Weiss Asset Management LP Sells 48,221 Shares of Old Republic International Corporation $ORI

Key Points

• Weiss Asset Management cut its Old Republic International stake by 76.9% in the first quarter, selling 48,221 shares and retaining 14,505 shares valued at approximately $579,000.
• Old Republic reported quarterly revenue of $2.50 billion, up 5.2% year over year and above estimates, but EPS of $0.76 fell short of the $0.79 consensus forecast.
• The company maintains a quarterly dividend of $0.315 per share, equal to an annualized $1.26 and a 2.9% yield; analysts collectively assign the stock a “Moderate Buy” rating with a $41.50 consensus price target.

Weiss Asset Management LP lessened its stake in Old Republic International Corporation (NYSE:ORI - Free Report) by 76.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,505 shares of the insurance provider's stock after selling 48,221 shares during the quarter. Weiss Asset Management LP's holdings in Old Republic International were worth $579,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in Old Republic International in the 4th quarter valued at $26,000. Torren Management LLC acquired a new position in Old Republic International in the 4th quarter worth $27,000. Commonwealth Retirement Investments LLC bought a new position in Old Republic International during the 4th quarter worth about $27,000. JPL Wealth Management LLC bought a new position in Old Republic International during the 3rd quarter worth about $27,000. Finally, Quest 10 Wealth Builders Inc. bought a new position in Old Republic International during the 4th quarter worth about $31,000. Institutional investors own 70.92% of the company's stock.

Old Republic International Price Performance

NYSE:ORI opened at $43.08 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.23 and a current ratio of 0.68. The stock's 50-day simple moving average is $39.92 and its 200 day simple moving average is $40.52. The company has a market cap of $10.46 billion, a P/E ratio of 10.18 and a beta of 0.58. Old Republic International Corporation has a 52-week low of $35.60 and a 52-week high of $46.76.

Old Republic International (NYSE:ORI - Get Free Report) last released its earnings results on Thursday, July 23rd. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.03). Old Republic International had a return on equity of 15.41% and a net margin of 11.71%.The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the company posted $0.81 EPS. The business's revenue was up 5.2% on a year-over-year basis. As a group, sell-side analysts forecast that Old Republic International Corporation will post 2.82 EPS for the current fiscal year.

Old Republic International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were paid a dividend of $0.315 per share. The ex-dividend date was Friday, June 5th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.9%. Old Republic International's dividend payout ratio is currently 29.79%.

Insider Activity at Old Republic International

In other news, SVP Carolyn Monroe sold 13,330 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $38.76, for a total value of $516,670.80. Following the completion of the sale, the senior vice president owned 32,261 shares of the company's stock, valued at approximately $1,250,436.36. This represents a 29.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 1.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ORI. Piper Sandler cut their price target on Old Republic International from $40.00 to $39.00 and set a "neutral" rating on the stock in a report on Friday. Weiss Ratings reiterated a "buy (b)" rating on shares of Old Republic International in a report on Wednesday, July 8th. Raymond James Financial set a $44.00 target price on Old Republic International in a research report on Monday, April 27th. Finally, Zacks Research upgraded Old Republic International from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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. 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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