Stewart Information Services Corp 8-K, filed Feb 18, 2021
Stewart Information Services Corp (STC)
About this 8-K
Stewart Information Services Corp filed this 8-K on February 18, 2021, reporting on events of February 17, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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CURRENT REPORT
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ITEM 8.01. Other Events - Issuance of Press Release announcing increase in Dividend provided under Items 7.01 and 8.01 of Form 8-K
On February 17, 2021, Stewart Information Services Corporation (the “Company”) issued a press release announcing that its Board of Directors has approved a 10% increase in the Company’s annual cash dividend to $1.32 per share, payable to common stockholders beginning with the first quarterly payment of 2021. A copy of the press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) EXHIBITS
| Exhibit No. | Description |
| 99.1 | Press release of Stewart Information Services Corporation February 17, 2021, announcing an increase in its annual dividend. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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STEWART INFORMATION SERVICES CORPORATION (Registrant) | |||
| By: | /S/ David C. Hisey | ||
| (David C. Hisey, Chief Financial Officer, Secretary and Treasurer) | |||
Date: February 17, 2021
Exhibit 99.1
NEWS RELEASE
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STEWART INFORMATION SERVICES CORP. P.O. Box 2029 Houston, Texas 77252-2029 |
CONTACT John Chattaway, Stewart Media Relations (713) 625-8180; mediarelations@stewart.com |
Stewart Information Services Announces Dividend Increase
Increases Annual Dividend by 10 Percent to $1.32 per share
HOUSTON (February 17, 2021) – Stewart Information Services Corporation (NYSE – STC) today announced a dividend increase that reflects the company’s continuing commitment to return capital to its shareholders.
The Stewart Board of Directors has approved a 10 percent increase in the Company’s annual cash dividend to $1.32 per share, payable to common shareholders beginning with the first quarterly payment of 2021.
“In light of the Company’s ability to deliver improved performance, margins and cash flow, I have asked our Board for this increase in order to be consistent with our returning capital to shareholders and reflective of our improved performance,” said Fred Eppinger, Stewart CEO. “The increased annual dividend is directly related to the strong fourth quarter and year-end revenue growth Stewart saw across all lines of business and by continuing to effectively manage our cost structure to increase our margins."
About Stewart
Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network
of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement
services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions
our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company
and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, as amended. Such forward-looking statements relate to future, not past, events and often address
our expected future business and financial performance. These statements often contain words such as "may," "expect,"
"anticipate," "intend," "plan," "believe," "seek," "will," "foresee"
or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause
our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties
include, among other things, the volatility of economic conditions, including the duration and effects of the COVID-19 pandemic;
adverse changes in the level of real estate activity; changes in mortgage interest rates, existing and new home sales, and availability
of mortgage financing; our ability to respond to and implement technology changes, including the completion of the implementation
of our enterprise systems; the impact of unanticipated title losses or the need to strengthen our policy loss reserves; any effect
of title losses on our cash flows and financial condition; the ability to attract and retain highly productive sales associates;
the impact of vetting our agency operations for quality and profitability; independent agency remittance rates; changes to the
participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products;
regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees; our ability to timely and cost-effectively
respond to significant industry changes and introduce new products and services; the outcome of pending litigation; the impact
of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance
products and services; our dependence on our operating subsidiaries as a source of cash flow; our ability to access the equity and debt financing markets when and if needed; our ability to grow our international operations; seasonality and weather; and our ability to respond to the actions of our competitors. These risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K. All forward-looking statements included in this earnings release are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this earnings release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.
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