Old Republic International (NYSE:ORI) Releases Earnings Results, Misses Expectations By $0.02 EPS

Old Republic International (NYSE:ORI) announced its quarterly earnings data on Thursday. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.02), Zacks reports. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.38 billion. Old Republic International had a net margin of 10.83% and a return on equity of 15.71%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.81 earnings per share.

Old Republic International Trading Down 0.4%

Shares of NYSE ORI traded down $0.16 during mid-day trading on Thursday, reaching $41.44. The company had a trading volume of 417,106 shares, compared to its average volume of 1,706,633. The stock has a market cap of $10.06 billion, a price-to-earnings ratio of 11.13 and a beta of 0.58. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.27. Old Republic International has a 52 week low of $35.60 and a 52 week high of $46.76. The business’s 50-day moving average is $39.76 and its 200-day moving average is $40.54.

Old Republic International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were paid a $0.315 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.26 annualized dividend and a yield of 3.0%. Old Republic International’s dividend payout ratio (DPR) is presently 33.78%.

Insider Transactions at Old Republic International

In other Old Republic International news, SVP Carolyn Monroe sold 13,330 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $38.76, for a total value of $516,670.80. Following the completion of the transaction, the senior vice president directly owned 32,261 shares in the company, valued at approximately $1,250,436.36. The trade was a 29.24% decrease in their ownership of the stock. The sale was disclosed in a document filed 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. Company insiders own 1.32% of the company’s stock.

Institutional Trading of Old Republic International

A number of institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC lifted its stake in shares of Old Republic International by 30.7% during the third quarter. AQR Capital Management LLC now owns 7,553,963 shares of the insurance provider’s stock worth $319,155,000 after buying an additional 1,774,807 shares during the period. GQG Partners LLC purchased a new stake in Old Republic International during the fourth quarter worth $155,960,000. Raymond James Financial Inc. raised its holdings in Old Republic International by 55.0% in the 4th quarter. Raymond James Financial Inc. now owns 3,234,373 shares of the insurance provider’s stock worth $147,650,000 after purchasing an additional 1,147,102 shares during the period. First Trust Advisors LP lifted its holdings in Old Republic International by 2.2% during the fourth quarter. First Trust Advisors LP now owns 2,382,451 shares of the insurance provider’s stock valued at $108,735,000 after purchasing an additional 50,874 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Old Republic International by 2.5% during the 4th quarter. Invesco Ltd. now owns 2,161,931 shares of the insurance provider’s stock worth $98,671,000 after buying an additional 53,298 shares in the last quarter. 70.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ORI has been the subject of several research analyst reports. Raymond James Financial set a $44.00 target price on Old Republic International in a research report on Monday, April 27th. Piper Sandler raised their price objective 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 upgraded Old Republic International from a “strong sell” rating to a “hold” rating in a research report on Friday, June 26th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old Republic International in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

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.