Victory Capital Management Inc. Cuts Stock Position in Old Republic International Corporation $ORI

Key Points

• Victory Capital Management cut its stake in Old Republic International by 5.8% in the fourth quarter, but still held 8.01 million shares valued at about $365.6 million, making it a major shareholder.
• Analyst sentiment is mixed: recent ratings included a downgrade from Zacks to “strong sell,” while others kept or raised price targets. Overall, the stock carries a Moderate Buy consensus with an average price target of $42.00.
• Old Republic reported Q1 earnings of $0.68 per share, missing expectations, though revenue came in slightly above estimates at $2.40 billion. The company also announced a quarterly dividend of $0.315 per share, implying a 3.3% yield.

Victory Capital Management Inc. lowered its stake in Old Republic International Corporation (NYSE:ORI - Free Report) by 5.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,010,837 shares of the insurance provider's stock after selling 491,991 shares during the period. Victory Capital Management Inc. owned 3.24% of Old Republic International worth $365,615,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ORI. Wilmington Savings Fund Society FSB raised its stake in shares of Old Republic International by 28.1% during the third quarter. Wilmington Savings Fund Society FSB now owns 1,013 shares of the insurance provider's stock valued at $43,000 after acquiring an additional 222 shares in the last quarter. Signet Financial Management LLC raised its stake in shares of Old Republic International by 2.5% during the fourth quarter. Signet Financial Management LLC now owns 10,951 shares of the insurance provider's stock valued at $500,000 after acquiring an additional 263 shares in the last quarter. waypoint wealth counsel raised its stake in shares of Old Republic International by 3.3% during the fourth quarter. waypoint wealth counsel now owns 8,402 shares of the insurance provider's stock valued at $383,000 after acquiring an additional 265 shares in the last quarter. Clearstead Trust LLC raised its stake in shares of Old Republic International by 65.6% during the third quarter. Clearstead Trust LLC now owns 727 shares of the insurance provider's stock valued at $31,000 after acquiring an additional 288 shares in the last quarter. Finally, Mainsail Asset Management LLC raised its stake in Old Republic International by 5.9% in the fourth quarter. Mainsail Asset Management LLC now owns 5,389 shares of the insurance provider's stock worth $246,000 after buying an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 70.92% of the company's stock.

Analyst Upgrades and Downgrades

ORI has been the subject of a number of recent research reports. Raymond James Financial set a $44.00 price objective on shares of Old Republic International in a research note on Monday, April 27th. Zacks Research downgraded shares of Old Republic International from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Piper Sandler boosted their price objective on shares of Old Republic International from $38.00 to $40.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, Weiss Ratings downgraded shares of Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, March 27th. 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $42.00.

Old Republic International Price Performance

NYSE ORI opened at $38.53 on Friday. The firm's fifty day simple moving average is $39.64 and its two-hundred day simple moving average is $41.48. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.27. 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 $9.36 billion, a P/E ratio of 10.33 and a beta of 0.59.

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

Old Republic International Announces Dividend

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

Insider Transactions at Old Republic International

In other Old Republic International news, SVP Carolyn Monroe sold 13,330 shares of Old Republic International stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $38.76, for a total value of $516,670.80. Following the transaction, the senior vice president directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 1.32% of the company's stock.

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. 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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