Short Interest in Old Republic International Co. (NYSE:ORI) Grows By 25.7%

Old Republic International Co. (NYSE:ORI - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 3,520,000 shares, an increase of 25.7% from the March 15th total of 2,800,000 shares. Approximately 1.6% of the company's shares are short sold. Based on an average trading volume of 1,270,000 shares, the days-to-cover ratio is currently 2.8 days.

Old Republic International Stock Down 2.9 %

NYSE ORI traded down $1.11 on Friday, reaching $37.31. 1,256,843 shares of the stock traded hands, compared to its average volume of 1,236,229. Old Republic International has a 12 month low of $29.45 and a 12 month high of $39.84. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.28 and a current ratio of 0.62. The company has a fifty day moving average price of $37.52 and a 200-day moving average price of $36.75. The company has a market cap of $9.22 billion, a price-to-earnings ratio of 14.19 and a beta of 0.68.

Old Republic International (NYSE:ORI - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The insurance provider reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.73 by $0.08. The company had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.03 billion. Old Republic International had a net margin of 10.36% and a return on equity of 20.32%. As a group, research analysts forecast that Old Republic International will post 3.17 EPS for the current fiscal year.

Old Republic International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Monday, March 10th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, March 10th. This is an increase from Old Republic International's previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.11%. Old Republic International's dividend payout ratio (DPR) is currently 44.11%.

Insider Activity

In related news, CEO Craig R. Smiddy sold 5,296 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $38.60, for a total transaction of $204,425.60. Following the completion of the transaction, the chief executive officer now owns 138,222 shares in the company, valued at $5,335,369.20. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jeffrey Lange sold 1,098 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $36.56, for a total value of $40,142.88. Following the completion of the sale, the senior vice president now owns 34,679 shares in the company, valued at approximately $1,267,864.24. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,039 shares of company stock valued at $1,580,733. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Old Republic International

Several institutional investors have recently bought and sold shares of ORI. Norges Bank bought a new stake in Old Republic International during the fourth quarter valued at about $105,581,000. Raymond James Financial Inc. purchased a new stake in shares of Old Republic International during the fourth quarter valued at about $67,054,000. Invesco Ltd. lifted its position in shares of Old Republic International by 26.4% during the fourth quarter. Invesco Ltd. now owns 2,349,942 shares of the insurance provider's stock valued at $85,044,000 after buying an additional 490,788 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Old Republic International by 14.4% in the 4th quarter. Northern Trust Corp now owns 3,176,002 shares of the insurance provider's stock valued at $114,940,000 after buying an additional 400,384 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Old Republic International by 93.8% in the 4th quarter. Millennium Management LLC now owns 823,500 shares of the insurance provider's stock worth $29,802,000 after buying an additional 398,531 shares during the last quarter. 70.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on ORI. StockNews.com raised shares of Old Republic International from a "hold" rating to a "buy" rating in a research note on Friday. Piper Sandler raised their target price on shares of Old Republic International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 1st.

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.