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

Weiss Asset Management LP reduced its position in Old Republic International Corporation (NYSE:ORI) by 76.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 14,505 shares of the insurance provider’s stock after selling 48,221 shares during the period. Weiss Asset Management LP’s holdings in Old Republic International were worth $579,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bank of New York Mellon Corp increased its position in Old Republic International by 230.6% during the fourth quarter. Bank of New York Mellon Corp now owns 11,852,387 shares of the insurance provider’s stock worth $540,943,000 after buying an additional 8,266,829 shares during the last quarter. GQG Partners LLC acquired a new stake in shares of Old Republic International in the fourth quarter valued at approximately $155,960,000. Norges Bank acquired a new stake in shares of Old Republic International in the fourth quarter valued at approximately $134,633,000. AQR Capital Management LLC boosted its stake in shares of Old Republic International by 55.7% during the 2nd quarter. AQR Capital Management LLC now owns 5,779,156 shares of the insurance provider’s stock worth $221,457,000 after acquiring an additional 2,066,965 shares during the period. Finally, Raymond James Financial Inc. boosted its stake in shares of Old Republic International by 55.0% during the 4th quarter. Raymond James Financial Inc. now owns 3,234,373 shares of the insurance provider’s stock worth $147,650,000 after acquiring an additional 1,147,102 shares during the period. Institutional investors own 70.92% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on ORI. Raymond James Financial set a $44.00 price target on Old Republic International in a research note on Monday, April 27th. Zacks Research raised shares of Old Republic International from a “strong sell” rating to a “hold” rating in a research report on Friday, June 26th. Piper Sandler decreased their price objective on shares of Old Republic International from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Old Republic International in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.50.

Insider Activity at Old Republic International

In other news, SVP Carolyn Monroe sold 13,330 shares of Old Republic International stock in a transaction that occurred on Tuesday, May 12th. The shares were 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 directly owned 32,261 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 1.32% of the company’s stock.

Old Republic International Trading Up 1.9%

ORI stock 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 company’s 50-day simple moving average is $39.92 and its 200 day simple moving average is $40.52. Old Republic International Corporation has a 52 week low of $35.60 and a 52 week high of $46.76. The company has a market capitalization of $10.46 billion, a PE ratio of 10.18 and a beta of 0.58.

Old Republic International (NYSE:ORI) last released its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $0.76 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the business posted $0.81 earnings per share. Old Republic International’s revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Old Republic International Corporation will post 2.82 earnings per share for the current year.

Old Republic International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a dividend of $0.315 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.26 annualized dividend and a dividend yield of 2.9%. Old Republic International’s dividend payout ratio (DPR) is currently 29.79%.

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. 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.