Stewart Information Services Corporation - STC STOCK NEWS

Stewart Title Limited has announced the opening of a new underwriting office in Malta, named Stewart Title Europe Limited, to manage transactions within the European Union. This strategic move aims to enhance services in Europe and is overseen by Tomasz Klodowski, Managing Director. CEO Fred Eppinger emphasized the expansion as a critical component for future growth and service excellence. The Malta office will maintain local underwriting expertise, ensuring customer satisfaction with reliable title insurance solutions. Transactions in the UK will still be processed by Stewart Title Limited.

Quisitive Technology Solutions has formed a strategic partnership with Stewart Title to enhance application development and migrate to Microsoft Azure. This collaboration, stemming from a previous successful engagement, aims to accelerate Stewart's capability to develop digitized applications, enhancing customer experience. Stewart will now be able to launch fully operational products within 45 days, a significant reduction from the previous timeline. Quisitive will provide IT services for Microsoft's initiatives, positioning both companies for future growth.

Stewart Information Services Corporation (NYSE:STC) has announced its acquisition of NotaryCam®, a leader in online notarization and mortgage eClosing solutions. This strategic acquisition aims to enhance Stewart's digital offerings in the title and closing process. By integrating NotaryCam's innovative technology, Stewart intends to improve customer service and expand its market reach beyond the real estate sector. The acquisition is positioned to be immediately accretive, reflecting Stewart's goal of becoming a premier title services provider.

Stewart Information Services Corporation (NYSE:STC) has declared a cash dividend of $0.30 per share for the fourth quarter of 2020. This will be payable on December 31, 2020, to stockholders of record as of December 15, 2020. The announcement highlights the company's commitment to returning value to its shareholders amidst a challenging economic climate.

Stewart has partnered with CertifID to combat wire fraud in real estate transactions. This collaboration allows Stewart's network of offices to securely send wire instructions, enhancing customer safety. CertifID has protected over $30 billion in wire transfers, providing up to $1 million in insurance coverage against fraud. The partnership aims to safeguard businesses and consumers amidst rising wire fraud incidents, with Stewart emphasizing its commitment to customer protection and premier title services.

Stewart Appraisals Management, a subsidiary of Stewart Information Services Corporation (NYSE:STC), has acquired Pro-Teck Services Ltd., enhancing its appraisal and valuation services. This acquisition aims to leverage Pro Teck's proprietary Valuation Intelligence^TM technology, enhancing their market position. CEO Fred Eppinger emphasized that this move is crucial for Stewart's growth and market leadership. With over 40 years of experience, Pro Teck offers comprehensive property valuation solutions, making this acquisition strategically significant for extending Stewart's service capabilities.

Stewart Information Services Corporation (NYSE: STC) reported third quarter 2020 net income of $55.9 million ($2.21 per diluted share), down from $66.1 million ($2.78 per diluted share) in Q3 2019. Adjusted net income increased 84% from the previous year. Total revenues rose to $595.7 million, marking a 13% increase. The title segment's pretax income surged 66% to $82.4 million, benefiting from a strong real estate market. However, cash from operations declined to $90.8 million from $115.7 million year-over-year due to a prior merger termination fee.

Stewart Information Services Corp. (NYSE: STC) will host a conference call on October 22, 2020, at 8:30 a.m. ET to discuss its third quarter 2020 earnings. The earnings announcement will be made after market close on October 21, 2020. Participants can join the call by dialing (800) 894-5910 (USA) or (785) 424-1052 (International) with access code STCQ320. A replay will be available until October 29, 2020. Stewart provides extensive real estate services, including title insurance and settlement services, aiming to be a leader in the industry.

Stewart Information Services Corporation (NYSE:STC) declared a cash dividend of $0.30 per share for Q3 2020, payable on September 30, 2020. Shareholders on record by September 15, 2020 will receive this dividend. The company, a leader in global real estate services, emphasizes building strong relationships in every transaction, providing a robust range of title insurance and settlement services for both residential and commercial sectors. This move reflects Stewart's commitment to shareholder value amidst its operations.