Fintel reports that on October 27, 2023, Piper Sandler maintained coverage of Old Republic International (NYSE:ORI) with a Neutral recommendation.
Analyst Price Forecast Suggests 9.87% Upside
As of October 5, 2023, the average one-year price target for Old Republic International is 30.60. The forecasts range from a low of 29.29 to a high of $32.55. The average price target represents an increase of 9.87% from its latest reported closing price of 27.85.
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The projected annual revenue for Old Republic International is 7,679MM, an increase of 0.21%. The projected annual non-GAAP EPS is 2.37.
Old Republic International Declares $0.24 Dividend
On August 25, 2023 the company declared a regular quarterly dividend of $0.24 per share ($0.98 annualized). Shareholders of record as of September 5, 2023 received the payment on September 15, 2023. Previously, the company paid $0.24 per share.
At the current share price of $27.85 / share, the stock's dividend yield is 3.52%.
Looking back five years and taking a sample every week, the average dividend yield has been 6.74%, the lowest has been 3.32%, and the highest has been 11.85%. The standard deviation of yields is 2.59 (n=235).
The current dividend yield is 1.24 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.60. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 1.36%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 911 funds or institutions reporting positions in Old Republic International. This is a decrease of 33 owner(s) or 3.50% in the last quarter. Average portfolio weight of all funds dedicated to ORI is 0.23%, a decrease of 6.96%. Total shares owned by institutions decreased in the last three months by 2.57% to 238,271K shares. 
The put/call ratio of ORI is 1.37, indicating a bearish outlook.
What are Other Shareholders Doing?
Victory Capital Management holds 14,851K shares representing 5.32% ownership of the company. In it's prior filing, the firm reported owning 14,790K shares, representing an increase of 0.41%. The firm increased its portfolio allocation in ORI by 59.18% over the last quarter.
SDY - SPDR(R) S&P(R) Dividend ETF holds 11,888K shares representing 4.25% ownership of the company. In it's prior filing, the firm reported owning 12,975K shares, representing a decrease of 9.14%. The firm decreased its portfolio allocation in ORI by 4.47% over the last quarter.
VETAX - Victory Sycamore Established Value Fund holds 10,325K shares representing 3.70% ownership of the company. No change in the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 8,259K shares representing 2.96% ownership of the company. In it's prior filing, the firm reported owning 8,510K shares, representing a decrease of 3.03%. The firm decreased its portfolio allocation in ORI by 6.29% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 8,233K shares representing 2.95% ownership of the company. In it's prior filing, the firm reported owning 8,458K shares, representing a decrease of 2.74%. The firm decreased its portfolio allocation in ORI by 9.48% over the last quarter.
Old Republic International Background Information
(This description is provided by the company.)
Chicago-based Old Republic International Corporation is one of the nation's 50 largest shareholder-owned insurance businesses. It is a member of the Fortune 500 listing of America's largest companies. The Company is organized as an insurance holding company whose subsidiaries actively market, underwrite, and provide risk management services for a wide variety of coverages mostly in the general and title insurance fields. A long-term interest in mortgage guaranty and consumer credit indemnity coverages has devolved to a run-off operating mode in recent years. Old Republic's general insurance business ranks among the nation's 50 largest, while its title insurance operations are the third largest in its industry.
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