Investors Title (NASDAQ:ITIC) Reaches New 52-Week High After Dividend Announcement

Investors Title (NASDAQ:ITIC) reached a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $270.00 and last traded at $270.00, with a volume of 5814 shares trading hands. The stock had previously closed at $259.38.

The newly announced dividend which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $14.46 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Investors Title’s previous quarterly dividend of $0.46. This represents a $57.84 dividend on an annualized basis and a dividend yield of 21.20%. Investors Title’s payout ratio is currently 12.18%.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Investors Title from a “buy” rating to a “hold” rating in a research report on Thursday.

Investors Title Stock Up 0.8 %

The company has a market cap of $513.03 million, a P/E ratio of 18.06 and a beta of 0.85. The business has a fifty day simple moving average of $233.21 and a two-hundred day simple moving average of $202.53.

Institutional Investors Weigh In On Investors Title

A number of hedge funds have recently modified their holdings of ITIC. Meeder Asset Management Inc. increased its stake in Investors Title by 455.8% in the 3rd quarter. Meeder Asset Management Inc. now owns 239 shares of the insurance provider’s stock worth $55,000 after buying an additional 196 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Investors Title by 36.1% in the 1st quarter. BNP Paribas Financial Markets now owns 637 shares of the insurance provider’s stock worth $104,000 after buying an additional 169 shares in the last quarter. FMR LLC increased its stake in Investors Title by 73.6% in the 3rd quarter. FMR LLC now owns 479 shares of the insurance provider’s stock worth $110,000 after buying an additional 203 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Investors Title in the 3rd quarter worth $117,000. Finally, Canal Capital Management LLC purchased a new stake in Investors Title in the 3rd quarter worth $230,000. Institutional investors own 41.40% of the company’s stock.

Investors Title Company Profile

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.