Investors Title (NASDAQ:ITIC) Stock Price Up 7.4% After Dividend Announcement

Shares of Investors Title Company (NASDAQ:ITIC) were up 7.4% during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $279.64 and last traded at $279.1050. 18,497 shares traded hands during trading, a decline of 53% from the average session 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 issued a $19.27 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. Investors Title’s dividend payout ratio is 9.26%.

Analyst Ratings Changes

ITIC has been the topic of a number of recent analyst reports. Weiss Ratings downgraded Investors Title from a “buy (b+)” rating to a “buy (b)” rating in a research report on Tuesday, November 3rd. Wall Street Zen downgraded Investors Title from a “buy” rating to a “hold” rating in a research report on Wednesday, August 5th. One analyst has rated the stock with a Buy rating. According to MarketBeat, the stock currently has an average rating of “Buy”.

Investors Title Stock Up 7.4%

The stock has a fifty day moving average of $286.80 and a two-hundred day moving average of $261.83. The stock has a market cap of $527.51 million, a price-to-earnings ratio of 14.02 and a beta of 0.60.

Investors Title (NASDAQ:ITIC) last released its quarterly earnings results on Thursday, November 5th. The insurance provider reported $4.97 earnings per share (EPS) for the quarter. The business had revenue of $83.55 million during the quarter. Investors Title had a return on equity of 14.62% and a net margin of 13.80%.

Hedge Funds Weigh In On Investors Title

Several large investors have recently modified their holdings of ITIC. Legal & General Group Plc acquired a new position in Investors Title during the 2nd quarter valued at approximately $100,000. Russell Investments Group Ltd. grew its position in 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Investors Title in the second quarter worth approximately $290,000. Meeder Asset Management Inc. acquired a new stake in Investors Title during the 2nd quarter worth about $292,000. Finally, Deutsche Bank AG purchased a new position in Investors Title in the second quarter valued at about $391,000. Institutional investors own 41.40% of the company’s stock.

About Investors Title

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.