Vanguard Trims Stake in Old Republic International to 10.7%
Ticker: ORI · Form: SC 13G/A · Filed: Feb 13, 2024 · CIK: 74260
Complexity: simple
Sentiment: bearish
Topics: institutional-ownership, stake-reduction, amendment, insurance
TL;DR
**Vanguard cut its stake in Old Republic International to 10.7%, signaling a potential shift in their investment.**
AI Summary
The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, updating its beneficial ownership in Old Republic International Corp. As of December 29, 2023, Vanguard reported owning 30,580,296 shares of Common Stock, representing 10.7% of the company. This is a decrease from their previous filing, indicating Vanguard has reduced its stake, which could signal a shift in their investment strategy for Old Republic International Corp.
Why It Matters
This filing shows that a major institutional investor, Vanguard, has reduced its ownership in Old Republic International Corp., which could be interpreted as a less bullish outlook on the stock's future performance.
Risk Assessment
Risk Level: medium — A large institutional investor reducing its stake can sometimes precede a period of underperformance for the stock, posing a moderate risk to current and prospective shareholders.
Analyst Insight
A smart investor would investigate the reasons behind Vanguard's reduction in stake, potentially looking into Old Republic International Corp.'s recent performance, industry trends, and future outlook before making any investment decisions.
Key Numbers
- 30,580,296 — Shares Beneficially Owned (The total number of Old Republic International Corp. Common Stock shares Vanguard owns, indicating their significant, though reduced, investment.)
- 10.7% — Percentage of Class (The percentage of Old Republic International Corp.'s Common Stock owned by Vanguard, showing their substantial influence as a shareholder.)
- 0 — Sole Voting Power (Vanguard holds no sole voting power, meaning their voting decisions are likely distributed among various funds or managed accounts.)
- 30,580,296 — Shared Voting Power (Vanguard has shared voting power over all its beneficially owned shares, indicating collaborative or delegated voting authority.)
- 30,580,296 — Shared Dispositive Power (Vanguard has shared dispositive power over all its beneficially owned shares, meaning they can jointly decide to sell or transfer these shares.)
Key Players & Entities
- The Vanguard Group (company) — reporting person and institutional investor
- Old Republic International Corp (company) — subject company whose securities are being reported
- 30,580,296 (dollar_amount) — number of shares beneficially owned by Vanguard
- 10.7% (dollar_amount) — percentage of class beneficially owned by Vanguard
- December 29, 2023 (date) — date of event requiring the filing
Forward-Looking Statements
- Old Republic International Corp. stock may experience increased volatility in the short term as investors react to Vanguard's reduced stake. (Old Republic International Corp.) — medium confidence, target: 3 months
- Other institutional investors might re-evaluate their positions in Old Republic International Corp. following Vanguard's reduction. (Old Republic International Corp.) — medium confidence, target: 6 months
FAQ
What is the primary purpose of this SC 13G/A filing?
This SC 13G/A filing is an amendment (Amendment No.: 10) by The Vanguard Group to update its beneficial ownership of Common Stock in Old Republic International Corp. as of December 29, 2023, as required by Rule 13d-1(b).
How many shares of Old Republic International Corp. Common Stock does The Vanguard Group beneficially own as of the reporting date?
As of December 29, 2023, The Vanguard Group beneficially owns 30,580,296 shares of Old Republic International Corp. Common Stock.
What percentage of Old Republic International Corp.'s Common Stock does The Vanguard Group own?
The Vanguard Group owns 10.7% of the Common Stock of Old Republic International Corp. as reported in this filing.
Does The Vanguard Group have sole voting power over any of these shares?
No, The Vanguard Group reports having 0 shares with sole voting power. All 30,580,296 shares are under shared voting power.
When was the event that triggered this filing?
The date of the event which requires the filing of this statement was December 29, 2023.
Filing Stats: 811 words · 3 min read · ~3 pages · Grade level 11.7 · Accepted 2024-02-13 17:09:50
Filing Documents
- tv01599-oldrepublicinternati.htm (SC 13G/A) — 11KB
- 0001104659-24-021610.txt ( ) — 13KB
(a) - Name of Issuer
Item 1(a) - Name of Issuer: Old Republic International Corp
(b) - Address of Issuer's Principal Executive Offices
Item 1(b) - Address of Issuer's Principal Executive Offices: 307 North Michigan Avenue Chicago, IL 60601
(a) - Name of Person Filing
Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930
(b) – Address of Principal Business Office or, if none, residence
Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355
(c) – Citizenship
Item 2(c) – Citizenship: Pennsylvania
(d) - Title of Class of Securities
Item 2(d) - Title of Class of Securities: Common Stock
(e) - CUSIP Number
Item 2(e) - CUSIP Number 680223104
- Type of Filing
Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).
- Ownership
Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.
- Ownership of Five Percent or Less of a Class
Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following
- Ownership of More Than Five Percent on Behalf of Another Person
Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable
- Identification and Classification of Members of Group
Item 8 - Identification and Classification of Members of Group: Not applicable
- Notice of Dissolution of Group
Item 9 - Notice of Dissolution of Group: Not applicable
- Certification
Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration