Stewart Information Services Announces $100M Stock Repurchase Program
Ticker: STC · Form: 8-K · Filed: May 9, 2024 · CIK: 94344
| Field | Detail |
|---|---|
| Company | Stewart Information Services CORP (STC) |
| Form Type | 8-K |
| Filed Date | May 9, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $1 |
| Sentiment | bullish |
Sentiment: bullish
Topics: stock-repurchase, capital-return, board-approval
TL;DR
Stewart Info just authorized a $100M buyback - management thinks the stock is cheap!
AI Summary
Stewart Information Services Corp. announced on May 8, 2024, that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to $100 million of its common stock. This program is effective immediately and has no expiration date, allowing the company flexibility in managing its capital.
Why It Matters
This significant stock repurchase authorization signals management's confidence in the company's valuation and its commitment to returning capital to shareholders, potentially boosting stock price.
Risk Assessment
Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is generally a positive signal and does not introduce new operational risks.
Key Numbers
- $100 million — Stock Repurchase Authorization (The company's Board of Directors approved the repurchase of up to this amount of common stock.)
Key Players & Entities
- Stewart Information Services Corp. (company) — Registrant
- May 8, 2024 (date) — Date of earliest event reported
- $100 million (dollar_amount) — Amount authorized for stock repurchase
FAQ
What is the total amount authorized for the stock repurchase program?
The Board of Directors approved a stock repurchase program authorizing the repurchase of up to $100 million of the company's common stock.
When did the stock repurchase program become effective?
The stock repurchase program is effective immediately as of May 8, 2024.
Is there an expiration date for this stock repurchase program?
No, the stock repurchase program has no expiration date.
Who approved the stock repurchase program?
The Board of Directors of Stewart Information Services Corporation approved the stock repurchase program.
What type of security is Stewart Information Services Corp. planning to repurchase?
Stewart Information Services Corp. is planning to repurchase its common stock.
Filing Stats: 944 words · 4 min read · ~3 pages · Grade level 11 · Accepted 2024-05-09 16:25:53
Key Financial Figures
- $1 — nge on which registered Common Stock, $1 par value STC New York Stock Exchange
Filing Documents
- tm2414034d1_8k.htm (8-K) — 50KB
- tm2414034d1_ex10-1.htm (EX-10.1) — 10KB
- 0001104659-24-059363.txt ( ) — 232KB
- stc-20240508.xsd (EX-101.SCH) — 3KB
- stc-20240508_lab.xml (EX-101.LAB) — 33KB
- stc-20240508_pre.xml (EX-101.PRE) — 22KB
- tm2414034d1_8k_htm.xml (XML) — 3KB
07. Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders. On May 8, 2024, the Company held its 2024 Annual Meeting of Stockholders (the "2024 Annual Meeting"). Only stockholders of record as of the close of business on March 11, 2024 were entitled to vote at the 2024 Annual Meeting. As of March 11, 2024, 27,626,289 shares of the Company's Common Stock were outstanding and entitled to vote at the 2024 Annual Meeting. At the 2024 Annual Meeting, 26,060,951 shares of Common Stock were represented, in person or by proxy, constituting a quorum for the meeting. The following four proposals, each of which is described in detail in the Company's definitive proxy statement filed with the Securities and Exchange Commission on March 26, 2024, were before the meeting, and they received the following votes: Proposal 1: Election of Ten Directors to Serve until the 2025 Annual Meeting . The following individuals were elected to serve as directors of the Company: For Against Abstentions Broker Non-Votes Thomas G. Apel 24,843,717 548,700 80,510 588,022 C. Allen Bradley, Jr. 24,891,985 499,133 81,809 588,022 Robert L. Clarke 25,057,376 336,496 79,056 588,022 William S. Corey, Jr. 25,141,848 249,346 81,734 588,022 Frederick Eppinger, Jr. 25,206,007 188,115 78,806 588,022 Deborah J. Matz 24,950,460 443,711 78,757 588,022 Matthew W. Morris 25,231,046 163,523 78,359 588,022 Karen R. Pallotta 24,741,818 649,618 81,492 588,022 Manolo Sanchez 24,952,217 441,284 79,427 588,022 Helen Vaid 25,175,302 214,187 83,439 588,022 Proposal 2: Approval, on an advisory and non-binding basis, of the compensation of the Company's named executive officers . The stockholders approved, on a non-binding advisory basis, the executive compensation as disclosed in the Proxy. For Against Abstentions Broker Non-Votes 24,833,851 601,157 37,920 588,022 Proposal 3: Ratification of the appointment of KPMG LLP as the Company's Indep
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No . Description 10.1 First Amendment to the Stewart Information Services Corporation 2020 Incentive Plan. 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. STEWART INFORMATION SERVICES CORPORATION (Registrant) By: /s/ Elizabeth K. Giddens Elizabeth K. Giddens, Chief Legal Officer and Corporate Secretary Date: May 9, 2024