Investors Title (NASDAQ:ITIC) Posts Earnings Results

Investors Title (NASDAQ:ITIC) released its quarterly earnings data on Thursday. The insurance provider reported $7.73 earnings per share (EPS) for the quarter, FiscalAI reports. Investors Title had a net margin of 13.59% and a return on equity of 14.03%. The company had revenue of $81.71 million during the quarter.

Investors Title Stock Down 2.0%

Shares of ITIC traded down $5.83 during mid-day trading on Friday, hitting $289.60. The stock had a trading volume of 49,463 shares, compared to its average volume of 29,062. The company has a market cap of $546.76 million, a PE ratio of 14.44 and a beta of 0.63. The company’s fifty day simple moving average is $269.61 and its two-hundred day simple moving average is $249.12. Investors Title has a fifty-two week low of $209.75 and a fifty-two week high of $297.31.

Investors Title Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, June 15th. Investors Title’s dividend payout ratio (DPR) is currently 9.15%.

Insider Activity

In other news, Director Jr. Elton C. Parker acquired 538 shares of Investors Title stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average cost of $231.00 per share, for a total transaction of $124,278.00. Following the completion of the purchase, the director directly owned 3,750 shares of the company’s stock, valued at $866,250. This trade represents a 16.75% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 25.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ITIC. BlackRock Inc. acquired a new position in Investors Title during the second quarter valued at approximately $32,062,000. Deutsche Bank AG acquired a new stake in shares of Investors Title during the 2nd quarter valued at about $391,000. Bank of New York Mellon Corp bought a new stake in Investors Title in the second quarter valued at about $3,588,000. GSA Capital Partners LLP acquired a new position in Investors Title in the second quarter worth about $777,000. Finally, Aristides Capital LLC raised its position in Investors Title by 13.6% in the first quarter. Aristides Capital LLC now owns 18,953 shares of the insurance provider’s stock worth $4,119,000 after purchasing an additional 2,273 shares in the last quarter. Institutional investors and hedge funds own 41.40% of the company’s stock.

Analyst Upgrades and Downgrades

ITIC has been the topic of several research reports. Weiss Ratings raised Investors Title from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Wall Street Zen downgraded shares of Investors Title from a “buy” rating to a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Investors Title has a consensus rating of “Buy”.

About Investors Title

Investors Title Company engages in the issuance of residential and commercial title insurance for residential, institutional, commercial, and industrial properties. The company underwrites land title insurance for owners and mortgagees as a primary insurer; and assumes the reinsurance of title insurance risks from other title insurance companies. It offers services in connection with tax-deferred exchanges of like-kind property; acts as a qualified intermediary in tax-deferred exchanges of property; coordinates the exchange aspects of the real estate transaction, such as drafting standard exchange documents, holding the exchange funds between the sale of the old property and the purchase of the new property, and accepting the formal identification of the replacement property.