American Century Companies Inc. Raises Stock Position in Investors Title Company $ITIC

Key Points

• American Century Companies Inc. raised its stake in Investors Title Company (NASDAQ:ITIC) by 22.3%, now holding approximately 13,192 shares valued at $3.18 million.
• The firm announced a quarterly dividend of $0.46 per share, with a record date of September 2nd and an ex-dividend date also set for September 2nd.
• Wall Street Zen downgraded Investors Title from a "buy" rating to a "hold" rating on May 12th, impacting investor perceptions.

American Century Companies Inc. grew its position in shares of Investors Title Company (NASDAQ:ITIC - Free Report) by 22.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,192 shares of the insurance provider's stock after buying an additional 2,404 shares during the quarter. American Century Companies Inc. owned 0.61% of Investors Title worth $3,180,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ITIC. GAMMA Investing LLC raised its position in Investors Title by 132,500.0% in the first quarter. GAMMA Investing LLC now owns 5,304 shares of the insurance provider's stock worth $12,790,000 after acquiring an additional 5,300 shares during the period. Nuveen LLC purchased a new position in shares of Investors Title in the 1st quarter worth $861,000. Citadel Advisors LLC purchased a new position in shares of Investors Title in the 4th quarter worth $513,000. Invesco Ltd. purchased a new position in shares of Investors Title during the 4th quarter worth about $237,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Investors Title during the 4th quarter worth about $222,000. Hedge funds and other institutional investors own 41.40% of the company's stock.

Investors Title Trading Up 2.4%

Shares of ITIC stock traded up $5.99 during trading hours on Thursday, hitting $253.21. The company's stock had a trading volume of 13,331 shares, compared to its average volume of 33,815. The company has a 50 day moving average of $222.56 and a 200 day moving average of $226.39. The stock has a market cap of $478.56 million, a PE ratio of 14.49 and a beta of 0.87. Investors Title Company has a 12-month low of $190.20 and a 12-month high of $290.40.

Investors Title (NASDAQ:ITIC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The insurance provider reported $6.48 earnings per share (EPS) for the quarter. Investors Title had a net margin of 12.28% and a return on equity of 12.70%.

Investors Title Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 2nd. Investors Title's dividend payout ratio (DPR) is presently 10.53%.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Investors Title from a "buy" rating to a "hold" rating in a research report on Monday, May 12th.

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.