Norges Bank Purchases New Stake in Old Republic International Corporation $ORI

Norges Bank purchased a new stake in shares of Old Republic International Corporation (NYSE:ORI) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,949,895 shares of the insurance provider’s stock, valued at approximately $134,633,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ORI. Vanguard Group Inc. increased its holdings in shares of Old Republic International by 0.5% in the third quarter. Vanguard Group Inc. now owns 25,470,798 shares of the insurance provider’s stock valued at $1,081,745,000 after purchasing an additional 123,954 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Old Republic International by 30.7% during the 3rd quarter. AQR Capital Management LLC now owns 7,553,963 shares of the insurance provider’s stock worth $319,155,000 after buying an additional 1,774,807 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Old Republic International by 1.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,717,255 shares of the insurance provider’s stock worth $285,268,000 after buying an additional 116,549 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Old Republic International by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 4,181,149 shares of the insurance provider’s stock worth $190,870,000 after buying an additional 72,857 shares during the period. Finally, Thrivent Financial for Lutherans grew its stake 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 buying an additional 22,496 shares during the last quarter. 70.92% of the stock is owned by institutional investors.

Old Republic International Stock Performance

Shares of NYSE:ORI opened at $37.22 on Friday. Old Republic International Corporation has a 12-month low of $35.60 and a 12-month high of $46.76. The company’s 50 day moving average price is $39.82 and its two-hundred day moving average price is $41.73. The firm has a market cap of $9.04 billion, a PE ratio of 9.98 and a beta of 0.59. 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 (NYSE:ORI) last released its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. Old Republic International had a net margin of 10.83% and a return on equity of 15.71%. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm 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 year.

Old Republic International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be issued a $0.315 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.26 annualized dividend and a yield of 3.4%. Old Republic International’s payout ratio is currently 33.78%.

Insiders Place Their Bets

In other news, SVP Carolyn Monroe sold 13,330 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was 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 directly owned 32,261 shares in the company, valued at approximately $1,250,436.36. This represents a 29.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on ORI. Piper Sandler increased their price target on shares of Old Republic International from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Weiss Ratings downgraded Old Republic International from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, March 27th. Zacks Research lowered Old Republic International from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Finally, Raymond James Financial set a $44.00 price target on Old Republic International in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Old Republic International currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

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.