HOUSTON - Stewart Information Services Corporation (NYSE:STC), a global real estate services provider, has announced a fourth-quarter cash dividend of $0.50 per share, representing a 2.66% yield. The dividend is payable on December 30, 2024, to shareholders of record as of December 16, 2024. According to InvestingPro, the company has maintained dividend payments for 22 consecutive years, with increases in the last three years.
This declaration follows the company's consistent practice of rewarding its shareholders and reflects its financial health and commitment to returning value to its investors. The company's stock has delivered an impressive 61.56% return over the past year and is currently trading near its 52-week high of $76.88. Stewart Information Services (NASDAQ:III) Corporation is known for offering a range of real estate services, including residential and commercial title insurance, as well as closing and settlement services. It also provides specialized offerings tailored for the mortgage industry.
The company operates directly, as well as through a network of Stewart Trusted Providers™ and a family of companies, to deliver comprehensive services, expertise, and solutions needed for real estate transactions.
This dividend announcement is based on a press release statement from Stewart Information Services Corporation and is intended to provide shareholders and the market with the latest financial developments of the company. Stewart Information Services has not provided any additional commentary on the future prospects or market position of the company in relation to this dividend declaration.
In other recent news, Stewart Information Services reported stable financial figures for the third quarter of 2024 despite a challenging housing market. The company announced a net income of $30 million and an increased adjusted net income compared to the previous year. CEO Fred Eppinger and CFO David Hisey highlighted the resilience of the company in the face of a 3% decline in existing home sales and a lack of significant impact from federal interest rate cuts on mortgage applications.
Stewart Information Services has also seen a 30% increase in commercial services revenue, driven by growth in the energy and multifamily sectors. The company is optimistic about its operational efficiency and market expansion, particularly in commercial services, despite the ongoing decline in home sales.
Looking ahead, Stewart Information Services anticipates a transitional market in 2025, leading to normalization in 2026. The company is focusing on enhancing technology and expanding market presence, especially in commercial services. These recent developments indicate that Stewart Information Services is maintaining financial stability and growth in key areas of its business, despite challenges in the housing market.
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