Investors Title (NASDAQ:ITIC) Shares Up 7.4% Following Dividend Announcement

Key Points

• Investors Title shares rose 7.4% after the company announced a $19.27-per-share dividend. Shareholders of record December 1 are scheduled to be paid December 15; the ex-dividend date is December 1.
• The company reported quarterly earnings of $4.97 per share on revenue of $83.55 million, with a 13.8% net margin.
• Analyst views were mixed: Wall Street Zen downgraded the stock to Hold and Weiss Ratings lowered its rating, while MarketBeat’s consensus remains Buy.

Investors Title Company (NASDAQ:ITIC - Get Free Report)'s stock price rose 7.4% during trading on Tuesday after the company announced a dividend. The company traded as high as $279.64 and last traded at $279.1050. 18,497 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 38,993 shares. The stock had previously closed at $259.84.The newly announced dividend which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a dividend of $19.27 per share. The ex-dividend date is Tuesday, December 1st. Investors Title's dividend payout ratio (DPR) is 9.26%.

Analyst Ratings Changes

Several research analysts have recently weighed in on ITIC shares. Wall Street Zen cut Investors Title from a "buy" rating to a "hold" rating in a report on Wednesday, August 5th. Weiss Ratings downgraded shares of Investors Title from a "buy (b+)" rating to a "buy (b)" rating in a research note on Tuesday, November 3rd. One research analyst has rated the stock with a Buy rating. According to MarketBeat, the stock presently has a consensus rating of "Buy".

Investors Title Stock Up 7.4%

The stock has a market capitalization of $527.51 million, a P/E ratio of 14.02 and a beta of 0.60. The firm's 50-day simple moving average is $286.80 and its 200 day simple moving average is $261.83.

Investors Title (NASDAQ:ITIC - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The insurance provider reported $4.97 EPS for the quarter. The firm had revenue of $83.55 million for the quarter. Investors Title had a return on equity of 14.62% and a net margin of 13.80%.

Institutional Investors Weigh In On Investors Title

A number of hedge funds have recently modified their holdings of ITIC. Russell Investments Group Ltd. lifted its stake in shares of Investors Title by 6.3% in the third quarter. Russell Investments Group Ltd. now owns 962 shares of the insurance provider's stock worth $272,000 after buying an additional 57 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of Investors Title during the second quarter valued at approximately $100,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Investors Title in the second quarter worth about $290,000. Meeder Asset Management Inc. bought a new position in Investors Title in the second quarter worth approximately $292,000. Finally, Deutsche Bank AG purchased a new position in shares of Investors Title during the second quarter valued at $391,000. Institutional investors and hedge funds own 41.40% of the company's stock.

Investors Title Company Profile

Investors Title Company NASDAQ: ITIC is an insurance and real estate services company headquartered in Chapel Hill, North Carolina. Founded in 1972, the company provides title insurance and related services that help protect property owners and lenders against losses arising from defects, claims, or other issues affecting real estate ownership.

Through its title insurance subsidiaries, including Investors Title Insurance Company and National Investors Title Insurance Company, the company offers lender's and owner's title insurance policies.

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