Investors Title Company announced today that the Company's Board of
Directors declared a cash dividend of $.16 per share to shareholders of
record on December 1, 2015, payable December 15, 2015, doubling the
dividend of $.08 per share paid in recent quarters. In addition, the
Board increased its share repurchase authorization by 163,335 shares of
Company common stock, bringing the total repurchase authorization up to
500,000 shares.
“The Board’s decisions to increase both cash dividends and shares
authorized for repurchase continue the Board’s and management’s
long-term practice and reflects its confidence in the Company’s growth
strategy and in its ability to generate sustainable cash flow,” said J.
Allen Fine, Chairman of the Board of Investors Title Company. “Since
1999, the Company has returned to shareholders 37.4% of net income
through cash dividends and stock repurchases.”
Investors Title Company is a publicly-held North Carolina company whose
stock is traded on The NASDAQ Global Select Market.
Investors Title Company is engaged in the business of issuing and
underwriting title insurance policies. The Company also provides
services in connection with tax-deferred exchanges of like-kind property
as well as investment management services to individuals, companies,
banks and trusts.
Certain statements contained herein may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements may include, among others,
statements regarding future repurchases of our common stock. These
statements involve a number of risks and uncertainties that could cause
actual results to differ materially from anticipated and historical
results. Such risks and uncertainties include, without limitation: the
cyclical demand for title insurance due to changes in the residential
and commercial real estate markets; the occurrence of fraud, defalcation
or misconduct; variances between actual claims experience and
underwriting and reserving assumptions, including the limited predictive
power of historical claims experience; declines in the performance of
the Company’s investments; government regulation; changes in the
economy; the possible loss of agency relationships, or significant
reduction in agent-originated business and other considerations set
forth under the caption “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2014, as filed with the
Securities and Exchange Commission, and in its subsequent Quarterly
Reports on Form 10-Q.
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