Synovus Financial Corp Grows Stake in Old Republic International Co. (NYSE:ORI)

Posted by Defense World Staff on May 2nd, 2023

Synovus Financial Corp lifted its stake in shares of Old Republic International Co. (NYSE:ORI – Get Rating) by 3.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 14,951 shares of the insurance provider’s stock after acquiring an additional 437 shares during the period. Synovus Financial Corp’s holdings in Old Republic International were worth $361,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ORI. Cowa LLC lifted its holdings in shares of Old Republic International by 10,030.0% during the 1st quarter. Cowa LLC now owns 2,825,961 shares of the insurance provider’s stock worth $731,000 after acquiring an additional 2,798,064 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Old Republic International by 20.8% during the 3rd quarter. Victory Capital Management Inc. now owns 12,807,069 shares of the insurance provider’s stock worth $268,052,000 after acquiring an additional 2,205,004 shares during the last quarter. State Street Corp lifted its holdings in shares of Old Republic International by 6.6% during the 3rd quarter. State Street Corp now owns 25,907,464 shares of the insurance provider’s stock worth $542,243,000 after acquiring an additional 1,601,571 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Old Republic International by 124.0% during the 1st quarter. Allianz Asset Management GmbH now owns 1,974,899 shares of the insurance provider’s stock worth $51,091,000 after acquiring an additional 1,093,287 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Old Republic International by 32.9% during the 1st quarter. Invesco Ltd. now owns 3,741,155 shares of the insurance provider’s stock worth $96,782,000 after acquiring an additional 926,871 shares during the last quarter. 70.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on ORI shares. Raymond James boosted their price target on shares of Old Republic International from $27.00 to $29.00 and gave the stock an “outperform” rating in a research note on Monday, January 30th. StockNews.com raised shares of Old Republic International from a “hold” rating to a “buy” rating in a research note on Friday.

Old Republic International Price Performance

ORI stock opened at $25.72 on Tuesday. The firm’s 50-day moving average price is $25.05 and its two-hundred day moving average price is $24.57. Old Republic International Co. has a 12-month low of $20.27 and a 12-month high of $26.72. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 13.06 and a beta of 0.80. The company has a current ratio of 1.25, a quick ratio of 0.55 and a debt-to-equity ratio of 0.25.

Old Republic International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Monday, March 6th were given a $0.245 dividend. This is a boost from Old Republic International’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, March 3rd. This represents a $0.98 dividend on an annualized basis and a dividend yield of 3.81%. Old Republic International’s payout ratio is presently 49.75%.

About Old Republic International

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Old Republic International Corp. is a holding company, which engages in the business of insurance underwriting. It operates through the following segments: General Insurance, Title Insurance, Republic Financial Indemnity Group (RFIG) Run-Off, and Corporate and Other. The General Insurance segment provides property and liability insurance primarily to commercial clients.