Stewart Information Services Corporation - STC STOCK NEWS

Stewart Information Services Corporation (NYSE-STC) has acquired Title First Agency, Inc., a leading independent title agency in the U.S. Title First, headquartered in Westerville, Ohio, operates in 34 states and holds a strategic presence in several states including Indiana and Texas. Stewart aims to leverage Title First's expertise to enhance its operations in the Midwest, creating a premier title services company. This acquisition is seen as a strategic move for both companies, aligning their core values and expanding service offerings to better serve their clients.

Stewart Information Services Corporation (NYSE: STC) reported a significant increase in net income for Q2 2021, totaling $94.8 million ($3.50 per diluted share), up from $34.1 million ($1.44) in Q2 2020. Adjusted net income rose 165% to $86.0 million ($3.17 per share). Total revenues reached $818.8 million, with a 50% increase in operating revenues for the title segment, driven by strong residential real estate activity. The company also noted improved performance in commercial and ancillary services, despite a 37% rise in employee costs due to higher salaries and incentivized compensation.

Stewart Information Services Corp. (NYSE: STC) will host a conference call on July 22, 2021, at 8:30 a.m. ET to discuss its second quarter 2021 earnings, following an earnings release on July 21 after market close. Participants can join the call by dialing (877) 876-9176 for the USA or (785) 424-1670 internationally, with access code STCQ221. A replay will be available from July 22 to July 29, 2021. Stewart offers comprehensive real estate services and aims to be the premier title services company. More details can be found on their Investor Relations website.

Stewart Information Services Corporation has announced the acquisition of Thomas Title & Escrow, including their offices in Scottsdale, Houston, and Dallas. Founded in 2006, Thomas Title is noted for being a leading commercial title company. Fred Eppinger, Stewart's CEO, emphasized that this acquisition enhances their scale and competitive position in key markets. The addition of Thomas Title's experienced team aims to expand Stewart's national commercial presence, ultimately contributing to their goal of becoming the premier title services company.

Stewart Information Services Corporation (NYSE:STC) declared a cash dividend of $0.33 per share for Q2 2021. The dividend is payable on June 30, 2021, to shareholders on record as of June 15, 2021. This announcement highlights the company's commitment to providing returns to its investors amidst its operations in the real estate services sector, including title insurance and settlement services.

Stewart Information Services Corporation (NYSE:STC) has acquired Cloudvirga, a fintech firm specializing in digital mortgages. This acquisition enhances Stewart's capabilities in mortgage finance and customer engagement. CEO Fred Eppinger highlighted that integrating Cloudvirga will streamline real estate transactions, aided by existing services like RON and valuation. Founded in 2016, Cloudvirga is known for its digital origination platform used by major lenders. This strategic move is expected to bolster Stewart's market position and improve the customer experience in mortgage services.

Stewart Information Services Corporation (NYSE: STC) reported a net income of $54.2 million ($2.01 per diluted share) for Q1 2021, a significant rise from $5.2 million ($0.22 per diluted share) in Q1 2020. Adjusted net income increased 289%, reaching $51.7 million from $13.3 million. Total revenues surged to $688.6 million, compared to $439.9 million last year, driven by strong residential real estate activity. However, the commercial title revenues fell 29%. The company also experienced a 54% increase in title loss expenses.

Stewart Information Services Corp. (NYSE: STC) will hold a conference call on April 22, 2021, at 8:30 a.m. ET to discuss its first quarter 2021 earnings, following the release of earnings on April 21, 2021. Participants can join by dialing (877) 876-9174 for the USA or (785) 424-1669 internationally, with access code STCQ121. A replay will be available from 11 a.m. ET on April 22 until midnight on April 29, 2021. The call can also be accessed via the company’s Investor Relations website.