Meritage Portfolio Management Reduces Stake in Old Republic International

Meritage Portfolio Management has significantly reduced its stake in shares of Old Republic International Corporation (NYSE: ORI) by 92.4% during the third quarter of 2023. According to a report by Holdings Channel, the firm now owns 5,239 shares of the insurance provider, a drastic decrease from the 63,343 shares sold during the same period. As per its most recent filing with the Securities and Exchange Commission (SEC), Meritage’s holdings in Old Republic International are valued at approximately $222,000.

Other institutional investors have also adjusted their positions in Old Republic International. Ameritas Advisory Services LLC entered into a new investment during the second quarter, acquiring shares worth about $34,000. Caldwell Trust Co increased its holdings by 75.0% in the third quarter, bringing its total to 1,050 shares, valued at $45,000. Similarly, SJS Investment Consulting Inc. raised its stake by 37.1%, now owning 1,101 shares worth $47,000. Headlands Technologies LLC also established a new position valued at $46,000 during the second quarter, while SBI Securities Co. Ltd. grew its holdings by 29.0% to own 1,219 shares valued at $47,000. Notably, institutional investors collectively hold 70.92% of Old Republic International’s stock.

Stock Performance and Dividend Announcement

On Friday, Old Republic International’s stock opened at $43.03, marking a 0.7% decline. The company has experienced a 12-month low of $34.43 and a high of $46.76. Its financial ratios indicate a current ratio and quick ratio of 0.26, and a debt-to-equity ratio of 0.25. The firm’s market capitalization stands at $10.65 billion, with a price-to-earnings ratio of 14.39 and a beta of 0.76.

In addition to stock performance, Old Republic International recently announced a special dividend of $2.50, which was paid on January 14, 2024. The dividend was distributed to investors of record on January 2, 2024, with the ex-dividend date also set for that day. The company’s current payout ratio is 38.80%, indicating a commitment to returning value to shareholders.

Analyst Ratings and Insider Transactions

Old Republic International has garnered attention from analysts, with several recent upgrades. Weiss Ratings reaffirmed a “buy (a)” rating on the stock, while Piper Sandler raised its target price from $46.00 to $51.00, assigning an “overweight” rating. Raymond James Financial upgraded Old Republic International from “outperform” to “strong-buy,” increasing their price target from $43.00 to $47.00. Currently, two equity research analysts have rated the stock as a Strong Buy, with an average target price of $49.00 according to MarketBeat.com.

In recent insider trading news, Director Therace Risch purchased 1,000 shares of Old Republic International at an average price of $39.14 per share, totaling $39,140.00. Following this transaction, Risch holds 10,625 shares valued at $415,862.50, reflecting a 10.39% increase in their holdings. Conversely, Senior Vice President Carolyn Monroe sold 6,680 shares at an average price of $44.54, amounting to $297,527.20. Following this sale, Monroe owns 29,075 shares valued at approximately $1,295,000.50, indicating an 18.68% decrease in position.

Old Republic International Corporation, through its subsidiaries, is engaged in the insurance underwriting and related services business, primarily operating in the United States and Canada. The company operates through three segments: General Insurance, Title Insurance, and Republic Financial Indemnity Group Run-off Business, offering a diverse range of insurance products.

Investors and stakeholders will continue to monitor the developments surrounding Old Republic International as it navigates market conditions and institutional investment trends.