5,678 Shares in Investors Title Company $ITIC Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 5,678 shares of Investors Title worth approximately $1.55 million, representing a 0.30% stake. Institutional investors collectively owned 41.4% of the company at quarter-end.
• Investors Title reported quarterly earnings of $7.73 per share on revenue of $81.71 million, with a 14.62% return on equity and 13.80% net margin.
• The stock opened at $285.75, with a market capitalization of about $540 million. Analysts maintain an overall “Buy” rating, while the company pays a quarterly dividend of $0.46 per share, yielding approximately 0.6%.

Bank of America Corp DE bought a new stake in Investors Title Company (NASDAQ:ITIC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,678 shares of the insurance provider's stock, valued at approximately $1,554,000. Bank of America Corp DE owned 0.30% of Investors Title at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Legal & General Group Plc purchased a new position in Investors Title during the second quarter worth about $100,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Investors Title during the 2nd quarter worth approximately $290,000. Meeder Asset Management Inc. acquired a new stake in shares of Investors Title in the 2nd quarter valued at approximately $292,000. BlackRock Inc. acquired a new stake in shares of Investors Title in the 2nd quarter valued at approximately $32,062,000. Finally, Deutsche Bank AG purchased a new stake in shares of Investors Title in the second quarter valued at approximately $391,000. Institutional investors and hedge funds own 41.40% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on ITIC shares. Wall Street Zen lowered Investors Title from a "buy" rating to a "hold" rating in a report on Wednesday, August 5th. Weiss Ratings reiterated a "buy (b)" rating on shares of Investors Title in a report on Monday. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Investors Title presently has an average rating of "Buy".

Investors Title Stock Performance

Investors Title stock opened at $285.75 on Friday. The stock has a fifty day moving average of $292.39 and a two-hundred day moving average of $262.37. The company has a market capitalization of $540.07 million, a price-to-earnings ratio of 13.38 and a beta of 0.60. Investors Title Company has a fifty-two week low of $209.75 and a fifty-two week high of $309.55.

Investors Title (NASDAQ:ITIC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The insurance provider reported $7.73 EPS for the quarter. The business had revenue of $81.71 million for the quarter. Investors Title had a return on equity of 14.62% and a net margin of 13.80%.

Investors Title Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $1.84 annualized dividend and a dividend yield of 0.6%. Investors Title's dividend payout ratio is presently 8.62%.

Investors Title Company Profile

Investors Title Company NASDAQ: ITIC is a holding company that provides title insurance and related services in the United States. Through its insurance subsidiaries, the company underwrites title insurance policies that protect property owners and mortgage lenders against losses arising from defects, liens, encumbrances, and other issues affecting real estate title.

The company also provides a range of title-related services, including title searches and examinations, settlement and closing services, escrow services, and construction disbursement services.

Want to see what other hedge funds are holding ITIC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Investors Title Company (NASDAQ:ITIC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.