Mirae Asset Global Investments Co. Ltd. Makes New $7.90 Million Investment in Old Republic International Corporation $ORI

Mirae Asset Global Investments Co. Ltd. bought a new stake in Old Republic International Corporation (NYSE:ORI) during the third quarter, HoldingsChannel reports. The institutional investor bought 211,683 shares of the insurance provider’s stock, valued at approximately $7,898,000.

Other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in Old Republic International by 3.3% during 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 purchasing an additional 388,866 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Old Republic International by 0.9% in 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 last quarter. First Trust Advisors LP increased its holdings in shares of Old Republic International by 18.5% in the 1st quarter. First Trust Advisors LP now owns 2,823,545 shares of the insurance provider’s stock worth $112,659,000 after buying an additional 441,094 shares during the last quarter. Quantinno Capital Management LP raised its position in Old Republic International by 31.4% during the first quarter. Quantinno Capital Management LP now owns 1,174,530 shares of the insurance provider’s stock valued at $46,864,000 after purchasing an additional 280,858 shares in the last quarter. Finally, North Star Investment Management Corp. raised its holdings in shares of Old Republic International by 0.3% during the 3rd quarter. North Star Investment Management Corp. now owns 802,185 shares of the insurance provider’s stock valued at $29,930,000 after buying an additional 2,060 shares in the last quarter. Hedge funds and other institutional investors own 70.92% of the company’s stock.

Old Republic International Stock Performance

NYSE:ORI opened at $39.95 on Thursday. The firm has a market cap of $9.58 billion, a PE ratio of 9.00 and a beta of 0.52. Old Republic International Corporation has a fifty-two week low of $36.65 and a fifty-two week high of $46.76. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.30 and a current ratio of 0.29. The business has a 50 day moving average price of $39.50 and a 200-day moving average price of $40.42.

Old Republic International (NYSE:ORI) last issued its earnings results on Thursday, October 22nd. The insurance provider reported $0.73 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.06). Old Republic International had a return on equity of 12.13% and a net margin of 11.19%. The firm had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the previous year, the firm earned $0.78 earnings per share. Equities research analysts predict that Old Republic International Corporation will post 2.78 earnings per share for the current year.

Old Republic International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, September 4th were given a dividend of $0.3150 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.26 annualized dividend and a yield of 3.2%. Old Republic International’s dividend payout ratio is presently 28.38%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ORI. Raymond James Financial downgraded shares of Old Republic International from a “strong-buy” rating to an “outperform” rating and lowered their price target for the stock from $48.00 to $45.00 in a research note on Friday, October 23rd. Weiss Ratings downgraded Old Republic International from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, September 18th. Finally, Piper Sandler lifted their price objective on Old Republic International from $39.00 to $42.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Old Republic International presently has an average rating of “Moderate Buy” and an average price target of $43.50.

Insider Transactions at Old Republic International

In other Old Republic International news, SVP Carolyn Monroe sold 4,386 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $42.01, for a total value of $184,255.86. Following the sale, the senior vice president owned 27,875 shares of the company’s stock, valued at $1,171,028.75. This trade represents a 13.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.32% of the stock is currently owned by company insiders.

Old Republic International Company Profile

Old Republic International Corporation (NYSE: ORI) is an insurance holding company that provides a range of commercial and personal insurance products and related services in the United States and Canada. Founded in 1887, the company operates through businesses focused primarily on general insurance and title insurance.

Old Republic’s general insurance operations offer coverage for commercial property, workers’ compensation, commercial automobile, general liability, inland marine, aviation, and other specialty risks.