Investors Title Company Board Declares Special Cash Dividend and Regular Quarterly Cash Dividend
November 13 2018 - 12:00PM
Business Wire
Investors Title Company (Nasdaq: ITIC) announced today that the
Company’s Board of Directors declared a special cash dividend of
$10.60 per share to shareholders of record on December 3, 2018,
payable December 17, 2018. 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 3, 2018, payable
on December 17, 2018.
“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, 2017, as filed with the Securities and Exchange Commission, and
in its subsequent Quarterly Reports on Form 10-Q.
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Investors Title CompanyL. Dawn Martin, 919-968-2200
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