Investors Title (NASDAQ:ITIC) Releases Earnings Results

Investors Title (NASDAQ:ITIC) released its earnings results on Thursday. The insurance provider reported $7.73 earnings per share for the quarter, FiscalAI reports. Investors Title had a return on equity of 14.81% and a net margin of 13.80%.The company had revenue of $81.71 million during the quarter.

Investors Title Trading Down 1.9%

ITIC traded down $5.59 during trading on Friday, hitting $289.84. 127,809 shares of the company’s stock traded hands, compared to its average volume of 40,630. The stock has a market capitalization of $547.80 million, a price-to-earnings ratio of 13.58 and a beta of 0.63. The company’s 50 day simple moving average is $270.72 and its two-hundred day simple moving average is $249.41. Investors Title has a 12-month low of $209.75 and a 12-month high of $297.31.

Investors Title Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, June 15th. Investors Title’s dividend payout ratio is currently 9.15%.

Insiders Place Their Bets

In related news, Director Jr. Elton C. Parker bought 538 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was acquired at an average price of $231.00 per share, with a total value of $124,278.00. Following the transaction, the director owned 3,750 shares in the company, valued at approximately $866,250. This trade represents a 16.75% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 25.96% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Investors Title in the second quarter worth $32,062,000. Millennium Management LLC lifted its position in Investors Title by 486.5% during the third quarter. Millennium Management LLC now owns 16,815 shares of the insurance provider’s stock valued at $4,504,000 after purchasing an additional 13,948 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Investors Title in the 2nd quarter worth $3,588,000. Goldman Sachs Group Inc. grew its stake in shares of Investors Title by 110.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 20,140 shares of the insurance provider’s stock worth $5,028,000 after buying an additional 10,589 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Investors Title by 12,260.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 10,506 shares of the insurance provider’s stock worth $2,220,000 after buying an additional 10,421 shares during the last quarter. 41.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ITIC has been the subject of several recent research reports. 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 lowered shares of Investors Title from a “buy” rating to a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy”.

About Investors Title

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.