Gabelli Funds LLC Raises Holdings in Old Republic International Corporation $ORI

Gabelli Funds LLC grew its position in shares of Old Republic International Corporation (NYSE:ORI) by 72.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 68,050 shares of the insurance provider’s stock after purchasing an additional 28,550 shares during the quarter. Gabelli Funds LLC’s holdings in Old Republic International were worth $3,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in ORI. Thrivent Financial for Lutherans lifted its position in shares of Old Republic International by 2,840.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 3,926,606 shares of the insurance provider’s stock valued at $166,763,000 after buying an additional 3,793,085 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Old Republic International by 55.7% during the 2nd quarter. AQR Capital Management LLC now owns 5,779,156 shares of the insurance provider’s stock valued at $221,457,000 after buying an additional 2,066,965 shares during the last quarter. Captrust Financial Advisors lifted its position in shares of Old Republic International by 98.0% during the 3rd quarter. Captrust Financial Advisors now owns 3,197,538 shares of the insurance provider’s stock valued at $135,799,000 after buying an additional 1,582,895 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Old Republic International during the 2nd quarter valued at $27,289,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Old Republic International by 19.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,585,558 shares of the insurance provider’s stock valued at $152,279,000 after buying an additional 575,778 shares during the last quarter. Hedge funds and other institutional investors own 70.92% of the company’s stock.

Insider Activity

In related news, SVP Carolyn Monroe sold 13,330 shares of the stock in a transaction dated 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 $1,250,436.36. This represents a 29.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John Eric Smith bought 1,135 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were bought at an average price of $43.10 per share, with a total value of $48,918.50. Following the completion of the acquisition, the director directly owned 4,276 shares in the company, valued at $184,295.60. This trade represents a 36.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.32% of the stock is currently owned by corporate insiders.

Old Republic International Price Performance

Shares of NYSE ORI opened at $39.65 on Friday. The firm has a market capitalization of $9.63 billion, a P/E ratio of 10.63 and a beta of 0.63. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.27. The stock’s 50-day simple moving average is $40.09 and its two-hundred day simple moving average is $41.99. Old Republic International Corporation has a twelve month low of $35.60 and a twelve month high of $46.76.

Old Republic International (NYSE:ORI) last announced its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. Old Republic International had a net margin of 10.83% and a return on equity of 15.71%. Old Republic International’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 earnings per share. As a group, equities analysts anticipate that Old Republic International Corporation will post 2.95 EPS for the current fiscal year.

Old Republic International Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be given a dividend of $0.315 per share. The ex-dividend date is Friday, June 5th. This represents a $1.26 annualized dividend and a dividend yield of 3.2%. Old Republic International’s dividend payout ratio is 33.78%.

Analyst Ratings Changes

ORI has been the topic of a number of recent research reports. Weiss Ratings cut Old Republic International from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, March 27th. Piper Sandler upped their price target on Old Republic International from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Zacks Research cut Old Republic International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Finally, Raymond James Financial set a $44.00 price objective on Old Republic International in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Old Republic International currently has an average rating of “Moderate Buy” and a consensus target price of $42.00.

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. 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.