Cadence Capital Management LLC Trims Position in Old Republic International Co. (ORI)
Cadence Capital Management LLC trimmed its holdings in shares of Old Republic International Co. (NYSE:ORI) by 10.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 33,982 shares of the insurance provider’s stock after selling 3,956 shares during the quarter. Cadence Capital Management LLC’s holdings in Old Republic International were worth $727,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of ORI. APG Asset Management N.V. boosted its holdings in Old Republic International by 299.3% during the fourth quarter. APG Asset Management N.V. now owns 1,050,986 shares of the insurance provider’s stock worth $18,713,000 after buying an additional 787,786 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Old Republic International during the fourth quarter worth approximately $16,657,000. Koch Industries Inc. bought a new stake in Old Republic International during the second quarter worth approximately $385,000. Janus Henderson Group PLC bought a new stake in Old Republic International during the second quarter worth approximately $7,344,000. Finally, Capital Returns Management LLC boosted its holdings in Old Republic International by 37.1% during the third quarter. Capital Returns Management LLC now owns 1,311,393 shares of the insurance provider’s stock worth $25,821,000 after buying an additional 354,975 shares in the last quarter. Hedge funds and other institutional investors own 71.13% of the company’s stock.
In related news, COO R Scott Rager sold 47,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $21.00, for a total value of $997,500.00. Following the completion of the transaction, the chief operating officer now owns 40,000 shares of the company’s stock, valued at approximately $840,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Charles S. Boone sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $20.96, for a total transaction of $314,400.00. Following the completion of the transaction, the vice president now directly owns 22,750 shares of the company’s stock, valued at approximately $476,840. The disclosure for this sale can be found here. Insiders sold a total of 81,552 shares of company stock valued at $1,711,992 in the last ninety days. Company insiders own 2.00% of the company’s stock.
Old Republic International (NYSE:ORI) last posted its quarterly earnings data on Thursday, January 25th. The insurance provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.05. Old Republic International had a net margin of 8.95% and a return on equity of 6.80%. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the business posted $0.43 EPS. The company’s revenue was up 2.5% on a year-over-year basis. analysts forecast that Old Republic International Co. will post 1.7 earnings per share for the current fiscal year.
The company also recently disclosed a None dividend, which was paid on Wednesday, January 31st. Investors of record on Wednesday, January 10th were paid a $1.00 dividend. The ex-dividend date of this dividend was Tuesday, January 9th. Old Republic International’s dividend payout ratio is 39.79%.
A number of analysts recently weighed in on ORI shares. Raymond James Financial upgraded shares of Old Republic International from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $23.00 to $25.00 in a report on Monday, October 30th. Zacks Investment Research lowered shares of Old Republic International from a “buy” rating to a “hold” rating in a research note on Tuesday, December 26th. Finally, JMP Securities raised shares of Old Republic International from a “market perform” rating to an “outperform” rating in a research note on Monday.
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About Old Republic International
Old Republic International Corporation is a holding company. The Company is engaged in business of insurance underwriting and related services. The Company conducts its operations through various regulated insurance company subsidiaries, which are organized into three segments: General Insurance Group, Title Insurance Group and the Republic Financial Indemnity Group (RFIG) Run-off Business.
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