Short Interest in Investors Title (NASDAQ:ITIC) Expands By 8.1%

Investors Title (NASDAQ:ITIC) was the target of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 26,700 shares, an increase of 8.1% from the November 30th total of 24,700 shares. Based on an average daily trading volume, of 11,200 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.9% of the shares of the company are short sold.

Investors Title Price Performance

Shares of ITIC stock opened at $236.76 on Wednesday. Investors Title has a 1-year low of $146.41 and a 1-year high of $290.40. The company has a market cap of $446.06 million, a price-to-earnings ratio of 15.67 and a beta of 0.89. The stock has a 50 day simple moving average of $257.57 and a 200-day simple moving average of $226.49.

Investors Title Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $14.46 per share. This represents a $57.84 annualized dividend and a dividend yield of 24.43%. This is a boost from Investors Title’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Monday, December 2nd. Investors Title’s payout ratio is presently 12.18%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in Investors Title by 187.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,260 shares of the insurance provider’s stock valued at $749,000 after acquiring an additional 2,126 shares in the last quarter. Barclays PLC grew its position in shares of Investors Title by 127.2% in the third quarter. Barclays PLC now owns 2,406 shares of the insurance provider’s stock valued at $553,000 after purchasing an additional 1,347 shares in the last quarter. PDT Partners LLC acquired a new stake in shares of Investors Title in the third quarter valued at approximately $267,000. Canal Capital Management LLC purchased a new position in Investors Title during the third quarter worth approximately $230,000. Finally, Centiva Capital LP acquired a new position in Investors Title during the third quarter worth $226,000. Hedge funds and other institutional investors own 41.40% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Investors Title from a “buy” rating to a “hold” rating in a research note on Wednesday.

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.