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

Investors Title (NASDAQ:ITIC) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 24,500 shares, a decline of 6.8% from the October 31st total of 26,300 shares. Approximately 1.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 13,200 shares, the days-to-cover ratio is presently 1.9 days.

Investors Title Stock Performance

ITIC traded down $16.09 during trading on Monday, reaching $270.42. The company had a trading volume of 13,642 shares, compared to its average volume of 10,733. Investors Title has a 12-month low of $141.41 and a 12-month high of $290.40. The firm’s 50-day simple moving average is $246.14 and its 200 day simple moving average is $212.93. The company has a market cap of $508.39 million, a price-to-earnings ratio of 18.96 and a beta of 0.85.

Investors Title Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $14.46 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $57.84 dividend on an annualized basis and a dividend yield of 21.39%. This is a positive change from Investors Title’s previous quarterly dividend of $0.46. Investors Title’s dividend payout ratio is presently 12.18%.

Institutional Inflows and Outflows

A number of institutional investors and 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 valued at $55,000 after buying an additional 196 shares during the period. FMR LLC raised its holdings in shares of Investors Title by 73.6% during the third quarter. FMR LLC now owns 479 shares of the insurance provider’s stock worth $110,000 after acquiring an additional 203 shares in the last quarter. SG Americas Securities LLC acquired a new position in Investors Title in the 3rd quarter worth about $117,000. BNP Paribas Financial Markets raised its stake in shares of Investors Title by 65.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 540 shares of the insurance provider’s stock worth $124,000 after purchasing an additional 214 shares in the last quarter. Finally, Centiva Capital LP bought a new position in Investors Title during the third quarter valued at approximately $226,000. Hedge funds and other institutional investors own 41.40% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.