Ironwood Investment Management LLC Reduces Position in Old Republic International Co. (ORI)
Ironwood Investment Management LLC lessened its holdings in shares of Old Republic International Co. (NYSE:ORI) by 1.6% during the 1st quarter, Holdings Channel reports. The fund owned 36,668 shares of the insurance provider’s stock after selling 603 shares during the quarter. Ironwood Investment Management LLC’s holdings in Old Republic International were worth $767,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of ORI. Norges Bank purchased a new position in shares of Old Republic International during the 4th quarter worth $55,180,000. APG Asset Management N.V. boosted its stake in shares of Old Republic International by 154.1% during the 4th quarter. APG Asset Management N.V. now owns 4,106,000 shares of the insurance provider’s stock worth $73,884,000 after acquiring an additional 2,489,900 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Old Republic International by 2,099.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,315,174 shares of the insurance provider’s stock worth $113,000 after acquiring an additional 2,209,917 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Old Republic International by 5.0% during the 4th quarter. BlackRock Inc. now owns 31,855,862 shares of the insurance provider’s stock worth $655,273,000 after acquiring an additional 1,514,309 shares during the last quarter. Finally, Rothschild & Co. Asset Management US Inc. purchased a new position in shares of Old Republic International during the 1st quarter worth $27,593,000. Institutional investors and hedge funds own 73.05% of the company’s stock.
Several research analysts have recently weighed in on the stock. TheStreet cut shares of Old Republic International from a “b” rating to a “c+” rating in a research note on Thursday, January 24th. Zacks Investment Research upgraded shares of Old Republic International from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Thursday, April 25th.
Old Republic International (NYSE:ORI) last issued its quarterly earnings results on Thursday, April 25th. The insurance provider reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.05. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Old Republic International had a net margin of 11.87% and a return on equity of 10.66%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 EPS. As a group, research analysts anticipate that Old Republic International Co. will post 1.85 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Tuesday, June 4th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Monday, June 3rd. Old Republic International’s dividend payout ratio is presently 43.01%.
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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. The company operates through three segments: General Insurance Group, Title Insurance Group, and the Republic Financial Indemnity Group Run-off Business.
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