|Bid||36.60 x 800|
|Ask||36.55 x 800|
|Day's Range||36.37 - 37.16|
|52 Week Range||32.61 - 45.75|
|Beta (3Y Monthly)||0.51|
|PE Ratio (TTM)||21.03|
|Earnings Date||Oct 23, 2019 - Oct 28, 2019|
|Forward Dividend & Yield||1.20 (3.32%)|
|1y Target Est||40.00|
The proposed deal ran into regulatory opposition last week, when the Federal Trade Commission sued to block the transaction.
Stewart Information's (STC) merger with Fidelity National gets cancelled, on failure to gain approval by the U.S. Federal Trade Commission.
Analysts caution that Stewart Information Services Corp., the parent company of Stewart Title, has a way to go to prove to the market that it can remain a strong player in the title insurance sector.
The termination comes just days after the Federal Trade Commission filed a lawsuit to block the $1.2 billion deal, which would have combined two of the four largest title insurance underwriters in the U.S.
Fidelity National Financial Inc. said Tuesday it has terminated the deal to buy Stewart Information Services Corp. , after the Federal Trade Commission moved the block the merger. Fidelity National said it will pay Stewart a break-up fee of $50 million. Shares of both Fidelity National and Stewart were still inactive in premarket trading. On Friday, Stewart's stock had tumbled 7.0% after the FTC issued an "administrative complaint" seeking to block the merger with title insurer Fidelity National, saying it believed the merger would substantially reduce competition. The merger was first announced in March, and was valued at the time at $1.2 billion. Stewart's stock has dropped 18.9% over the past three months and Fidelity National shares have rallied 13.1%, while the S&P 500 has gained 3.2%.
Stewart Information Services Corporation (STC) (“Stewart”) today announced the mutual termination of its merger agreement with Fidelity National Financial, Inc. (FNF) (“Fidelity”) after not obtaining the necessary approval by the U.S. Federal Trade Commission (“FTC”). In light of the FTC’s decision, the Stewart Board has clearly determined that leveraging the company’s strong brand, financial position, and valued employees to grow the organization as a standalone entity will create the greatest shareholder value.
Fidelity National Financial says it will pay $50 million to Stewart Information Services to terminate their merger after the FTC sought to block the $1.2 billion purchase.
Stewart Information Services Corporation (STC) (“Stewart” or the “Company”) today announced that U.S. Federal Trade Commission (“FTC”) notified the Company today that it has filed a lawsuit to block Stewart’s proposed merger agreement with Fidelity National Financial, Inc. (FNF) (“Fidelity”). FTC commissioners voted 3-to-1 to authorize staff to file the lawsuit. “While we are disappointed with this outcome and disagree with the FTC’s decision, we are reviewing the lawsuit with FNF in the context of the parties’ rights and obligations under our merger agreement.
Shares of Stewart Information Services Corp. took an afternoon dive Friday toward a 3 1/2-year low, after the Federal Trade Commission issued "an administrative complaint" seeking to block the company's acquisition by title insurance provider Fidelity National Financial Inc. . Stewart's stock was down about 4.9% in afternoon trading, but losses accelerated to 8.1% at current levels. The stock was on track to close at the lowest price since March 2016. Fidelity National's stock was up about 1% in afternoon trading, but has swung to a loss of 0.4%. The FTC said it believes the merger would "substantially reduce competition" in state markets for title insurance underwriting for large commercial deals, and in several local markets for title information services. In March 2018, Stewart said it agreed to be acquired by Fidelity National in a deal valued at the time at $1.2 billion. Based on stock closing prices at the time, the deal had valued Stewart's stock at a little over $50 each; at current prices, the same deal terms would value Stewart shares at nearly $54 each. Over the past year, Fidelity National shares have gained 11% and Stewart's stock has dropped 26%, while the S&P 500 has tacked on 3.6%.
The U.S. Federal Trade Commission said on Friday that it had filed an administrative complaint aimed at preventing title insurance provider Fidelity National Financial, Inc. from buying rival Stewart Information Services Corp. "Competitive title insurance and title information markets are essential to providing Americans affordable and high-quality title insurance products," said Bureau of Competition Director Bruce Hoffman in a statement.
The Federal Trade Commission on Friday issued an administrative complaint seeking to block Fidelity National Financial's $1.2 billion purchase of Stewart Information Services on the grounds that it will limit competition in title insurance. The FTC identifies Fidelity and Stewart as "two of the four largest title insurance underwriters in the U.S." The top four title insurers account for more than 85% of all title insurance sales, according to the FTC. "Competitive title insurance and title information markets are essential to providing Americans affordable and high-quality title insurance products," said Bureau of Competition Director Bruce Hoffman.
HOUSTON , Aug. 30, 2019 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today announced that its Board of Directors had declared a cash dividend of $0.30 per share for the third quarter ...
HOUSTON, Aug. 27, 2019 /PRNewswire/ -- Stewart Title Guaranty Company today announced Brian Pierce has joined the Underwriting team in the State of Georgia. Pierce will work with Stewart independent agents and support the agency services team in Georgia. Pierce, a Georgia native, has more than 20 years of experience in the Real Estate industry, transactional law, acquisition, development, leasing, and disposition of commercial properties. He is a member of Georgia Bar Association, the Real Estate Practice Section of the Georgia Bar Association and the Atlanta Bar Association.
HOUSTON , July 25, 2019 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $19.3 million ( $0.81 per diluted share) for the second ...
HOUSTON , July 17, 2019 /PRNewswire/ -- Stewart Information Services Corp. (NYSE: STC) announced today it will release earnings before the start of regular market trading on Thursday, July 25, 2019 . Due ...
HOUSTON, July 16, 2019 /PRNewswire/ -- Stewart Title's Direct Operations in Colorado recently announced the addition of 15 new staff to Colorado markets, with many of the additions within the Denver metro area, as well as the promotion of two top performers in the state. Trisha Murphy – Promoted to Colorado State Sales Manager, Murphy will be responsible for leading the team of Business Development Officers and will support growth within Colorado. Most recently, Murphy was also appointed to the Miami University Colorado Chapter Alumni Board.
HOUSTON, July 9, 2019 /PRNewswire/ -- Stewart Title® announced the addition of Beverly Keith to Stewart Title's Commercial Services unit as a Business Development Officer in the Carolinas. She is an experienced commercial real estate professional with more than twenty years of experience in the industry including General Brokerage, Asset Management, Business Development, Corporate Real Estate Management, Office and Retail Development and a Certified Commercial Investment Member (CCIM).
"Since 2006, value stocks (IVE vs IVW) have underperformed 11 of the 13 calendar years and when they beat growth, it wasn't by much. Cumulatively, through this week, it has been a 122% differential (up 52% for value vs up 174% for growth). This appears to be the longest and most severe drought for value […]
HOUSTON, June 27, 2019 /PRNewswire/ -- Stewart, a leading provider of digital closing experiences, continues to expand its use of safer, more efficient and convenient tools to do business with consumers, referral partners and independent agents. Stewart recently expanded its coverage for Remote Online Notarization (RON) to include 20 states, providing eClosing capabilities to more than 250 of its direct operations offices across the United States. Stewart partners with industry-leading technology providers to leverage RON, a technology that allows consumers to opt into executing their documents electronically via a webcam with an online notary.
Stewart Information Services Corp NYSE:STCView full report here! Summary * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is low for STC with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Money flowETF/Index ownership | NeutralETF activity is neutral. ETFs that hold STC had net inflows of $812 million over the last one-month. While these are not among the highest inflows of the last year, the rate of inflow is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
HOUSTON, June 12, 2019 /PRNewswire/ -- Stewart Title announced today the promotion of John Crowley to Associate Senior Underwriting Counsel. In his new position, Crowley will continue to serve as the New Jersey State counsel and be responsible for shaping the company's underwriting and business practices. "John has the knowledge and experience required to guide the company and its Agents through the complex underwriting issues presented in the commercial arena," said John Frates Senior Vice President and Regional Underwriter, Stewart Title Guaranty Company.
HOUSTON, June 5, 2019 /PRNewswire/ -- Stewart Title announced the appointment of Kristi Marino as vice president of lender solutions. Marino will play a key role in developing new client relationships and supporting lender integrations. Marino has more than 14 years of experience in the real estate and title insurance industry.