Investors Title Company (NASDAQ:ITIC) Short Interest Up 23.8% in May

Investors Title Company (NASDAQ:ITIC) was the recipient of a large growth in short interest in May. As of May 31st, there was short interest totalling 27,600 shares, a growth of 23.8% from the May 15th total of 22,300 shares. Based on an average daily volume of 35,800 shares, the days-to-cover ratio is currently 0.8 days. Currently, 2.0% of the company’s stock are sold short.

Investors Title Stock Down 1.5%

Shares of NASDAQ ITIC opened at $201.98 on Friday. The stock has a market cap of $381.74 million, a PE ratio of 12.86 and a beta of 0.92. Investors Title has a 52-week low of $173.29 and a 52-week high of $290.40. The business has a 50-day moving average price of $225.32 and a 200 day moving average price of $232.54.

Investors Title (NASDAQ:ITIC) last announced its earnings results on Thursday, May 8th. The insurance provider reported $1.67 earnings per share (EPS) for the quarter. Investors Title had a return on equity of 11.44% and a net margin of 11.37%.

Investors Title Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, June 13th. Investors Title’s dividend payout ratio (DPR) is 11.72%.

Hedge Funds Weigh In On Investors Title

A number of large investors have recently modified their holdings of ITIC. Citadel Advisors LLC purchased a new position in Investors Title in the 4th quarter valued at approximately $513,000. Aviva PLC increased its position in Investors Title by 136.0% during the fourth quarter. Aviva PLC now owns 2,254 shares of the insurance provider’s stock worth $534,000 after buying an additional 1,299 shares in the last quarter. Deutsche Bank AG increased its position in Investors Title by 33.6% during the fourth quarter. Deutsche Bank AG now owns 1,448 shares of the insurance provider’s stock worth $343,000 after buying an additional 364 shares in the last quarter. Bank of America Corp DE increased its position in Investors Title by 6.7% during the fourth quarter. Bank of America Corp DE now owns 7,951 shares of the insurance provider’s stock worth $1,882,000 after buying an additional 497 shares in the last quarter. Finally, Northern Trust Corp increased its position in Investors Title by 6.5% during the fourth quarter. Northern Trust Corp now owns 14,562 shares of the insurance provider’s stock worth $3,448,000 after buying an additional 892 shares in the last quarter. 41.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Investors Title from a “buy” rating to a “hold” rating in a report on Monday, May 12th.

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.