Investors Title (NASDAQ:ITIC) Shares Pass Above 200-Day Moving Average - Here's What Happened

Key Points

• Investors Title shares rose above their 200-day moving average, reaching $294.33 before trading at $292.86, up 1.6%. The stock’s 200-day average was $259.23.
• The company reported quarterly earnings of $7.73 per share on $81.71 million in revenue, with a 13.80% net margin and 14.62% return on equity.
• Investors Title declared a quarterly dividend of $0.46 per share, equivalent to a $1.84 annualized payout and a 0.6% yield. Analysts maintain a consensus “Buy” rating, while institutional investors own 41.4% of the stock.

Investors Title Company (NASDAQ:ITIC - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $259.23 and traded as high as $294.33. Investors Title shares last traded at $292.86, with a volume of 63,106 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ITIC. Weiss Ratings upgraded Investors Title from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 1st. Wall Street Zen cut Investors Title from a "buy" rating to a "hold" rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Investors Title presently has a consensus rating of "Buy".

Investors Title Trading Up 1.6%

The stock has a market capitalization of $553.51 million, a price-to-earnings ratio of 13.72 and a beta of 0.61. The firm's fifty day moving average price is $291.70 and its 200 day moving average price is $259.23.

Investors Title (NASDAQ:ITIC - Get Free Report) last posted its earnings results 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 net margin of 13.80% and a return on equity of 14.62%.

Investors Title Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Tuesday, September 1st. Investors Title's payout ratio is currently 8.62%.

Hedge Funds Weigh In On Investors Title

Institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Investors Title during the second quarter worth $32,062,000. Bank of New York Mellon Corp purchased a new position in Investors Title during the 2nd quarter worth approximately $3,588,000. Bank of America Corp DE purchased a new position in shares of Investors Title during the second quarter worth approximately $1,554,000. GSA Capital Partners LLP acquired a new position in Investors Title in the second quarter valued at $777,000. Finally, Aristides Capital LLC increased its position in Investors Title by 13.6% in the 1st quarter. Aristides Capital LLC now owns 18,953 shares of the insurance provider's stock valued at $4,119,000 after acquiring an additional 2,273 shares during the period. Institutional investors and hedge funds own 41.40% of the company's stock.

About Investors Title

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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