. The company had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.18 billion. The business's revenue for the quarter was up 10.1% compared to the same quarter last year. Sell-side analysts anticipate that Old Republic International Corporation will post 3.17 EPS for the current fiscal year.

Old Republic International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.0%. Old Republic International's dividend payout ratio is presently 39.73%.

Insider Buying and Selling at Old Republic International

In other news, 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 owned 35,755 shares in the company, valued at approximately $1,305,772.60. The trade was a 16.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.10% 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.