Rhumbline Advisers acquired a new stake in Investors Title Company (NASDAQ:ITIC) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 1,517 shares of the insurance provider’s stock, valued at approximately $293,000. Rhumbline Advisers owned approximately 0.08% of Investors Title at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new position in Investors Title in the 2nd quarter valued at $150,000. First Trust Advisors LP acquired a new position in Investors Title in the 2nd quarter valued at $224,000. Strs Ohio acquired a new position in Investors Title in the 2nd quarter valued at $232,000. Finally, Bessemer Group Inc. acquired a new position in Investors Title in the 2nd quarter valued at $251,000. 42.16% of the stock is owned by hedge funds and other institutional investors.
Investors Title Company (ITIC) opened at 195.86 on Wednesday. The firm has a market capitalization of $369.59 million, a PE ratio of 15.93 and a beta of 0.80. Investors Title Company has a one year low of $93.78 and a one year high of $199.75. The firm has a 50-day moving average price of $178.76 and a 200 day moving average price of $179.65.
Investors Title (NASDAQ:ITIC) last posted its earnings results on Friday, August 4th. The insurance provider reported $2.99 earnings per share (EPS) for the quarter. The firm had revenue of $40.13 million for the quarter. Investors Title had a return on equity of 14.73% and a net margin of 14.79%. Analysts anticipate that Investors Title Company will post $2.03 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, August 30th. This represents a $1.60 annualized dividend and a dividend yield of 0.82%. This is an increase from Investors Title’s previous quarterly dividend of $0.35. Investors Title’s dividend payout ratio is currently 13.00%.
Separately, ValuEngine cut Investors Title from a “buy” rating to a “hold” rating in a report on Monday, October 2nd.
About Investors Title
Investors Title Company is an insurance holding company. The Company, through its subsidiaries, Investors Title Insurance Company (ITIC) and National Investors Title Insurance Company (NITIC), is engaged in issuance of residential and commercial title insurance, Investors Title Insurance Company (ITIC) and National Investors Title Insurance Company (NITIC).
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