Millennium Management LLC Acquires 398,531 Shares of Old Republic International Co. (NYSE:ORI)

Millennium Management LLC boosted its holdings in Old Republic International Co. (NYSE:ORI) by 93.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 823,500 shares of the insurance provider’s stock after buying an additional 398,531 shares during the quarter. Millennium Management LLC owned approximately 0.32% of Old Republic International worth $29,802,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Northern Trust Corp raised its holdings in Old Republic International by 14.4% in the 4th quarter. Northern Trust Corp now owns 3,176,002 shares of the insurance provider’s stock valued at $114,940,000 after buying an additional 400,384 shares during the last quarter. Norges Bank bought a new position in Old Republic International in the 4th quarter valued at approximately $105,581,000. Invesco Ltd. raised its holdings in Old Republic International by 26.4% in the 4th quarter. Invesco Ltd. now owns 2,349,942 shares of the insurance provider’s stock valued at $85,044,000 after buying an additional 490,788 shares during the last quarter. AQR Capital Management LLC raised its holdings in Old Republic International by 2.7% in the 4th quarter. AQR Capital Management LLC now owns 1,885,011 shares of the insurance provider’s stock valued at $68,219,000 after buying an additional 49,160 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Old Republic International in the 4th quarter valued at approximately $67,054,000. Institutional investors own 70.92% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on ORI shares. Piper Sandler set a $42.00 price objective on shares of Old Republic International in a report on Friday, April 25th. StockNews.com raised shares of Old Republic International from a “hold” rating to a “buy” rating in a research report on Friday, April 25th. Finally, Raymond James set a $42.00 target price on shares of Old Republic International and gave the company an “outperform” rating in a research report on Monday, April 28th.

Insider Transactions at Old Republic International

In other news, CEO Craig R. Smiddy sold 5,296 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $38.60, for a total transaction of $204,425.60. Following the completion of the sale, the chief executive officer now owns 138,222 shares of the company’s stock, valued at $5,335,369.20. This trade represents a 3.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Thomas Dare sold 27,457 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $36.50, for a total transaction of $1,002,180.50. Following the sale, the vice president now directly owns 46,556 shares of the company’s stock, valued at approximately $1,699,294. This trade represents a 37.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,354 shares of company stock valued at $1,602,871 in the last quarter. 1.10% of the stock is currently owned by company insiders.

Old Republic International Stock Performance

NYSE:ORI opened at $38.44 on Monday. The company has a market capitalization of $9.50 billion, a PE ratio of 14.61 and a beta of 0.74. The company has a 50 day simple moving average of $37.70 and a two-hundred day simple moving average of $37.01. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.28 and a current ratio of 0.62. Old Republic International Co. has a fifty-two week low of $29.51 and a fifty-two week high of $39.84.

Old Republic International (NYSE:ORI) last released its earnings results on Thursday, April 24th. The insurance provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.08. The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.03 billion. Old Republic International had a net margin of 10.36% and a return on equity of 20.32%. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. Research analysts anticipate that Old Republic International Co. will post 3.17 earnings per share for the current year.

Old Republic International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Monday, March 10th were given a dividend of $0.29 per share. This is an increase from Old Republic International’s previous quarterly dividend of $0.27. The ex-dividend date was Monday, March 10th. This represents a $1.16 annualized dividend and a dividend yield of 3.02%. Old Republic International’s dividend payout ratio (DPR) is 47.15%.

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.