Midway Capital Research & Management Makes New $2.78 Million Investment in Old Republic International Corporation $ORI

Midway Capital Research & Management acquired a new stake in Old Republic International Corporation (NYSE:ORI) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 60,904 shares of the insurance provider’s stock, valued at approximately $2,780,000. Old Republic International accounts for 2.7% of Midway Capital Research & Management’s holdings, making the stock its 13th largest holding.

Several other hedge funds have also recently added to or reduced their stakes in ORI. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Old Republic International in the 4th quarter valued at approximately $48,000. Kera Capital Partners Inc. boosted its stake in 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 purchasing an additional 2,893 shares during the period. Ruggaard & Associates LLC grew its holdings in shares of Old Republic International by 1.9% during the fourth quarter. Ruggaard & Associates LLC now owns 21,292 shares of the insurance provider’s stock worth $972,000 after buying an additional 404 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new position in shares of Old Republic International during the 4th quarter worth approximately $46,000. Finally, Invesco Ltd. grew its position in Old Republic International by 2.5% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 70.92% of the company’s stock.

Old Republic International Trading Up 0.2%

ORI opened at $38.76 on Friday. The company has a market cap of $9.41 billion, a P/E ratio of 10.39 and a beta of 0.59. Old Republic International Corporation has a 1-year low of $35.60 and a 1-year high of $46.76. 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 company’s 50 day moving average is $39.45 and its 200-day moving average is $41.22.

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

Old Republic International Dividend Announcement

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

Insider Activity

In other news, SVP Carolyn Monroe sold 13,330 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $38.76, for a total transaction of $516,670.80. Following the completion of the sale, the senior vice president owned 32,261 shares of the company’s stock, valued at $1,250,436.36. This trade represents a 29.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 1.32% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Zacks Research cut Old Republic International from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 29th. Piper Sandler increased their price objective on shares of Old Republic International from $38.00 to $40.00 and gave the company 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 report on Friday, March 27th. Finally, Raymond James Financial set a $44.00 price objective on shares of Old Republic International in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

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.