Bank of New York Mellon Corp Trims Stock Position in Stewart Information Services Corporation (NYSE:STC)

Bank of New York Mellon Corp cut its stake in Stewart Information Services Corporation (NYSE:STC) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 283,024 shares of the insurance provider’s stock after selling 16,351 shares during the quarter. Bank of New York Mellon Corp’s holdings in Stewart Information Services were worth $20,194,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in shares of Stewart Information Services by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 138,212 shares of the insurance provider’s stock valued at $9,861,000 after acquiring an additional 3,821 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Stewart Information Services by 1.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,682,009 shares of the insurance provider’s stock worth $120,600,000 after purchasing an additional 30,160 shares during the last quarter. Pinnacle Financial Partners Inc purchased a new position in shares of Stewart Information Services in the first quarter valued at approximately $283,000. KLP Kapitalforvaltning AS acquired a new position in Stewart Information Services in the 4th quarter valued at $385,000. Finally, Deutsche Bank AG raised its position in shares of Stewart Information Services by 55.4% in the fourth quarter. Deutsche Bank AG now owns 23,233 shares of the insurance provider’s stock valued at $1,568,000 after buying an additional 8,284 shares during the last quarter. 96.90% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director C Allen Bradley, Jr. acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average cost of $59.63 per share, with a total value of $59,630.00. Following the transaction, the director owned 20,243 shares in the company, valued at approximately $1,207,090.09. This trade represents a 5.20% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by company insiders.

Stewart Information Services Stock Performance

Shares of Stewart Information Services stock opened at $58.40 on Friday. The business has a 50-day moving average of $62.65 and a 200 day moving average of $65.54. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.77 and a quick ratio of 1.77. Stewart Information Services Corporation has a 12 month low of $56.39 and a 12 month high of $78.44. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 22.46 and a beta of 0.99.

Stewart Information Services (NYSE:STC) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported $0.25 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.09). The business had revenue of $608.90 million during the quarter, compared to analysts’ expectations of $595.50 million. Stewart Information Services had a net margin of 2.88% and a return on equity of 6.92%. The business’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.17 EPS. As a group, sell-side analysts forecast that Stewart Information Services Corporation will post 6.29 earnings per share for the current year.

Stewart Information Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend was Monday, June 16th. Stewart Information Services’s dividend payout ratio is currently 76.92%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on STC shares. Keefe, Bruyette & Woods reduced their price objective on Stewart Information Services from $75.00 to $72.00 and set a “market perform” rating on the stock in a research report on Thursday, July 10th. Wall Street Zen downgraded Stewart Information Services from a “buy” rating to a “hold” rating in a research report on Thursday, April 24th.

Stewart Information Services Company Profile

Stewart Information Services Corporation, through its subsidiaries, provides title insurance and real estate transaction related services in the United States and internationally. The company involves in searching, examining, closing, and insuring the condition of the title to real property. It also offers home and personal insurance services; services for tax-deferred exchanges; and digital customer engagement platform services.