M&T Bank Corp Sells 2,881 Shares of Old Republic International Corporation (NYSE:ORI)

M&T Bank Corp trimmed its holdings in Old Republic International Corporation (NYSE:ORI) by 0.3% during the first quarter, Holdings Channel reports. The institutional investor owned 1,048,903 shares of the insurance provider’s stock after selling 2,881 shares during the quarter. M&T Bank Corp’s holdings in Old Republic International were worth $41,138,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Northern Trust Corp lifted its stake in Old Republic International by 14.4% during the 4th quarter. Northern Trust Corp now owns 3,176,002 shares of the insurance provider’s stock valued at $114,940,000 after acquiring an additional 400,384 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Old Republic International by 3.6% during the first quarter. Bank of New York Mellon Corp now owns 2,918,236 shares of the insurance provider’s stock worth $114,453,000 after acquiring an additional 100,264 shares during the period. Norges Bank bought a new stake in Old Republic International during the fourth quarter worth $105,581,000. Invesco Ltd. lifted its holdings in Old Republic International by 26.4% during the fourth quarter. Invesco Ltd. now owns 2,349,942 shares of the insurance provider’s stock worth $85,044,000 after acquiring an additional 490,788 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Old Republic International by 2.7% during the 4th quarter. AQR Capital Management LLC now owns 1,885,011 shares of the insurance provider’s stock worth $68,219,000 after purchasing an additional 49,160 shares during the period. 70.92% of the stock is owned by institutional investors.

Old Republic International Stock Performance

NYSE ORI opened at $37.79 on Tuesday. The company’s 50 day moving average is $37.71 and its 200-day moving average is $37.12. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 0.27. Old Republic International Corporation has a 12-month low of $29.97 and a 12-month high of $39.84. The firm has a market cap of $9.34 billion, a P/E ratio of 15.36 and a beta of 0.73.

Old Republic International (NYSE:ORI) last released its quarterly earnings data on Thursday, April 24th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.08. Old Republic International had a return on equity of 20.99% and a net margin of 9.37%. The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.03 billion. Old Republic International’s revenue was up 11.4% on a year-over-year basis. Sell-side analysts predict that Old Republic International Corporation will post 3.17 earnings per share for the current year.

Old Republic International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, June 6th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.16 annualized dividend and a dividend yield of 3.07%. Old Republic International’s payout ratio is currently 47.15%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded Old Republic International from a “hold” rating to a “buy” rating in a research note on Friday, June 27th. Piper Sandler set a $42.00 price objective on shares of Old Republic International in a research report on Friday, April 25th. Finally, Raymond James Financial set a $42.00 price target on shares of Old Republic International and gave the stock an “outperform” rating in a report on Monday, April 28th.

Insider Buying and Selling at Old Republic International

In other news, SVP Carolyn Monroe sold 10,601 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $37.38, for a total value of $396,265.38. Following the transaction, the senior vice president owned 35,755 shares of the company’s stock, valued at $1,336,521.90. This represents a 22.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.10% of the company’s stock.

Old Republic International 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.