Meritage Portfolio Management has significantly reduced its stake in Old Republic International Corporation (NYSE: ORI) by an impressive 92.4% during the third quarter of 2023. According to data from Holdings Channel, the firm now holds only 5,239 shares of the insurance provider’s stock after selling 63,343 shares within this period. As of its latest filing with the Securities and Exchange Commission, Meritage’s remaining holdings in Old Republic International are valued at approximately $222,000.
This significant divestment follows a trend among various institutional investors, with several hedge funds adjusting their positions in Old Republic International. For instance, Ameritas Advisory Services LLC acquired a new stake during the second quarter, investing around $34,000. Caldwell Trust Co increased its holdings by 75.0% in the third quarter, now owning 1,050 shares valued at $45,000 after adding 450 shares. Additionally, SJS Investment Consulting Inc. boosted its position by 37.1%, bringing its total to 1,101 shares worth $47,000 after purchasing an extra 298 shares.
Hedge funds and institutional investors collectively own approximately 70.92% of Old Republic International’s stock, indicating strong interest from the investment community.
Current Stock Performance and Financials
As of the latest trading session, Old Republic International’s stock opened at $43.03. The company has seen fluctuations, with a 12-month low of $34.43 and a high of $46.76. The firm’s current ratio stands at 0.26, with a quick ratio also at 0.26 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $10.65 billion, a price-to-earnings (P/E) ratio of 14.39, and a beta of 0.76.
In addition to these financial details, Old Republic International recently announced a special dividend of $2.50, which was paid on January 14, 2024, to investors on record as of January 2. The company’s current payout ratio is 38.80%.
Analyst Ratings and Insider Transactions
Old Republic International has received positive feedback from analysts, with Weiss Ratings reiterating a “buy” rating in a note on December 24. Piper Sandler raised its target price from $46.00 to $51.00 while maintaining an “overweight” rating. Raymond James Financial upgraded the stock from “outperform” to “strong-buy” and increased its price target from $43.00 to $47.00.
Currently, two research analysts have assigned a “Strong Buy” rating to the stock, while one has given it a “Buy” rating, resulting in an average rating of “Strong Buy” with a target price of $49.00.
In insider trading activity, Director Therace Risch purchased 1,000 shares on November 3 at an average price of $39.14 per share, totaling $39,140.00. Following this acquisition, Risch holds 10,625 shares, valued at approximately $415,862.50. Conversely, Senior Vice President Carolyn Monroe sold 6,680 shares on November 14 at an average price of $44.54, for a total of $297,527.20. After the sale, Monroe retained 29,075 shares worth around $1,295,000.50.
Insider ownership in Old Republic International stands at 1.10%, reflecting a modest level of executive investment.
Old Republic International Corporation specializes in insurance underwriting and related services, primarily operating through its General Insurance, Title Insurance, and Republic Financial Indemnity Group Run-off Business segments. The company offers a variety of insurance products, including commercial auto, general liability, and workers’ compensation, among others.
For those interested in the latest updates on Old Republic International and other investments, resources like HoldingsChannel.com provide insights into 13F filings and insider transactions.
