Investors Title Inc. reported record-breaking fourth quarter earnings due to higher real estate values and more transactions, according to a Securities and Exchange Commissions filing.

The Chapel Hill-based title insurance company’s fourth quarter net income increased to $5.1 million from $2.2 million the previous year’s period

Fourth quarter revenue increased 34.4 percent to $38.8 million.

Both revenue and net income amounts are new records for any fourth quarter in Investors Title history. Analysts estimates were not available for the company.

The increases can be attributed to a growth in both real estate values and transaction volumes from an increased level of home sales and refinancing.

“2016 marks the second consecutive year with record levels of revenues, reflecting a strong real estate market as well as the success of our ongoing efforts to create and deepen relationships in the markets we serve,” stated Chairman J. Allen Fine. “We are optimistic that the factors which enabled this strong revenue growth for the past couple of years will continue into 2017.”

Investors Title Inc.’s stock price rose $2.37 to $132.15 on Friday.