Investors Title (NASDAQ:ITIC) Stock Breaks Above 200 Day Moving Average – Here’s Why

Investors Title Company (NASDAQ:ITIC)’s stock price crossed 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

Several analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Investors Title from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 1st. Wall Street Zen lowered shares of Investors Title from a “buy” rating to a “hold” rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy”.

Investors Title Stock Down 1.2%

The stock has a 50-day moving average of $292.05 and a 200 day moving average of $259.67. The company has a market capitalization of $542.88 million, a PE ratio of 13.45 and a beta of 0.61.

Investors Title (NASDAQ:ITIC) last announced its quarterly earnings data on Thursday, August 6th. The insurance provider reported $7.73 earnings per share (EPS) for the quarter. Investors Title had a return on equity of 14.62% and a net margin of 13.80%.The firm had revenue of $81.71 million during the quarter.

Investors Title Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Tuesday, September 1st. Investors Title’s dividend payout ratio (DPR) is 8.62%.

Institutional Inflows and Outflows

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

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.