Welcome to our dedicated page for Stewart Information Services Corporation news (Ticker: STC), a resource for investors and traders seeking the latest updates and insights on Stewart Information Services Corporation stock.
Stewart Information Services Corporation (NYSE: STC) is a global real estate services company, offering a range of products and services through its direct operations, network of Stewart Trusted Providers™, and family of companies. The company's core business encompasses residential and commercial title insurance, closing and settlement services, and specialized offerings for the mortgage industry.
Core Services:
- Title Insurance and Related Services: Stewart's primary revenue stream comes from offering title insurance, which includes searching, examining, closing, and insuring the condition of the title to real property, as well as home and personal insurance services.
- Real Estate Solutions: This segment supports the real estate mortgage industry through appraisal management services, online notarization, closing solutions, and credit and real estate information services.
- Corporate and Other Segment: This segment includes the parent holding company's operations.
The company recently reported its fourth-quarter 2023 financial performance, highlighting a net income attributable to Stewart of $8.8 million or $0.32 per diluted share. On an adjusted basis, net income was $16.6 million or $0.60 per diluted share. Despite challenging market conditions due to higher interest rates, Stewart made significant progress in its strategic investments and maintained its focus on cost discipline and long-term enterprise initiatives.
Stewart's commitment to building strong relationships is evident in every transaction, reflecting its motto, 'Real partners. Real possibilities.' The company aims to be the premier title services provider by partnering with customers to create mutual success. Stewart's operations are customer-focused, serving home buyers and sellers, mortgage lenders and servicers, attorneys, and home builders.
Stewart Information Services Corporation (NYSE: STC) has extended CEO Frederick H. Eppinger's employment agreement for another three years. The Board expressed confidence in Eppinger's leadership, citing his ability to deliver financial stability and shareholder value since taking the role in 2019. Eppinger has focused on growth, strategic acquisitions, and improving pre-tax margins, contributing to record growth and financial strength. Stewart aims to become the premier title services company, emphasizing partnership with customers for mutual success.
Stewart Information Services Corp. (NYSE: STC) will hold a conference call on October 27, 2022, at 8:30 a.m. Eastern Time to discuss its third-quarter 2022 earnings report. The earnings will be released after the market closes on October 26, 2022. Interested parties can join by dialing (800) 343-5172 for USA or (785) 424-1699 for international callers with the access code STCQ322. A replay will be available until November 3, 2022. More details can be found on their Investor Relations website.
Stewart Information Services Corporation (NYSE:STC) announced the retirement of Chief Legal Officer John Killea, effective early next year. Killea, who joined Stewart in 2000, has held his current role since 2011. Elizabeth Giddens will succeed him, bringing nearly 25 years of legal expertise, including recent experience as Senior Vice President and General Counsel at Integer Holdings Corporation. CEO Fred Eppinger expressed gratitude for Killea’s contributions and optimism for Giddens's leadership during this transition.
Cloudvirga, a Stewart-owned company, has launched a new Wholesale Third Party Origination (TPO) Platform designed specifically for mortgage professionals and brokers. This platform enhances the origination process by offering a user-friendly interface, 24/7 access, and real-time updates. Maria Moskver, Cloudvirga President, emphasizes that this offering empowers brokers with technology that simplifies their workflow. The platform aims to improve customer experience while addressing the complexities of loan transactions in the digital mortgage market.
Stewart Information Services Corporation (NYSE:STC) has announced the acquisition of FNC Title Services, LLC, including an agreement to acquire FNC Title of California, pending regulatory approval. FNC specializes in reverse mortgage closings and operates a national platform serving top reverse mortgage lenders. Stewart's CEO highlighted the growing demand for reverse mortgages, emphasizing the synergy between Stewart's resources and FNC's customer service. FNC will continue to operate independently under the Stewart umbrella, enhancing capabilities for lender partners and borrowers.
Stewart Information Services Corporation (NYSE:STC) announced that Stewart Valuation Intelligence, LLC (SVI) has been verified to support Freddie Mac’s new Property Data Report (PDR) using its VALIDITY Pro application. This application allows trained real estate brokers to conduct comprehensive property inspections required by Freddie Mac, enhancing reliability for clients. Starting July, Freddie Mac's transition to ACE+ PDR will facilitate appraisals for cash-out refinances without traditional field appraisals. This move aims to reduce risks while streamlining the mortgage process.
AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) for Stewart Title Group and a Long-Term Issuer Credit Rating (ICR) of 'a-' (Excellent) for Stewart Information Services Corporation (NYSE: STC). The group benefits from strong balance sheet strength and consistent profitability, bolstered by a strong real estate market over the past two years. However, rising interest rates and a slowing economy may impact future profitability. The outlook for these ratings remains stable, reflecting Stewart's market position as the fourth-largest title insurance writer in the U.S.
Stewart Information Services Corporation (NYSE-STC) has appointed John Hamm as the new Chief Information Officer to lead its global technology operations. Hamm's extensive experience includes transforming technology at Texas Children’s Hospital. His focus will be on creating an innovative IT department, enhancing customer experiences, and ensuring privacy and security in Stewart’s digital strategy. Fred Eppinger, CEO, emphasized the importance of technology in maintaining Stewart's leadership in the real estate market.
Stewart Information Services Corporation (NYSE:STC) has announced a 20% increase in its annual cash dividend, raising it from $1.50 to $1.80 per share. This increase reflects the company's commitment to returning capital to shareholders. The third-quarter cash dividend will be $0.45 per share, payable on September 30, 2022, to stockholders of record by September 15, 2022. CEO Fred Eppinger emphasized the goal of providing consistent returns through operational performance and dividends.
Stewart Information Services Corporation (NYSE:STC) has appointed Brian Webster as the new President of NotaryCam, focusing on expanding remote online notarization products and services. With a strong background in the mortgage and financial sectors, Webster previously served at the Consumer Financial Protection Bureau and Freedom Mortgage Corporation. He aims to enhance customer experience and drive industry adoption. NotaryCam, acquired by Stewart in December 2020, is a leader in online notarization, having served over a million customers globally.
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