Raymond James Financial Inc. Sells 5,802 Shares of Stewart Information Services Corporation $STC

Key Points

• Raymond James Financial Inc. reduced its stake in Stewart Information Services Corporation by 9.7%, selling 5,802 shares, and now owns 53,976 shares valued at approximately $3.85 million.
• Stewart Information Services announced a quarterly dividend increase to $0.525, set to be paid on September 30th, with a corresponding annualized dividend yield of 2.9% and a payout ratio of 64.31%.
• Analysts have given Stewart Information Services a consensus rating of Moderate Buy with a target price of $77.50, up from the previous $72.00.

Raymond James Financial Inc. lowered its stake in shares of Stewart Information Services Corporation (NYSE:STC - Free Report) by 9.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,976 shares of the insurance provider's stock after selling 5,802 shares during the period. Raymond James Financial Inc. owned approximately 0.19% of Stewart Information Services worth $3,851,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Schonfeld Strategic Advisors LLC acquired a new position in Stewart Information Services during the 4th quarter worth $297,000. Algert Global LLC grew its position in Stewart Information Services by 15.8% in the 4th quarter. Algert Global LLC now owns 18,385 shares of the insurance provider's stock worth $1,241,000 after purchasing an additional 2,502 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Stewart Information Services by 4.1% during the fourth quarter. Bank of America Corp DE now owns 316,444 shares of the insurance provider's stock valued at $21,357,000 after acquiring an additional 12,455 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Stewart Information Services during the fourth quarter valued at approximately $403,000. Finally, Centiva Capital LP purchased a new position in Stewart Information Services during the fourth quarter valued at approximately $352,000. Institutional investors and hedge funds own 96.90% of the company's stock.

Stewart Information Services Stock Down 1.5%

Shares of NYSE:STC traded down $1.08 during midday trading on Wednesday, hitting $72.03. The stock had a trading volume of 67,512 shares, compared to its average volume of 183,483. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.31. The business's 50-day simple moving average is $67.32 and its 200-day simple moving average is $66.48. Stewart Information Services Corporation has a 12 month low of $56.39 and a 12 month high of $78.44. The company has a market cap of $2.02 billion, a P/E ratio of 23.16 and a beta of 0.94.

Stewart Information Services (NYSE:STC - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.34 EPS 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 analysts' expectations of $671.90 million. During the same period in the previous year, the business posted $0.91 earnings per share. The company's revenue for the quarter was up 19.9% compared to the same quarter last year. On average, sell-side analysts forecast that Stewart Information Services Corporation will post 6.29 earnings per share for the current fiscal year.

Stewart Information Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 2.9%. This is an increase from Stewart Information Services's previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, September 16th. Stewart Information Services's dividend payout ratio (DPR) is presently 67.52%.

Analyst Ratings Changes

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

Insider Activity at Stewart Information Services

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

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.