Bank of Nova Scotia Trims Stock Holdings in Old Republic International Co. (NYSE:ORI)

Bank of Nova Scotia cut its holdings in shares of Old Republic International Co. (NYSE:ORI) by 81.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,182 shares of the insurance provider’s stock after selling 36,485 shares during the period. Bank of Nova Scotia’s holdings in Old Republic International were worth $296,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ORI. Twin Capital Management Inc. grew its position in Old Republic International by 5.3% during the 4th quarter. Twin Capital Management Inc. now owns 67,678 shares of the insurance provider’s stock worth $2,449,000 after purchasing an additional 3,414 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Old Republic International by 26.4% during the fourth quarter. Invesco Ltd. now owns 2,349,942 shares of the insurance provider’s stock worth $85,044,000 after buying an additional 490,788 shares during the period. Cerity Partners LLC grew its holdings in shares of Old Republic International by 115.0% during the fourth quarter. Cerity Partners LLC now owns 30,212 shares of the insurance provider’s stock worth $1,090,000 after buying an additional 16,160 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Old Republic International in the 4th quarter valued at about $1,139,000. Finally, Huntington National Bank raised its stake in Old Republic International by 34.8% during the 4th quarter. Huntington National Bank now owns 1,737 shares of the insurance provider’s stock valued at $63,000 after acquiring an additional 448 shares during the last quarter. 70.92% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ORI has been the topic of a number of recent research reports. StockNews.com lowered Old Republic International from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Piper Sandler boosted their price objective on shares of Old Republic International from $41.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, April 1st.

Old Republic International Price Performance

Shares of NYSE:ORI opened at $37.73 on Wednesday. Old Republic International Co. has a 52 week low of $28.59 and a 52 week high of $39.84. The company has a 50-day moving average price of $37.30 and a 200 day moving average price of $36.62. The company has a market cap of $9.33 billion, a P/E ratio of 14.35 and a beta of 0.68. The company has a quick ratio of 0.28, a current ratio of 0.62 and a debt-to-equity ratio of 0.28.

Old Republic International (NYSE:ORI) last posted its quarterly earnings results on Thursday, January 23rd. The insurance provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.71 by $0.19. Old Republic International had a return on equity of 20.32% and a net margin of 10.36%. Research analysts predict that Old Republic International Co. will post 3.17 earnings per share for the current year.

Old Republic International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Monday, March 10th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, March 10th. This is a boost from Old Republic International’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.07%. Old Republic International’s dividend payout ratio is 44.11%.

Insider Activity at Old Republic International

In other news, SVP Jeffrey Lange sold 1,098 shares of Old Republic International stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $36.56, for a total transaction of $40,142.88. Following the completion of the sale, the senior vice president now directly owns 34,679 shares in the company, valued at approximately $1,267,864.24. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Carolyn Monroe sold 9,188 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $36.35, for a total value of $333,983.80. Following the sale, the senior vice president now directly owns 33,556 shares in the company, valued at $1,219,760.60. This trade represents a 21.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,039 shares of company stock worth $1,580,733 over the last 90 days. Company insiders own 1.00% of the company’s stock.

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.