Bridgeway Capital Management LLC Sells 73,560 Shares of Stewart Information Services Corporation $STC

Key Points

• Bridgeway Capital Management LLC has reduced its stake in Stewart Information Services Corporation by 56.7%, now holding 56,064 shares worth $4 million.
• The company reported a quarterly revenue of $721.50 million, exceeding analysts' estimates, and earnings per share of $1.34, which was above the consensus of $1.30.
• Stewart Information Services recently increased its quarterly dividend from $0.50 to $0.525 per share, representing an annualized yield of 2.9%.

Bridgeway Capital Management LLC cut its holdings in Stewart Information Services Corporation (NYSE:STC - Free Report) by 56.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,064 shares of the insurance provider's stock after selling 73,560 shares during the period. Bridgeway Capital Management LLC owned 0.20% of Stewart Information Services worth $4,000,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. State of Wyoming increased its stake in shares of Stewart Information Services by 84.0% in the 4th quarter. State of Wyoming now owns 1,461 shares of the insurance provider's stock worth $99,000 after purchasing an additional 667 shares in the last quarter. Vident Advisory LLC increased its position in Stewart Information Services by 7.5% in the fourth quarter. Vident Advisory LLC now owns 2,982 shares of the insurance provider's stock worth $201,000 after buying an additional 208 shares in the last quarter. Montchanin Asset Management LLC bought a new position in shares of Stewart Information Services in the fourth quarter worth about $206,000. First Citizens Bank & Trust Co. bought a new position in shares of Stewart Information Services in the first quarter worth about $218,000. Finally, Kestra Private Wealth Services LLC purchased a new position in shares of Stewart Information Services during the 1st quarter valued at about $227,000. Institutional investors own 96.90% of the company's stock.

Insiders Place Their Bets

In related news, insider Brad Rable sold 5,694 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $65.32, for a total transaction of $371,932.08. Following the completion of the transaction, the insider owned 23,872 shares in the company, valued at approximately $1,559,319.04. This represents a 19.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David C. Hisey sold 2,224 shares of the company's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $64.39, for a total transaction of $143,203.36. Following the transaction, the chief financial officer owned 58,359 shares of the company's stock, valued at approximately $3,757,736.01. This represents a 3.67% decrease in their position. The disclosure for this sale can be found here. 2.78% of the stock is currently owned by corporate insiders.

Stewart Information Services Price Performance

Shares of NYSE:STC traded down $0.47 during midday trading on Wednesday, reaching $72.65. 93,563 shares of the company were exchanged, compared to its average volume of 183,585. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.31. The business's fifty day moving average is $67.32 and its two-hundred day moving average is $66.48. Stewart Information Services Corporation has a one year low of $56.39 and a one year high of $78.44. The stock has a market cap of $2.03 billion, a PE ratio of 23.36 and a beta of 0.94.

Stewart Information Services (NYSE:STC - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.04. Stewart Information Services had a net margin of 3.29% and a return on equity of 7.71%. The firm had revenue of $721.50 million during the quarter, compared to analyst estimates of $671.90 million. During the same quarter in the prior year, the business earned $0.91 earnings per share. Stewart Information Services's revenue for the quarter was up 19.9% on a year-over-year basis. As a group, analysts predict that Stewart Information Services Corporation will post 6.29 earnings per share for the current year.

Stewart Information Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.525 per share. This is a positive change from Stewart Information Services's previous quarterly dividend of $0.50. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 16th. Stewart Information Services's dividend payout ratio (DPR) is currently 67.52%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of Stewart Information Services from $72.00 to $73.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Wall Street Zen upgraded shares of Stewart Information Services from a "hold" rating to a "buy" rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $77.50.

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.