Investors Title (NASDAQ:ITIC) Sees Large Drop in Short Interest

Investors Title (NASDAQ:ITIC) saw a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 17,000 shares, a decline of 25.8% from the February 13th total of 22,900 shares. Based on an average trading volume of 10,000 shares, the days-to-cover ratio is currently 1.7 days. Approximately 1.2% of the company’s shares are sold short.

Investors Title Price Performance

Shares of ITIC traded up $4.39 during mid-day trading on Monday, reaching $245.71. 6,700 shares of the company’s stock traded hands, compared to its average volume of 12,253. The stock has a market cap of $462.92 million, a P/E ratio of 14.95 and a beta of 0.97. The stock’s 50-day moving average is $229.03 and its two-hundred day moving average is $238.90. Investors Title has a 12 month low of $146.41 and a 12 month high of $290.40.

Investors Title (NASDAQ:ITIC) last released its earnings results on Thursday, February 13th. The insurance provider reported $4.41 EPS for the quarter. The firm had revenue of $70.63 million for the quarter. Investors Title had a return on equity of 11.84% and a net margin of 12.03%.

Investors Title Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 24th will be paid a dividend of $0.46 per share. The ex-dividend date is Monday, March 24th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.75%. Investors Title’s dividend payout ratio is 11.20%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings in shares of Investors Title by 21.9% in the fourth quarter. Bank of New York Mellon Corp now owns 14,721 shares of the insurance provider’s stock valued at $3,485,000 after purchasing an additional 2,648 shares during the period. American Century Companies Inc. boosted its holdings in shares of Investors Title by 27.1% in the fourth quarter. American Century Companies Inc. now owns 10,788 shares of the insurance provider’s stock valued at $2,554,000 after purchasing an additional 2,303 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Investors Title by 68.6% in the fourth quarter. JPMorgan Chase & Co. now owns 5,497 shares of the insurance provider’s stock valued at $1,301,000 after purchasing an additional 2,237 shares during the period. Citadel Advisors LLC purchased a new stake in shares of Investors Title in the fourth quarter valued at approximately $513,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Investors Title by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 75,070 shares of the insurance provider’s stock valued at $17,774,000 after purchasing an additional 1,918 shares during the period. Institutional investors own 41.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Investors Title from a “buy” rating to a “hold” rating in a research note on Friday.

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.