Old Republic International Co. (NYSE:ORI) to Issue $0.29 Quarterly Dividend

Old Republic International Co. (NYSE:ORI) announced a quarterly dividend on Friday, May 23rd, RTT News reports. Investors of record on Friday, June 6th will be paid a dividend of 0.29 per share by the insurance provider on Monday, June 16th. This represents a $1.16 annualized dividend and a yield of 3.04%. The ex-dividend date is Friday, June 6th.

Old Republic International has increased its dividend by an average of 6.4% per year over the last three years and has increased its dividend every year for the last 45 years. Old Republic International has a dividend payout ratio of 33.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Old Republic International to earn $3.33 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 34.8%.

Old Republic International Price Performance

ORI opened at $38.18 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.62 and a quick ratio of 0.28. The stock’s 50 day simple moving average is $37.71 and its 200 day simple moving average is $37.12. The firm has a market cap of $9.44 billion, a price-to-earnings ratio of 14.52 and a beta of 0.74. Old Republic International has a 1 year low of $29.51 and a 1 year high of $39.84.

Old Republic International (NYSE:ORI) last released its quarterly earnings data on Thursday, April 24th. The insurance provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.08. Old Republic International had a return on equity of 20.32% and a net margin of 10.36%. The firm had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.03 billion. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, analysts predict that Old Republic International will post 3.17 earnings per share for the current year.

Insider Transactions at Old Republic International

In related news, SVP Carolyn Monroe sold 10,601 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $37.38, for a total transaction of $396,265.38. Following the completion of the transaction, the senior vice president now owns 35,755 shares in the company, valued at $1,336,521.90. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Thomas Dare sold 27,457 shares of Old Republic International stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $36.50, for a total transaction of $1,002,180.50. Following the completion of the sale, the vice president now owns 46,556 shares in the company, valued at approximately $1,699,294. This trade represents a 37.10% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Old Republic International

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its stake in Old Republic International by 10.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,593,065 shares of the insurance provider’s stock worth $62,480,000 after buying an additional 148,891 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Old Republic International by 121.9% during the 1st quarter. NewEdge Advisors LLC now owns 24,069 shares of the insurance provider’s stock worth $944,000 after acquiring an additional 13,224 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Old Republic International by 30.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,157 shares of the insurance provider’s stock worth $477,000 after acquiring an additional 2,867 shares during the period. Finally, Jones Financial Companies Lllp raised its position in shares of 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 worth $178,000 after acquiring an additional 2,493 shares in the last quarter. Hedge funds and other institutional investors own 70.92% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on ORI shares. Wall Street Zen raised shares of Old Republic International from a “hold” rating to a “buy” rating in a research report on Friday, April 25th. Raymond James set a $42.00 price objective on shares of Old Republic International and gave the company an “outperform” rating in a research note on Monday, April 28th. Finally, Piper Sandler set a $42.00 target price on shares of Old Republic International in a report on Friday, April 25th.

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.