Old Republic International Corp (NYSE:ORI) SVP Carolyn Monroe sold shares and exercised options in a series of transactions dated June 3, 2024, according to a recent SEC filing. Monroe, who serves as the Senior Vice President of Title Insurance at Old Republic, engaged in transactions involving both the acquisition and disposal of company shares.
The filing revealed that Monroe sold a total of 4,503 shares of common stock at an average price of $31.28, resulting in a total value of approximately $140,853. This sale was part of a broader set of transactions that included both the exercise of stock options and the acquisition of shares.
In addition to the sale, Monroe exercised options to acquire 26,640 shares of Old Republic common stock at a price of $22.92 per share, amounting to a total transaction value of $610,588. However, she also disposed of 22,137 shares at $31.78 each through a net exercise, which is often used to cover the exercise price and tax withholdings associated with option exercises. The total value of these disposed shares was about $703,513.
Following these transactions, the SEC filing noted that Monroe's directly owned shares included 21,354 unvested restricted stock awards (RSAs). The transactions were signed off by Victoria Pool (NASDAQ:POOL), acting as a power of attorney for Carolyn J. Monroe.
Investors and the market typically monitor insider transactions as they can provide insights into executives' perspectives on the company's stock value. For Old Republic International Corp, which specializes in surety insurance and operates under the financial sector, these recent transactions by a high-ranking executive may be of particular interest to current and potential shareholders.
In other recent news, Old Republic International Corporation has announced an increase in its regular quarterly cash dividend to 26.5 cents per share, marking an 8.2% increase from the previous year. This announcement signifies the company's 43rd consecutive year of increased regular cash dividends. Additionally, Old Republic recently reported stronger-than-expected earnings for the first quarter of 2024, with earnings and revenue surpassing analyst estimates. The company announced a first-quarter adjusted EPS of $0.67, which was $0.02 higher than the consensus estimate, and revenue for the quarter was $2.02 billion, notably above the analyst projection of $1.82 billion. The insurance company's pretax income, excluding investment gains, rose by 3.9% compared to the first quarter of the previous year, primarily due to a strong performance in the General Insurance sector. Old Republic's management emphasized the importance of focusing on income excluding investment gains to better analyze and evaluate the insurance operations' results. These are recent developments that highlight the company's financial stability and ongoing profitability.
InvestingPro Insights
Old Republic International Corp (NYSE:ORI) has recently been under the spotlight due to insider transactions, but what does the broader financial data suggest? InvestingPro data indicates that Old Republic has a market capitalization of $8.2 billion and is trading at an attractive P/E ratio of 11.95 as of the last twelve months ending Q1 2024. This is further supported by an adjusted P/E ratio of 11.33, which signals that the company could be undervalued relative to its earnings.
An InvestingPro Tip that stands out is that management has been aggressively buying back shares, which often reflects confidence in the company's future prospects and can be a positive signal for investors. Additionally, analysts have revised their earnings upwards for the upcoming period, which may suggest a favorable outlook for the company's financial performance.
Investors might also be interested to know that Old Republic has maintained dividend payments for 54 consecutive years, with a current dividend yield of 3.41% as of June 2024. This consistent dividend history could appeal to income-focused investors looking for stable returns.
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