HOUSTON—Steven Mark Lessack, Group President of Stewart Information Services Corp (NYSE:STC), recently executed a significant transaction involving the company's common stock. On December 13, Lessack sold 22,125 shares of Stewart Information Services (NASDAQ:III) at an average price of $73.60, generating approximately $1.63 million. The transaction comes as the company's stock has shown strong performance, with a 35% total return over the past year. According to InvestingPro analysis, the $2.06 billion market cap company currently trades at a P/E ratio of 34.6. This transaction reduced his direct ownership to 10,387 shares.
In addition to the sale, Lessack exercised stock options to acquire 22,125 shares at a price of $39.76 per share. Following these transactions, he holds 598 shares indirectly through his spouse, including shares from the company's Employee Stock Purchase Plan.
In other recent news, Stewart Information Services Corporation announced a raft of key developments. The company's Board of Directors extended CEO Frederick H. Eppinger's contract through 2028, reflecting confidence in his leadership that has seen the company double its market capitalization and increase its market share to over 10 percent. Eppinger's future plans include continuing to innovate and expand, aiming to capture 15 percent market share and achieve 11-12 percent pretax margins.
Stewart Information Services also declared a fourth-quarter cash dividend of $0.50 per share, a practice maintained for 22 consecutive years, signifying the company's commitment to its shareholders. In spite of a challenging housing market, the company reported a net income of $30 million and an increased adjusted net income for the third quarter of 2024.
Despite a 3% decline in existing home sales, the company saw a 30% increase in commercial services revenue, driven by growth in the energy and multifamily sectors. Looking ahead, the company anticipates a transitional market in 2025, leading to normalization in 2026. These recent developments indicate that Stewart Information Services is maintaining financial stability and growth in key areas of its business.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.