Prana Capital Management LP bought a new stake in shares of Old Republic International Co. (NYSE:ORI) in the 4th quarter, HoldingsChannel reports. The firm bought 147,822 shares of the insurance provider’s stock, valued at approximately $3,008,000. Old Republic International comprises 1.0% of Prana Capital Management LP’s holdings, making the stock its 28th biggest position.
A number of other hedge funds also recently modified their holdings of ORI. Raymond James Financial Services Advisors Inc. boosted its holdings in Old Republic International by 32.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 237,755 shares of the insurance provider’s stock valued at $4,681,000 after acquiring an additional 57,893 shares during the period. Crossmark Global Holdings Inc. purchased a new stake in Old Republic International during the 3rd quarter valued at about $626,000. Swiss National Bank boosted its holdings in Old Republic International by 1.8% during the 3rd quarter. Swiss National Bank now owns 418,700 shares of the insurance provider’s stock valued at $8,244,000 after acquiring an additional 7,600 shares during the period. Alps Advisors Inc. boosted its holdings in Old Republic International by 20.8% during the 3rd quarter. Alps Advisors Inc. now owns 20,403 shares of the insurance provider’s stock valued at $402,000 after acquiring an additional 3,518 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in Old Republic International by 1.5% during the 3rd quarter. New York State Common Retirement Fund now owns 532,900 shares of the insurance provider’s stock valued at $10,493,000 after acquiring an additional 7,800 shares during the period. Institutional investors own 73.51% of the company’s stock.
In other Old Republic International news, Director Glenn W. Reed acquired 5,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average price of $20.43 per share, for a total transaction of $102,150.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.00% of the company’s stock.
Old Republic International (NYSE:ORI) last released its quarterly earnings data on Thursday, January 25th. The insurance provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. Old Republic International had a return on equity of 6.80% and a net margin of 8.95%. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter last year, the business posted $0.43 EPS. The business’s revenue was up 2.5% on a year-over-year basis. sell-side analysts forecast that Old Republic International Co. will post 1.7 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Monday, March 5th will be issued a $0.195 dividend. The ex-dividend date is Friday, March 2nd. This represents a $0.78 annualized dividend and a yield of 3.67%. This is a boost from Old Republic International’s previous quarterly dividend of $0.19. Old Republic International’s dividend payout ratio (DPR) is 36.97%.
ORI has been the subject of several analyst reports. ValuEngine upgraded Old Republic International from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research upgraded Old Republic International from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a report on Wednesday, January 24th. Finally, JMP Securities upgraded Old Republic International from a “market perform” rating to an “outperform” rating in a report on Monday, February 12th. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company. Old Republic International presently has a consensus rating of “Buy” and an average target price of $24.00.
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About Old Republic International
Old Republic International Corporation is a holding company. The Company is engaged in business of insurance underwriting and related services. The Company conducts its operations through various regulated insurance company subsidiaries, which are organized into three segments: General Insurance Group, Title Insurance Group and the Republic Financial Indemnity Group (RFIG) Run-off Business.
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