Bank of New York Mellon Corp Makes New $3.59 Million Investment in Investors Title Company $ITIC

Key Points

• Bank of New York Mellon acquired 13,109 shares of Investors Title Company worth approximately $3.59 million, representing a 0.69% stake. Institutional investors collectively own 41.4% of the company.
• Investors Title reported quarterly earnings of $7.73 per share on revenue of $81.71 million, with a 13.8% net margin and 14.62% return on equity.
• The company declared a quarterly dividend of $0.46 per share, equivalent to $1.84 annually and a 0.6% yield. The stock carried an average analyst rating of “Buy,” despite one firm downgrading it to “Hold.”

Bank of New York Mellon Corp bought a new stake in shares of 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 and Exchange Commission. The firm bought 13,109 shares of the insurance provider's stock, valued at approximately $3,588,000. Bank of New York Mellon Corp owned 0.69% of Investors Title as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the business. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Investors Title in the 4th quarter worth approximately $36,000. CANADA LIFE ASSURANCE Co boosted its stake in shares of Investors Title by 34.0% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 193 shares of the insurance provider's stock valued at $48,000 after purchasing an additional 49 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Investors Title by 357.4% during the third quarter. Russell Investments Group Ltd. now owns 311 shares of the insurance provider's stock valued at $83,000 after buying an additional 243 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Investors Title by 6.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 803 shares of the insurance provider's stock valued at $201,000 after buying an additional 49 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in Investors Title in the fourth quarter worth approximately $224,000. Institutional investors own 41.40% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on ITIC. Wall Street Zen lowered Investors Title from a "buy" rating to a "hold" rating in a report on Wednesday, August 5th. Weiss Ratings upgraded Investors Title from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy".

Investors Title Stock Performance

ITIC stock opened at $297.97 on Monday. The firm has a market cap of $563.16 million, a price-to-earnings ratio of 13.96 and a beta of 0.61. The firm has a 50-day simple moving average of $287.16 and a two-hundred day simple moving average of $253.58. Investors Title Company has a one year low of $209.75 and a one year 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 earnings per share for the quarter. The firm had revenue of $81.71 million during the quarter. Investors Title had a return on equity of 14.62% and a net margin of 13.80%.

Investors Title Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Investors Title's dividend payout ratio is 8.62%.

Investors Title Profile

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source