BlackRock Inc. Takes $32.06 Million Position in Investors Title Company $ITIC

Key Points

• BlackRock acquired 117,152 shares of Investors Title during the second quarter, valued at approximately $32.06 million and representing a 6.21% stake. Institutional investors collectively own 41.40% of the company.
• Investors Title reported quarterly EPS of $7.73 on revenue of $81.71 million, with a 13.80% net margin and 14.62% return on equity. The stock opened at $293.51, near its 52-week high of $309.55.
• The company declared a quarterly dividend of $0.46 per share, equivalent to $1.84 annually and a 0.6% yield. Analyst sentiment remains broadly positive, with an average rating of “Buy,” despite one recent downgrade to “Hold.”

BlackRock Inc. acquired a new position in Investors Title Company (NASDAQ:ITIC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 117,152 shares of the insurance provider's stock, valued at approximately $32,062,000. BlackRock Inc. owned about 6.21% of Investors Title as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co grew its stake in shares of Investors Title by 34.0% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 193 shares of the insurance provider's stock valued at $48,000 after buying an additional 49 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Investors Title by 6.5% in the 4th 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. Invesco Ltd. lifted its stake in Investors Title by 4.0% during the 2nd quarter. Invesco Ltd. now owns 1,622 shares of the insurance provider's stock worth $343,000 after acquiring an additional 63 shares in the last quarter. Royal Bank of Canada lifted its stake in Investors Title by 2.3% during the 1st quarter. Royal Bank of Canada now owns 3,937 shares of the insurance provider's stock worth $949,000 after acquiring an additional 88 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in Investors Title by 1.9% during the 3rd quarter. First Trust Advisors LP now owns 4,839 shares of the insurance provider's stock valued at $1,296,000 after acquiring an additional 90 shares during the period. Hedge funds and other institutional investors own 41.40% of the company's stock.

Analyst Ratings Changes

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

Investors Title Stock Performance

Shares of ITIC opened at $293.51 on Wednesday. The company's fifty day moving average is $285.46 and its two-hundred day moving average is $252.92. The stock has a market capitalization of $554.73 million, a P/E ratio of 13.75 and a beta of 0.61. Investors Title Company has a 1 year low of $209.75 and a 1 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 (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 business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.46 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.84 annualized dividend and a yield of 0.6%. Investors Title's dividend payout ratio is currently 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.

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