Gabelli Funds LLC Buys 22,400 Shares of Old Republic International Corporation $ORI

Gabelli Funds LLC lifted its stake in shares of Old Republic International Corporation (NYSE:ORI) by 32.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,450 shares of the insurance provider’s stock after acquiring an additional 22,400 shares during the period. Gabelli Funds LLC’s holdings in Old Republic International were worth $3,609,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ORI. V Square Quantitative Management LLC acquired a new position in Old Republic International in the 4th quarter worth $26,000. Torren Management LLC acquired a new stake in shares of Old Republic International in the 4th quarter valued at about $27,000. Commonwealth Retirement Investments LLC acquired a new stake in shares of Old Republic International in the 4th quarter valued at about $27,000. JPL Wealth Management LLC bought a new stake in shares of Old Republic International in the third quarter valued at about $27,000. Finally, Quest 10 Wealth Builders Inc. bought a new stake in shares of Old Republic International in the fourth quarter valued at about $31,000. 70.92% of the stock is currently owned by institutional investors and hedge funds.

Old Republic International Price Performance

Shares of NYSE ORI opened at $44.39 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.68 and a quick ratio of 0.23. The business has a 50-day moving average of $40.02 and a 200-day moving average of $40.53. The stock has a market capitalization of $10.78 billion, a price-to-earnings ratio of 10.49 and a beta of 0.58. Old Republic International Corporation has a fifty-two week low of $35.60 and a fifty-two week high of $46.76.

Old Republic International (NYSE:ORI) last released its earnings results on Thursday, July 23rd. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the company posted $0.81 EPS. The business’s revenue was up 5.2% on a year-over-year basis. As a group, sell-side analysts predict that Old Republic International Corporation will post 2.82 earnings per share for the current fiscal year.

Old Republic International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were paid a dividend of $0.315 per share. The ex-dividend date was Friday, June 5th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.8%. Old Republic International’s dividend payout ratio is currently 29.79%.

Insider Activity

In other news, SVP Carolyn Monroe sold 13,330 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $38.76, for a total value 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 approximately $1,250,436.36. This represents a 29.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ORI. Raymond James Financial set a $44.00 price objective on Old Republic International in a research report on Monday, April 27th. Zacks Research raised Old Republic International from a “strong sell” rating to a “hold” rating in a research report on Friday, June 26th. Piper Sandler cut their target price on Old Republic International from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old Republic International in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Old Republic International has a consensus rating of “Moderate Buy” and a consensus target price of $41.50.

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.