Old Republic International (NYSE:ORI) Issues Earnings Results

Key Points

• Old Republic International reported $0.78 earnings per share (EPS) for the quarter, exceeding analysts' expectations of $0.73. The company also achieved a revenue of $2.42 billion, surpassing forecasts of $2.28 billion.
• The company declared a quarterly dividend of $0.29, which represents a 2.8% yield and an annualized dividend of $1.16.
• Analysts provide a generally positive outlook, with a current average rating of "Strong Buy" and a price target of $46.50.

Old Republic International (NYSE:ORI - Get Free Report) posted its quarterly earnings data on Thursday. The insurance provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.73 by $0.38, Zacks reports. The company had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.28 billion. Old Republic International had a net margin of 9.53% and a return on equity of 17.11%.

Old Republic International Stock Down 0.6%

Shares of NYSE:ORI opened at $40.51 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.64 and a debt-to-equity ratio of 0.25. Old Republic International has a fifty-two week low of $33.00 and a fifty-two week high of $44.00. The firm's 50 day moving average price is $41.01 and its 200 day moving average price is $38.67. The stock has a market cap of $10.06 billion, a price-to-earnings ratio of 13.55 and a beta of 0.76.

Old Republic International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.16 annualized dividend and a yield of 2.9%. Old Republic International's dividend payout ratio (DPR) is 39.73%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ORI shares. Raymond James Financial upgraded shares of Old Republic International from an "outperform" rating to a "strong-buy" rating and raised their price objective for the stock from $43.00 to $47.00 in a research report on Monday, September 22nd. Weiss Ratings restated a "buy (a-)" rating on shares of Old Republic International in a research report on Saturday. 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. Finally, Piper Sandler lowered their target price on shares of Old Republic International from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat, Old Republic International presently has an average rating of "Strong Buy" and a consensus target price of $46.50.

Insiders Place Their Bets

In related news, Director Therace Risch acquired 1,500 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were bought at an average price of $39.90 per share, with a total value of $59,850.00. Following the completion of the acquisition, the director owned 9,625 shares in the company, valued at $384,037.50. This trade represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Stephen J. Oberst sold 4,797 shares of Old Republic International stock in a transaction on Thursday, August 21st. The shares were 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 in the company, valued at $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. 1.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old Republic International

A number of hedge funds and other institutional investors have recently bought and sold shares of ORI. Headlands Technologies LLC purchased a new stake in shares of Old Republic International in the 2nd quarter worth about $46,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Old Republic International in the 2nd quarter valued at about $55,000. Jones Financial Companies Lllp raised its stake in Old Republic International by 122.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,534 shares of the insurance provider's stock valued at $178,000 after purchasing an additional 2,493 shares during the last quarter. CW Advisors LLC acquired a new position in Old Republic International in the 2nd quarter valued at about $233,000. Finally, Boothbay Fund Management LLC acquired a new position in Old Republic International in the 2nd quarter valued at about $262,000. 70.92% of the stock is currently owned by hedge funds and other institutional investors.

Old Republic International Company 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.