Bank of New York Mellon Corp Acquires 8,266,829 Shares of Old Republic International Corporation $ORI

Bank of New York Mellon Corp boosted its holdings in Old Republic International Corporation (NYSE:ORI) by 230.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,852,387 shares of the insurance provider’s stock after acquiring an additional 8,266,829 shares during the period. Bank of New York Mellon Corp’s holdings in Old Republic International were worth $540,943,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Old Republic International by 30.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,157 shares of the insurance provider’s stock worth $477,000 after buying an additional 2,867 shares during the period. NewEdge Advisors LLC increased its position in Old Republic International by 121.9% during the 1st quarter. NewEdge Advisors LLC now owns 24,069 shares of the insurance provider’s stock worth $944,000 after buying an additional 13,224 shares during the period. Jones Financial Companies Lllp increased its position in Old Republic International by 122.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,534 shares of the insurance provider’s stock worth $178,000 after buying an additional 2,493 shares during the period. Goldman Sachs Group Inc. increased its position in Old Republic International by 10.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,593,065 shares of the insurance provider’s stock worth $62,480,000 after buying an additional 148,891 shares during the period. Finally, Sivia Capital Partners LLC increased its position in Old Republic International by 31.8% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,414 shares of the insurance provider’s stock worth $323,000 after buying an additional 2,028 shares during the period. Institutional investors own 70.92% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Old Republic International Stock Performance

ORI opened at $37.09 on Thursday. The firm has a market cap of $9.01 billion, a P/E ratio of 9.94 and a beta of 0.59. Old Republic International Corporation has a 52-week low of $35.60 and a 52-week high of $46.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.23 and a current ratio of 0.23. The business’s fifty day moving average is $39.86 and its 200-day moving average is $41.78.

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

Old Republic International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, June 5th will be paid a $0.315 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.26 annualized dividend and a yield of 3.4%. Old Republic International’s dividend payout ratio (DPR) is 33.78%.

Insiders Place Their Bets

In related news, SVP Carolyn Monroe sold 13,330 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $38.76, for a total value of $516,670.80. Following the sale, the senior vice president directly owned 32,261 shares of the company’s stock, valued at $1,250,436.36. This trade represents a 29.24% decrease in their ownership of the stock. The transaction was disclosed in a 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. 1.32% of the stock is owned by company insiders.

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. 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.