CHICAGO - Old Republic International Corporation (NYSE: NYSE:ORI) has announced an increase in its regular quarterly cash dividend to 26.5 cents per common share, payable on June 14, 2024, to shareholders of record as of June 4, 2024. This dividend represents an 8.2% increase from the $0.98 per share paid in 2023, resulting in an annual payout of $1.06 per share, subject to quarterly Board approval.
The company has a history of consistent dividend payments, marking 2024 as the 43rd consecutive year of increased regular cash dividends and the 83rd year of uninterrupted payments. Old Republic stands as one of the nation's top 50 largest shareholder-owned insurance businesses and is a member of the Fortune 500 list.
Old Republic operates as an insurance holding company with subsidiaries that provide a variety of insurance products, including general and title insurance. Its general insurance segment is among the top 50 in the United States, while its title insurance operations are the third largest in the industry.
The dividend increase reflects Old Republic's commitment to returning value to its shareholders and the company's confidence in its financial stability and ongoing profitability. This announcement is based on a press release statement from Old Republic International Corporation.
InvestingPro Insights
Old Republic International Corporation (NYSE: ORI) has not only increased its quarterly cash dividend but also presents a compelling investment profile according to recent metrics and tips from InvestingPro. As of the last twelve months leading up to Q1 2024, the company boasts a market capitalization of $8.49 billion, a testament to its substantial presence in the insurance industry.
One of the notable InvestingPro Tips for Old Republic is that the management has been actively engaging in share buybacks, which often signals confidence in the company's future prospects and can lead to earnings per share growth. Moreover, two analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook on the company's financial performance.
From a valuation perspective, Old Republic is trading at a low P/E ratio of 11.74 when adjusted for the last twelve months as of Q1 2024, indicating that the stock could be undervalued relative to its near-term earnings growth. This aligns with another InvestingPro Tip highlighting the company's low P/E ratio in comparison to its earnings growth potential.
InvestingPro Data further reveals that the company has a robust gross profit margin of 64.21%, reflecting efficient operations and strong pricing power within its market segment. The dividend yield stands at 3.32%, which is particularly attractive for income-focused investors, especially considering that Old Republic has maintained dividend payments for 54 consecutive years.
Investors interested in exploring additional insights can find more InvestingPro Tips for Old Republic at https://www.investing.com/pro/ORI. There are numerous other tips available, offering a comprehensive analysis of the company's financial health and market position. To access these insights and enjoy an additional 10% off a yearly or biyearly Pro and Pro+ subscription, use the coupon code PRONEWS24.
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