Wallace Capital Management Inc. Trims Stock Position in Investors Title (NASDAQ:ITIC)

Wallace Capital Management Inc. cut its holdings in Investors Title (NASDAQ:ITIC) by 2.9% during the second quarter, HoldingsChannel reports. The fund owned 6,922 shares of the insurance provider’s stock after selling 205 shares during the period. Wallace Capital Management Inc.’s holdings in Investors Title were worth $1,247,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position in shares of Investors Title by 36.1% during the first 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. Rhumbline Advisers lifted its stake in Investors Title by 9.1% in the second quarter. Rhumbline Advisers now owns 2,088 shares of the insurance provider’s stock worth $376,000 after acquiring an additional 174 shares during the last quarter. Empowered Funds LLC grew its holdings in Investors Title by 4.2% during the 1st quarter. Empowered Funds LLC now owns 4,302 shares of the insurance provider’s stock worth $702,000 after acquiring an additional 175 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in shares of Investors Title by 2.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 9,790 shares of the insurance provider’s stock valued at $1,587,000 after purchasing an additional 263 shares during the last quarter. Finally, Bridge City Capital LLC increased its position in shares of Investors Title by 17.9% in the 1st quarter. Bridge City Capital LLC now owns 1,877 shares of the insurance provider’s stock valued at $306,000 after purchasing an additional 285 shares during the last quarter. Institutional investors and hedge funds 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 report on Wednesday, August 7th.

Investors Title Stock Performance

Shares of ITIC stock opened at $229.77 on Monday. The company’s 50-day simple moving average is $217.06 and its 200-day simple moving average is $184.96. Investors Title has a one year low of $127.71 and a one year high of $236.01. The stock has a market capitalization of $432.89 million, a price-to-earnings ratio of 17.35 and a beta of 0.85.

Investors Title (NASDAQ:ITIC) last posted its quarterly earnings results on Tuesday, August 6th. The insurance provider reported $4.70 earnings per share for the quarter. The business had revenue of $65.38 million for the quarter. Investors Title had a net margin of 11.25% and a return on equity of 10.32%.

Investors Title Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a $0.46 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.84 dividend on an annualized basis and a yield of 0.80%. Investors Title’s payout ratio is 13.90%.

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.