Old Republic International (NYSE:ORI) Sets New 52-Week High After Dividend Announcement

Old Republic International Corporation (NYSE:ORI) shares reached a new 52-week high on Wednesday after the company announced a dividend. The stock traded as high as $46.49 and last traded at $46.29, with a volume of 1248025 shares. The stock had previously closed at $45.62.

The newly announced dividend which will be paid on Monday, December 15th. Stockholders of record on Friday, December 5th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, December 5th. Old Republic International’s payout ratio is presently 38.80%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ORI. Raymond James Financial raised shares of Old Republic International from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $43.00 to $47.00 in a report on Monday, September 22nd. Piper Sandler decreased their price objective on shares of Old Republic International from $47.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, October 24th. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Old Republic International in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to data from MarketBeat.com, Old Republic International presently has an average rating of “Strong Buy” and a consensus target price of $46.50.

Old Republic International Stock Performance

The company has a market capitalization of $11.45 billion, a P/E ratio of 15.48 and a beta of 0.79. The business has a 50 day moving average of $42.05 and a 200 day moving average of $39.40. The company has a quick ratio of 0.25, a current ratio of 0.64 and a debt-to-equity ratio of 0.25.

Old Republic International (NYSE:ORI) last released its quarterly earnings data on Friday, October 24th. The insurance provider reported $0.78 EPS for the quarter, beating the consensus estimate of $0.73 by $0.05. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.28 billion. Old Republic International had a net margin of 9.53% and a return on equity of 17.11%. On average, sell-side analysts predict that Old Republic International Corporation will post 3.17 earnings per share for the current year.

Insider Activity

In related news, SVP Carolyn Monroe sold 6,680 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $44.54, for a total transaction of $297,527.20. Following the completion of the sale, the senior vice president directly owned 29,075 shares of the company’s stock, valued at approximately $1,295,000.50. This trade represents a 18.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Therace Risch acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were acquired at an average price of $39.14 per share, with a total value of $39,140.00. Following the acquisition, the director owned 10,625 shares in the company, valued at $415,862.50. This trade represents a 10.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Old Republic International

A number of hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB raised its stake in shares of Old Republic International by 28.1% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 1,013 shares of the insurance provider’s stock valued at $43,000 after buying an additional 222 shares during the last quarter. Martingale Asset Management L P grew its holdings in Old Republic International by 3.4% during the first quarter. Martingale Asset Management L P now owns 8,241 shares of the insurance provider’s stock worth $323,000 after acquiring an additional 269 shares during the period. SBI Securities Co. Ltd. grew its holdings in Old Republic International by 29.0% during the second quarter. SBI Securities Co. Ltd. now owns 1,219 shares of the insurance provider’s stock worth $47,000 after acquiring an additional 274 shares during the period. Burney Co. raised its position in Old Republic International by 0.3% during the second quarter. Burney Co. now owns 89,901 shares of the insurance provider’s stock valued at $3,456,000 after acquiring an additional 276 shares in the last quarter. Finally, Clearstead Trust LLC lifted its holdings in Old Republic International by 65.6% in the third quarter. Clearstead Trust LLC now owns 727 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 288 shares during the period. 70.92% of the stock is currently owned by institutional investors.

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.