Old Republic International Corporation Raises Cash Dividend on Common Stock
March 9, 2005
CHICAGO, /PRNewswire-FirstCall/ -- The Board of Directors of Old Republic International Corporation (NYSE: ORI) announced it will raise the regular quarterly cash dividend on its common stock to 17 cents per share beginning with the 2005 second quarter dividend. This represents a 30.8 percent increase from the current quarterly dividend rate of 13 cents per share. The second quarter dividend is usually declared at the May board meeting.
This increase will mark the twenty-fourth consecutive year that Old Republic has boosted its cash dividend rate. The company has paid cash dividends without interruption for 64 years.
"On an annualized basis, the new dividend rate falls within our policy of paying out 20 to 30 percent of average recurring earnings for the latest five years," said Chairman and Chief Executive Officer A. C. Zucaro. "Our ability to provide these recurring increases in cash dividends to our shareholders reflects our confidence in the prospects of our business as a solid, long-term investment."
Source: Old Republic International Corporation