Stewart Information Services Corp (NYSE:STC) Chief Financial Officer David C. Hisey has sold 12,649 shares of the company's common stock, according to a recent SEC filing. The transactions, dated August 8, 2024, were executed at a weighted-average price of $69.2717 per share, with the total value of the shares sold amounting to approximately $876,217.
The sales took place at prices ranging from $69.10 to $69.625. Hisey, following the sale, retains ownership of 55,917 shares in the company. The transactions were reported to the Securities and Exchange Commission and disclosed in a Form 4 filing on August 9, 2024.
Stewart Information Services Corp, based in Houston, Texas, specializes in title insurance and is a significant player in the real estate services industry. The company's shares are publicly traded on the New York Stock Exchange under the ticker symbol STC.
Investors often monitor insider transactions such as these for insights into the perspectives of high-level executives and their outlook on the company's stock. The sale by Hisey represents a notable change in his holdings, which investors may consider as they evaluate their positions in Stewart Information Services Corp.
In other recent news, Stewart Information Services has experienced a series of noteworthy developments. The company's second-quarter earnings for 2024 did not meet projections, primarily due to temporary costs associated with the Real Estate Solutions business. Despite this, financial services firm Stephens upgraded Stewart Information's stock target from $79 to $81, maintaining an Overweight rating. They expressed confidence in the company's strategic investments and anticipate an improvement in market conditions.
Simultaneously, BTIG raised its price target for Stewart Information Services to $80, maintaining a Buy rating. The firm's analysis suggests a potential sector recovery, contributing to a cautiously optimistic outlook for the company's near-term prospects.
Furthermore, Stewart Information Services announced a quarterly cash dividend of $0.475 per share, indicating its ongoing commitment to return value to its stockholders. The company's Q1 2024 performance revealed a net income of $3 million and total revenues of $554 million. Lastly, the company is concentrating on strategic growth, with planned expansions in 14 states and 35 core markets, reflecting a robust financial position.
InvestingPro Insights
Amid the news of Stewart Information Services Corp's (NYSE:STC) CFO David C. Hisey's stock sale, a look at the company through the lens of InvestingPro provides additional context for investors. The company, which has a market capitalization of $1.93 billion, shows a commitment to shareholder returns, as evidenced by a dividend yield of 2.73% as of the latest data. This is in line with the InvestingPro Tip that Stewart Information Services Corp has maintained dividend payments for 22 consecutive years, reflecting a strong track record of returning value to shareholders.
The company's Price to Earnings (P/E) ratio stands at 44.1, which suggests that the stock is trading at a high earnings multiple compared to industry peers. This aligns with another InvestingPro Tip indicating the company is trading at a high earnings multiple. Investors might view this as a sign of the market's high expectations for the company's future earnings growth.
Looking at performance, Stewart Information Services Corp has experienced a significant price total return over the last year, with an increase of 50.21%. This is indicative of robust investor confidence and a strong market performance during this period. For those interested in exploring further, InvestingPro offers additional tips, including 3 more related to Stewart Information Services Corp's financial outlook, available at https://www.investing.com/pro/STC.
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