Old Republic International (NYSE:ORI) Announces Earnings Results

Old Republic International (NYSE:ORI) posted its quarterly earnings results on Thursday. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.02), Zacks reports. The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Old Republic International had a return on equity of 15.71% and a net margin of 10.83%.The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.81 earnings per share.

Old Republic International Price Performance

Shares of NYSE ORI traded down $0.04 during midday trading on Thursday, hitting $41.56. The company had a trading volume of 402,662 shares, compared to its average volume of 1,706,633. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.27. Old Republic International has a twelve month low of $35.60 and a twelve month high of $46.76. The business has a 50-day simple moving average of $39.76 and a two-hundred day simple moving average of $40.54. The firm has a market capitalization of $10.09 billion, a price-to-earnings ratio of 11.12 and a beta of 0.58.

Old Republic International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, June 5th. Old Republic International’s dividend payout ratio (DPR) is currently 33.78%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Raymond James Financial set a $44.00 price objective on Old Republic International in a report on Monday, April 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Old Republic International in a research note on Wednesday, July 8th. Zacks Research raised Old Republic International from a “strong sell” rating to a “hold” rating in a report on Friday, June 26th. Finally, Piper Sandler raised their price target on Old Republic International from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, April 24th. One 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 company’s stock. According to MarketBeat, Old Republic International currently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Insider Buying and Selling

In other Old Republic International news, SVP Carolyn Monroe sold 13,330 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $38.76, for a total transaction of $516,670.80. Following the transaction, the senior vice president directly owned 32,261 shares in the company, valued at approximately $1,250,436.36. This represents a 29.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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.

Institutional Investors Weigh In On Old Republic International

A number of hedge funds and other institutional investors have recently modified their holdings of ORI. Mcguire Capital Advisors Inc. purchased a new position in Old Republic International in the 4th quarter valued at approximately $46,000. Invesco Ltd. raised its holdings in Old Republic International by 2.5% during the fourth quarter. Invesco Ltd. now owns 2,161,931 shares of the insurance provider’s stock worth $98,671,000 after purchasing an additional 53,298 shares during the last quarter. Corient Private Wealth LLC boosted its position in Old Republic International by 106.3% during the fourth quarter. Corient Private Wealth LLC now owns 176,033 shares of the insurance provider’s stock worth $8,034,000 after purchasing an additional 90,720 shares in the last quarter. Alpine Woods Capital Investors LLC purchased a new stake in Old Republic International during the fourth quarter worth $3,651,000. Finally, Mercer Global Advisors Inc. ADV grew its holdings in Old Republic International by 11.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 118,211 shares of the insurance provider’s stock valued at $5,395,000 after purchasing an additional 12,452 shares during the last quarter. 70.92% of the stock is currently owned by institutional investors and hedge funds.

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.