Midway Capital Research & Management Takes $2.78 Million Position in Old Republic International Corporation $ORI

Midway Capital Research & Management purchased a new position in shares of Old Republic International Corporation (NYSE:ORI) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 60,904 shares of the insurance provider’s stock, valued at approximately $2,780,000. Old Republic International makes up about 2.7% of Midway Capital Research & Management’s holdings, making the stock its 13th biggest position.

Several other hedge funds also recently modified their holdings of ORI. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Old Republic International in the fourth quarter valued at $48,000. Kera Capital Partners Inc. grew its holdings in shares of Old Republic International by 30.0% in the 4th quarter. Kera Capital Partners Inc. now owns 12,526 shares of the insurance provider’s stock worth $572,000 after acquiring an additional 2,893 shares during the last quarter. Ruggaard & Associates LLC increased its stake in Old Republic International by 1.9% in the 4th quarter. Ruggaard & Associates LLC now owns 21,292 shares of the insurance provider’s stock worth $972,000 after purchasing an additional 404 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in shares of Old Republic International in the fourth quarter worth approximately $46,000. Finally, Invesco Ltd. raised its stake in Old Republic International by 2.5% during the 4th quarter. Invesco Ltd. now owns 2,161,931 shares of the insurance provider’s stock valued at $98,671,000 after purchasing an additional 53,298 shares during the period. 70.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ORI. Raymond James Financial set a $44.00 target price on Old Republic International in a report on Monday, April 27th. Piper Sandler increased their target price on shares of Old Republic International from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Weiss Ratings cut Old Republic International from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, March 27th. Finally, Zacks Research lowered Old Republic International from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.00.

Insider Buying and Selling at Old Republic International

In related news, SVP Carolyn Monroe sold 13,330 shares of Old Republic International stock in a transaction dated 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 transaction, the senior vice president directly owned 32,261 shares of the company’s stock, valued at $1,250,436.36. The trade was a 29.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 1.32% of the company’s stock.

Old Republic International Trading Up 0.2%

Shares of ORI opened at $38.76 on Friday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.27. The stock has a 50 day simple moving average of $39.45 and a 200-day simple moving average of $41.22. Old Republic International Corporation has a 1 year low of $35.60 and a 1 year high of $46.76. The stock has a market cap of $9.41 billion, a PE ratio of 10.39 and a beta of 0.59.

Old Republic International (NYSE:ORI) last issued its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Old Republic International had a net margin of 10.83% and a return on equity of 15.71%. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the previous year, the business posted $0.81 earnings per share. The firm’s revenue was up 6.7% compared to the same quarter last year. On average, sell-side analysts predict that Old Republic International Corporation will post 2.95 EPS for the current fiscal year.

Old Republic International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Friday, June 5th. Old Republic International’s dividend payout ratio (DPR) is currently 33.78%.

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.