Investors Title (NASDAQ:ITIC) Share Price Breaks Above 200-Day Moving Average - Here's Why

Key Points

• Investors Title shares rose above their 200-day moving average, reaching $291.31 before last trading at $282.90, compared with a 200-day average of $261.93.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating, although Wall Street Zen recently downgraded the stock to “Hold.”
• The company reported quarterly earnings of $7.73 per share on $81.71 million in revenue and declared a $0.46 quarterly dividend, equal to a 0.7% yield.

Investors Title Company (NASDAQ:ITIC - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $261.93 and traded as high as $291.31. Investors Title shares last traded at $282.90, with a volume of 71,529 shares traded.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ITIC shares. Weiss Ratings reissued a "buy (b)" rating on shares of Investors Title in a research note on Monday. Wall Street Zen downgraded shares of Investors Title from a "buy" rating to a "hold" rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Investors Title has a consensus rating of "Buy".

Investors Title Stock Down 3.1%

The firm has a 50 day moving average of $292.20 and a 200-day moving average of $261.93. The company has a market cap of $534.12 million, a P/E ratio of 13.25 and a beta of 0.61.

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

Investors Title Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Tuesday, September 1st. Investors Title's payout ratio is presently 8.62%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Engineers Gate Manager LP raised its holdings in shares of Investors Title by 137.6% in the 2nd quarter. Engineers Gate Manager LP now owns 2,801 shares of the insurance provider's stock valued at $767,000 after purchasing an additional 1,622 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Investors Title in the 2nd quarter worth approximately $1,554,000. Legal & General Group Plc bought a new position in shares of Investors Title during the second quarter valued at approximately $100,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Investors Title during the second quarter valued at approximately $290,000. Finally, Meeder Asset Management Inc. purchased a new position in Investors Title during the second quarter valued at approximately $292,000. 41.40% of the stock is currently owned by institutional investors.

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.

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