36.50 0.00 (0.00%)
After hours: 4:17PM EDT
|Bid||36.53 x 800|
|Ask||36.54 x 800|
|Day's Range||36.34 - 36.79|
|52 Week Range||32.61 - 45.75|
|Beta (3Y Monthly)||0.51|
|PE Ratio (TTM)||20.87|
|Forward Dividend & Yield||1.20 (3.32%)|
|1y Target Est||N/A|
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%.
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.
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.
"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 […]
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 firstname.lastname@example.org.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.
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On a per-share basis, the Houston-based company said it had a loss of 29 cents. Losses, adjusted for non-recurring costs, were 6 cents per share. The title insurance and real estate services company posted ...
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The Houston-based company said it had net income of 48 cents per share. The title insurance and real estate services company posted revenue of $469.9 million in the period. For the year, the company reported ...