Hamlin Capital Management LLC Cuts Stake in Old Republic International Corporation $ORI

Hamlin Capital Management LLC cut its position in Old Republic International Corporation (NYSE:ORI) by 1.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,665,045 shares of the insurance provider’s stock after selling 73,921 shares during the period. Old Republic International accounts for approximately 4.3% of Hamlin Capital Management LLC’s investment portfolio, making the stock its 6th biggest holding. Hamlin Capital Management LLC owned about 1.92% of Old Republic International worth $190,894,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in Old Republic International by 3.3% in the first quarter. Bank of New York Mellon Corp now owns 12,241,253 shares of the insurance provider’s stock valued at $488,426,000 after acquiring an additional 388,866 shares during the period. AQR Capital Management LLC raised its position in shares of Old Republic International by 30.7% during the third quarter. AQR Capital Management LLC now owns 7,553,963 shares of the insurance provider’s stock worth $319,155,000 after purchasing an additional 1,774,807 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Old Republic International by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 6,721,774 shares of the insurance provider’s stock worth $268,202,000 after purchasing an additional 60,395 shares during the period. Geode Capital Management LLC grew its position in Old Republic International by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 4,181,149 shares of the insurance provider’s stock valued at $190,870,000 after purchasing an additional 72,857 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in Old Republic International by 0.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 3,949,102 shares of the insurance provider’s stock valued at $170,364,000 after purchasing an additional 22,496 shares during the period. 70.92% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Carolyn Monroe sold 13,330 shares of the 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 completion of the transaction, the senior vice president 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jeffrey Lange sold 14,075 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $43.76, for a total transaction of $615,922.00. Following the sale, the senior vice president owned 12,244 shares of the company’s stock, valued at $535,797.44. This trade represents a 53.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 40,530 shares of company stock valued at $1,709,568 in the last ninety days. 1.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Zacks Research upgraded shares of Old Republic International from a “strong sell” rating to a “hold” rating in a research note on Friday, June 26th. Raymond James Financial set a $44.00 price objective on shares of Old Republic International in a research note on Monday, April 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Old Republic International in a report on Wednesday, July 8th. Finally, Piper Sandler decreased their target price on shares of Old Republic International from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, one has assigned 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 $41.50.

Old Republic International Stock Performance

ORI stock opened at $43.51 on Thursday. The firm has a market cap of $10.50 billion, a PE ratio of 10.29 and a beta of 0.58. The company has a quick ratio of 0.23, a current ratio of 0.30 and a debt-to-equity ratio of 0.38. The business has a 50 day moving average of $40.53 and a 200-day moving average of $40.57. Old Republic International Corporation has a 12-month low of $36.65 and a 12-month high of $46.76.

Old Republic International (NYSE:ORI) last issued 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 quarter last year, the business posted $0.81 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts expect that Old Republic International Corporation will post 2.91 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 given 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%.

About Old Republic International

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.