Raymond James Financial Inc. Purchases Shares of 937 Investors Title (NASDAQ:ITIC)

Raymond James Financial Inc. purchased a new stake in Investors Title (NASDAQ:ITIC) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 937 shares of the insurance provider’s stock, valued at approximately $222,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mountain Hill Investment Partners Corp. acquired a new stake in Investors Title in the fourth quarter valued at $47,000. SG Americas Securities LLC increased its position in shares of Investors Title by 21.0% during the fourth quarter. SG Americas Securities LLC now owns 616 shares of the insurance provider’s stock worth $146,000 after purchasing an additional 107 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Investors Title by 225.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 650 shares of the insurance provider’s stock worth $154,000 after purchasing an additional 450 shares in the last quarter. Invesco Ltd. acquired a new stake in shares of Investors Title during the fourth quarter worth about $237,000. Finally, Wells Fargo & Company MN increased its position in shares of Investors Title by 20.1% during the fourth quarter. Wells Fargo & Company MN now owns 1,127 shares of the insurance provider’s stock worth $267,000 after purchasing an additional 189 shares in the last quarter. 41.40% of the stock is currently owned by institutional investors and hedge funds.

Investors Title Stock Performance

ITIC opened at $241.28 on Tuesday. The business’s 50-day simple moving average is $234.05 and its 200-day simple moving average is $240.55. Investors Title has a one year low of $146.41 and a one year high of $290.40. The stock has a market capitalization of $525.51 million, a P/E ratio of 14.69 and a beta of 0.91.

Investors Title (NASDAQ:ITIC) last posted its earnings results on Thursday, May 8th. The insurance provider reported $1.67 EPS 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 business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 24th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend was Monday, March 24th. Investors Title’s dividend payout ratio is currently 11.72%.

Wall Street Analyst Weigh In

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

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.