In a recent filing with the Securities and Exchange Commission, Thomas Dare, Senior Vice President Secretary General Counsel of Old Republic International Corp (NYSE:ORI), reported a series of transactions involving the company's common stock.
On May 6, 2024, Dare sold 1,292 shares of Old Republic stock at a price of $30.95 per share, totaling approximately $39,987. This sale followed a "net exercise" transaction where the company withheld a portion of the shares to be acquired for payment of the exercise price and tax, as noted in the footnotes.
In addition to the sale, Dare also engaged in transactions labeled as stock option exercises, acquiring a total of 7,000 shares of common stock. These transactions were priced between $19.98 and $20.98, amounting to a total of $145,360. It's important to note that these exercises are related to vested employee stock options from previous years.
The filing also indicated that Dare's stock holdings in Old Republic, following these transactions, included 30,015 unvested restricted stock awards (RSAs).
Old Republic International Corp, a company specializing in surety insurance, has its shares publicly traded under the ticker symbol ORI on the New York Stock Exchange. The reported transactions provide a glimpse into the trading activities of one of its key executives.
InvestingPro Insights
Old Republic International Corp (NYSE:ORI) has been making headlines with its executive stock transactions, and a deeper dive into the company's financials reveals a robust picture that investors may find compelling. With a market capitalization of $8.28 billion and a price-to-earnings (P/E) ratio of 12.06, Old Republic stands out in the insurance sector. The adjusted P/E ratio for the last twelve months as of Q1 2024 even dips slightly lower to 11.45, signaling a potentially undervalued stock in comparison to near-term earnings growth.
InvestingPro Tips highlight that management at Old Republic has been actively engaged in share buybacks, a move that often reflects confidence in the company's future performance. This is coupled with the fact that two analysts have revised their earnings upwards for the upcoming period, further bolstering investor optimism. Moreover, Old Republic has a proven track record of stability with its impressive streak of maintaining dividend payments for 54 consecutive years, a testament to its financial resilience and commitment to shareholder returns.
On the data front, the company's gross profit margin for the last twelve months as of Q1 2024 stands at a healthy 64.21%, and its operating income margin is at 13.01%. These figures underscore Old Republic's ability to manage its costs effectively and maximize profitability. Additionally, the company's dividend yield as of the date provided is 3.41%, which is attractive to income-seeking investors, especially when combined with the company's history of consistent dividend payments.
For those interested in a deeper analysis, there are additional InvestingPro Tips available for Old Republic at https://www.investing.com/pro/ORI. These insights could be particularly valuable for investors seeking to understand the company's financial health and future prospects. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more detailed analytics and data.
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