Investors Title (NASDAQ:ITIC) Shares Gap Down – Here’s What Happened

Investors Title Company (NASDAQ:ITIC) gapped down before the market opened on Monday . The stock had previously closed at $295.43, but opened at $285.16. Investors Title shares last traded at $284.4640, with a volume of 12,026 shares changing hands.

Wall Street Analyst Weigh In

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

Investors Title Stock Performance

The firm has a market cap of $535.55 million, a price-to-earnings ratio of 13.27 and a beta of 0.63. The business’s 50 day moving average price is $272.68 and its 200 day moving average price is $249.84.

Investors Title (NASDAQ:ITIC) last posted its earnings results on Thursday, August 6th. The insurance provider reported $7.73 earnings per share (EPS) for the quarter. Investors Title had a net margin of 13.80% and a return on equity of 14.81%. The firm had revenue of $81.71 million during the quarter.

Investors Title Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.46 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.6%. Investors Title’s dividend payout ratio is 8.62%.

Hedge Funds Weigh In On Investors Title

Several institutional investors and hedge funds have recently modified their holdings of ITIC. Royal Bank of Canada grew its holdings in Investors Title by 2.3% in the first quarter. Royal Bank of Canada now owns 3,937 shares of the insurance provider’s stock valued at $949,000 after purchasing an additional 88 shares during the period. AQR Capital Management LLC lifted its position in shares of Investors Title by 8.0% during the 1st quarter. AQR Capital Management LLC now owns 1,917 shares of the insurance provider’s stock valued at $462,000 after buying an additional 142 shares in the last quarter. Jane Street Group LLC acquired a new stake in Investors Title in the 1st quarter valued at $571,000. Invesco Ltd. increased its holdings in Investors Title by 4.0% in the 2nd quarter. Invesco Ltd. now owns 1,622 shares of the insurance provider’s stock worth $343,000 after acquiring an additional 63 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Investors Title by 4.2% during the second quarter. First Trust Advisors LP now owns 4,749 shares of the insurance provider’s stock worth $1,003,000 after acquiring an additional 190 shares during the period. Hedge funds and other institutional investors own 41.40% of the company’s stock.

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.