Investors Title (NASDAQ:ITIC) Sets New 12-Month High After Analyst Upgrade

Key Points

• Investors Title shares reached a new 52-week high, trading as high as $291.55 after Wall Street Zen upgraded the stock from Hold to Buy. Weiss Ratings also raised its rating, and the consensus view is Buy.
• Director Jr. Elton C. Parker purchased 538 shares for approximately $124,278, while insiders own 25.96% of the company and institutional investors hold 41.40%.
• The company reported quarterly revenue of $63.49 million and earnings of $3.20 per share, and recently paid a $0.46 quarterly dividend—equivalent to a $1.84 annualized payout and a 0.6% yield.

Investors Title Company (NASDAQ:ITIC - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $291.55 and last traded at $289.72, with a volume of 4352 shares trading hands. The stock had previously closed at $284.44.

Separately, Weiss Ratings upgraded Investors Title from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy".

Insiders Place Their Bets

In other Investors Title news, Director Jr. Elton C. Parker acquired 538 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were bought at an average cost of $231.00 per share, with a total value of $124,278.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 25.96% of the company's stock.

Hedge Funds Weigh In On Investors Title

Several institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Investors Title in the 4th quarter valued at about $36,000. CANADA LIFE ASSURANCE Co raised its stake in Investors Title by 34.0% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 193 shares of the insurance provider's stock worth $48,000 after buying an additional 49 shares during the period. Russell Investments Group Ltd. boosted its holdings in Investors Title by 357.4% in the third quarter. Russell Investments Group Ltd. now owns 311 shares of the insurance provider's stock worth $83,000 after acquiring an additional 243 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Investors Title by 6.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 803 shares of the insurance provider's stock worth $201,000 after acquiring an additional 49 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Investors Title in the fourth quarter valued at approximately $224,000. Institutional investors and hedge funds own 41.40% of the company's stock.

Investors Title Stock Up 2.3%

The stock has a 50 day simple moving average of $261.57 and a 200 day simple moving average of $246.91. The stock has a market cap of $549.86 million, a price-to-earnings ratio of 14.53 and a beta of 0.63.

Investors Title (NASDAQ:ITIC - Get Free Report) last issued its earnings results on Thursday, May 7th. The insurance provider reported $3.20 earnings per share for the quarter. Investors Title had a return on equity of 14.03% and a net margin of 13.59%.The company had revenue of $63.49 million for the quarter.

Investors Title Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date was Monday, June 15th. This represents a $1.84 annualized dividend and a yield of 0.6%. Investors Title's dividend payout ratio is presently 9.15%.

Investors Title Company 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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