Stewart Information Services Corporation - STC STOCK NEWS

Stewart Information Services Corporation (NYSE: STC) reported a challenging first quarter in 2023, with total revenues of $524.3 million, a decline from $852.9 million a year earlier. The company faced a net loss of $8.2 million (loss per share of $0.30), compared to a net income of $57.9 million (earnings per share of $2.11) in Q1 2022. Adjusted figures showed a loss of $6.8 million with a diluted loss per share of $0.25. The results reflected historically low transaction volumes amid high interest rates and seasonal slowdowns. Key segments, including Title and Real Estate Solutions, experienced substantial revenue declines. The Title segment saw revenues drop by 37%, while the Real Estate Solutions segment decreased by 30%. Despite the losses, the CEO emphasized a long-term strategy to strengthen the company's resilience.

Stewart Information Services Corporation (NYSE:STC) announced that its subsidiary, Stewart Valuation Intelligence, LLC (SVI), is now approved to support Fannie Mae’s new Value Acceptance + Property Data via its VALIDITY inspection applications for iOS and Android. This initiative aims to modernize property valuations. SVI boasts a robust network of over 30,000 trained appraisers and real estate professionals for data collection, which enhances its capacity to satisfy the needs of Government-Sponsored Enterprises (GSEs). According to Aaron Fowler, President of SVI, the unified data set collected through VALIDITY streamlines the inspection process for both GSEs, allowing lenders to expedite lending, ultimately saving time and costs for borrowers.

Stewart Information Services Corporation (NYSE: STC) will host a conference call on April 27, 2023, at 8:30 a.m. Eastern Time to discuss its first quarter 2023 earnings, following the earnings release after market close on April 26, 2023. Participants can join by calling (800) 343-4849 for the USA or (203) 518-9843 internationally, using access code STCQ123. A replay will be available from 11 a.m. Eastern Time on April 27 until midnight on May 4, 2023. The call can also be accessed via the Investor Relations website.

Stewart is a global real estate services company offering comprehensive title insurance and settlement services.

Stewart Information Services Corporation (NYSE:STC) has announced the promotion of Ryan Swed to Head of U.S. Direct Operations, overseeing the company’s largest business segment. Swed, with a rich background in the title and escrow industry, previously served as Group Senior Vice President for Southwest operations. Rob Sherman has been promoted to Group Senior Vice President of Southwest operations, responsible for operations in Texas, Oklahoma, Colorado, and New Mexico. Both executives have been recognized for their leadership and success in managing operations during challenging market conditions. Stewart aims to leverage new technologies and strengthen their market position under their guidance.

Stewart is committed to providing comprehensive real estate services, aiming to be a premier title services company.

Stewart Information Services Corporation (NYSE:STC) has appointed Erin Sheckler as the new Head of National Commercial Services. Previously, Sheckler served as Senior Division President for the Pacific Northwest, overseeing operational strategies in several states including Alaska and Washington. Her background includes leadership roles in commercial services and underwriting. The Group President, Steve Lessack, emphasized the need for strategic leadership as the company expands its national commercial presence post-pandemic. Stewart's CEO, Fred Eppinger, expressed confidence in Sheckler's ability to enhance the company’s commercial segment and capture market share. Stewart offers a range of real estate services, including title insurance and closing services, and is committed to becoming the premier title services company.

Stewart Information Services Corporation (NYSE:STC) has launched a national production services offering for independent agents through ASK Services, enhancing their title production capabilities. Following the acquisition of ASK in March 2021, the integrated service enables agents to efficiently access title search data through automated solutions. This initiative aims to solidify Stewart's position as a leading underwriter for independent title agents by providing enhanced client support and an improved user experience. The offering includes a National Order Desk for streamlined order management, reflecting Stewart's commitment to quality and customer service.

On March 1, 2023, Stewart Information Services Corporation (NYSE:STC) announced a cash dividend of $0.45 per share for Q1 2023. The dividend is payable on March 31, 2023 to common stockholders of record as of March 15, 2023. This distribution reflects the company's commitment to returning value to shareholders and indicates a stable financial performance.

Stewart Information Services Corporation (NYSE:STC) announced the acquisition of the AccountChek® platform from FormFree. This digital verification service enhances the company's ability to provide streamlined insights into consumer financial profiles, focusing on asset, income, and employment verification. The integration aims to simplify the lending process, improve loan underwriting efficiency, and expand access to mortgage credit, particularly for underserved populations. Stewart's CEO, Fred Eppinger, emphasized the acquisition's role in enhancing consumer financial equity including homeownership.