Investors Title Company (Nasdaq: ITIC) announced today that the Company's Board of Directors declared a special cash dividend of $8.00 per share to shareholders of record on December 2, 2019, payable December 16, 2019. The special dividend will be funded through existing cash balances.
The Board also declared a regular quarterly cash dividend of $.40 per share to shareholders of record December 2, 2019, payable on December 16, 2019.
“The special dividend is a reflection of the Company’s recent results, strong financial position, and our confidence in the Company’s financial future. Returning capital to shareholders in this manner allows us to maintain our conservative capital structure and preserve the financial flexibility to grow our business, while allowing for ongoing dividend payments and opportunistic share repurchases,” said J. Allen Fine, Chairman of the Board of Investors Title Company.
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 the Company’s confidence in its growth strategy, ability to generate sustainable cash flow, and commitment to returning capital to its shareholders as appropriate. 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, 2018, as filed with the Securities and Exchange Commission, and in its subsequent Quarterly Reports on Form 10-Q.