Investors Title (NASDAQ:ITIC) Sets New 1-Year High – Time to Buy?

Investors Title Company (NASDAQ:ITIC)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $297.99 and last traded at $295.19, with a volume of 31023 shares. The stock had previously closed at $291.16.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Weiss Ratings raised Investors Title from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Wall Street Zen lowered Investors Title from a “buy” rating to a “hold” rating in a research report on Wednesday, August 5th. One 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 Performance

The stock’s 50 day moving average price is $277.27 and its 200 day moving average price is $250.98. The company has a market capitalization of $557.91 million, a P/E ratio of 13.84 and a beta of 0.63.

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

Investors Title Dividend Announcement

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

Institutional Investors Weigh In On Investors Title

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Investors Title during the 2nd quarter worth approximately $32,062,000. Millennium Management LLC lifted its position in shares of Investors Title by 486.5% during the 3rd quarter. Millennium Management LLC now owns 16,815 shares of the insurance provider’s stock valued at $4,504,000 after acquiring an additional 13,948 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Investors Title during the 2nd quarter valued at $3,588,000. Goldman Sachs Group Inc. boosted its stake in Investors Title by 110.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 20,140 shares of the insurance provider’s stock worth $5,028,000 after acquiring an additional 10,589 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Investors Title by 12,260.0% during the second quarter. BNP Paribas Financial Markets now owns 10,506 shares of the insurance provider’s stock worth $2,220,000 after acquiring an additional 10,421 shares in the last quarter. Institutional investors and hedge funds 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.