Cherokee Insurance Co Makes New Investment in Old Republic International Corporation $ORI

Cherokee Insurance Co purchased a new position in shares of Old Republic International Corporation (NYSE:ORI) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 82,000 shares of the insurance provider’s stock, valued at approximately $3,152,000. Old Republic International makes up about 1.4% of Cherokee Insurance Co’s investment portfolio, making the stock its 25th largest position.

A number of other institutional investors have also recently made changes to their positions in ORI. Hamlin Capital Management LLC grew its stake in Old Republic International by 0.3% during the 2nd quarter. Hamlin Capital Management LLC now owns 5,207,228 shares of the insurance provider’s stock worth $200,166,000 after buying an additional 15,920 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Old Republic International by 96.9% in the first quarter. AQR Capital Management LLC now owns 3,712,191 shares of the insurance provider’s stock worth $145,481,000 after acquiring an additional 1,827,180 shares in the last quarter. Northern Trust Corp grew its stake in shares of Old Republic International by 11.8% during the first quarter. Northern Trust Corp now owns 3,551,918 shares of the insurance provider’s stock worth $139,306,000 after acquiring an additional 375,916 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Old Republic International by 3.1% during the second quarter. Bank of New York Mellon Corp now owns 3,009,780 shares of the insurance provider’s stock worth $115,696,000 after acquiring an additional 91,544 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Old Republic International by 7.3% during the first quarter. Invesco Ltd. now owns 2,521,439 shares of the insurance provider’s stock valued at $98,891,000 after acquiring an additional 171,497 shares in the last quarter. Institutional investors and hedge funds own 70.92% of the company’s stock.

Old Republic International Stock Performance

ORI opened at $42.77 on Thursday. The company has a current ratio of 0.64, a quick ratio of 0.25 and a debt-to-equity ratio of 0.25. Old Republic International Corporation has a 12-month low of $33.00 and a 12-month high of $44.00. The firm has a 50 day moving average of $41.22 and a two-hundred day moving average of $38.95. The firm has a market capitalization of $10.58 billion, a PE ratio of 14.30 and a beta of 0.79.

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

Old Republic International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were paid a dividend of $0.29 per share. The ex-dividend date was Friday, September 5th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.7%. Old Republic International’s dividend payout ratio (DPR) is presently 38.80%.

Insider Activity

In related news, Director Therace Risch bought 1,500 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were purchased at an average price of $39.90 per share, for a total transaction of $59,850.00. Following the completion of the purchase, the director directly owned 9,625 shares of the company’s stock, valued at $384,037.50. This represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stephen J. Oberst sold 4,797 shares of the firm’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $39.29, for a total value of $188,474.13. Following the sale, the executive vice president directly owned 54,661 shares in the company, valued at approximately $2,147,630.69. This trade represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ORI. Raymond James Financial upgraded shares of Old Republic International from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $43.00 to $47.00 in a research note on Monday, September 22nd. Weiss Ratings reiterated a “buy (a-)” rating on shares of Old Republic International in a research note on Wednesday, October 8th. Finally, Piper Sandler dropped 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 report on Friday, October 24th. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and an average price target of $46.50.

Old Republic International 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.