CHICAGO—Charles J. Kovaleski, a director at Old Republic International Corp (NYSE:ORI), a $9.2 billion market cap insurance company with a "GOOD" InvestingPro Financial Health score, has recently increased his stake in the company. According to a regulatory filing, Kovaleski acquired 108.83 shares of common stock on December 16 at a price of $37.46 per share. This transaction, which was carried out under a Dividend Reinvestment Plan, amounted to a total value of $4,076. The company has maintained dividend payments for 54 consecutive years, with a current dividend yield of 2.91%.
Following this acquisition, Kovaleski now holds a total of 15,492.98 shares in the company. The trade was executed by Victoria Pool (NASDAQ:POOL), acting as Power of Attorney for Kovaleski. The stock has shown strong momentum with a 29% return over the past year, and according to InvestingPro, management has been aggressively buying back shares. Get access to 7 more exclusive ProTips and comprehensive analysis with an InvestingPro subscription.
In other recent news, Old Republic International Corporation has announced a special cash dividend of $2.00 per share, set to return approximately $500 million to its shareholders. The company has also continued its share repurchase program, buying back $174 million worth of shares in the fourth quarter. Old Republic's strong performance has allowed for these returns to shareholders, with total returns exceeding $1.7 billion in the last two and a half years.
Piper Sandler has adjusted its price target for Old Republic, raising it to $41.00 and maintaining its Overweight rating on the company's stock. This adjustment is based on new earnings multiples applied to the company's projected 2026 earnings.
In terms of earnings, Old Republic reported a decrease in its consolidated pretax operating income for the third quarter of 2024, falling to $229 million. The company's net operating income also saw a slight decrease, dipping to $183 million. Despite this, Old Republic reported a significant 17% rise in net investment income.
These are the recent developments concerning Old Republic International, which continues to prioritize capital management and is making ongoing investments in technology and specialty underwriting to support long-term growth. The company's management anticipates a recovery in the real estate market to begin in late 2025, with more significant impacts expected in 2026.
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