Wallace Capital Management Inc. Sells 280 Shares of Investors Title (NASDAQ:ITIC)

Wallace Capital Management Inc. lessened its holdings in Investors Title (NASDAQ:ITIC) by 4.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,642 shares of the insurance provider’s stock after selling 280 shares during the period. Wallace Capital Management Inc.’s holdings in Investors Title were worth $1,526,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. PDT Partners LLC purchased a new stake in shares of Investors Title during the 3rd quarter worth approximately $267,000. Canal Capital Management LLC bought a new position in Investors Title in the 3rd quarter worth approximately $230,000. Centiva Capital LP bought a new position in Investors Title in the 3rd quarter worth approximately $226,000. Ritholtz Wealth Management boosted its holdings in Investors Title by 55.0% in the 2nd quarter. Ritholtz Wealth Management now owns 2,480 shares of the insurance provider’s stock worth $447,000 after buying an additional 880 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Investors Title by 27.0% in the 2nd quarter. American Century Companies Inc. now owns 3,774 shares of the insurance provider’s stock worth $680,000 after buying an additional 803 shares during the period. Institutional investors and hedge funds own 41.40% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Investors Title from a “buy” rating to a “hold” rating in a report on Thursday, November 14th.

Investors Title Price Performance

Shares of NASDAQ:ITIC opened at $271.71 on Friday. The firm has a fifty day moving average price of $249.54 and a two-hundred day moving average price of $215.24. Investors Title has a one year low of $141.41 and a one year high of $290.40. The company has a market cap of $510.81 million, a price-to-earnings ratio of 17.98 and a beta of 0.89.

Investors Title Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $14.46 per share. This is an increase 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 21.29%. The ex-dividend date is Monday, December 2nd. Investors Title’s payout ratio is currently 12.18%.

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.