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Stock impact report

Investors Title Company Announces Record Second Quarter 2020 Financial Results

Investors Title Company (ITIC) 
US:NASDAQ Investor Relations: invtitle.com/investor-relations-overview
Company Research Source: Business Wire
CHAPEL HILL, N.C.--(BUSINESS WIRE)--Investors Title Company today announced record results for the second quarter ended June 30, 2020. The Company reported net income of $14.5 million, or $7.65 per diluted share, compared to $5.5 million, or $2.90 per diluted share, for the prior year period.Revenues increased 44.5% to an all-time quarterly record of $61.7 million, compared with $42.7 million for the prior year quarter. Net premiums written increased 35.7% versus the prior year period, as a strong rebound in the housing market led to record levels of refinance activity as well as an increase in purchase activity. Revenue from non-title services decreased 21.5%, mainly due to reductions associated with like-kind exchange services. Changes in the estimated fair value of equity security investments resulted in the recognition of $8.0 million of revenue as stock values rebounded from declines in the prior quarter associated with the COVID-19 pandemic.Operating expenses increased 22.4% Show less Read more
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