0001341004-15-000169.txt : 20150225 0001341004-15-000169.hdr.sgml : 20150225 20150225143446 ACCESSION NUMBER: 0001341004-15-000169 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150225 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150225 DATE AS OF CHANGE: 20150225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEWART INFORMATION SERVICES CORP CENTRAL INDEX KEY: 0000094344 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 741677330 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02658 FILM NUMBER: 15647110 BUSINESS ADDRESS: STREET 1: 1980 POST OAK BLVD CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 7136258100 MAIL ADDRESS: STREET 1: 1980 POST OAK BLVD CITY: HOUSTON STATE: TX ZIP: 77056 8-K 1 form8k.htm 8-K form8k.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 25, 2015
 
STEWART INFORMATION SERVICES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
  
001-02658
  
74-1677330
(State or other jurisdiction
of incorporation or organization)
  
Commission
File Number:
  
(I.R.S. Employer
Identification No.)
 
     
1980 Post Oak Blvd., Houston, Texas
  
77056
(Address of Principal Executive Offices)
  
(Zip Code)
 
(Registrant’s telephone number, including area code): 713-625-8100
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o
Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
 
 
 
 
Item 8.01. Other Events.
 
On February 25, 2015, Stewart Information Services Corporation (the “Company”) issued a press release announcing that its Board of Directors has approved an increase in the Company’s cash dividend payable to shareholders of Common Stock from $0.10 per share annually to $1.00 per share to be paid quarterly at a rate of $0.25 per share beginning in the second quarter of this year.  A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
The foregoing information and exhibits hereto contain forward-looking statements within the meaning of the federal securities laws.  These statements are based on present expectations, and are subject to the limitations listed therein and in the Company’s other SEC reports, including that actual events or results may differ materially from those in the forward-looking statements.

Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
 
Exhibit No.
  
 
Description
   
99.1
  
Press release, dated February 25, 2015, relating to the announcement of the Company’s dividend


 
 
 

 
SIGNATURES
 
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 hereunto duly authorized.
 
       
STEWART INFORMATION SERVICES CORPORATION
       
Date: February 25, 2015
      
By:
    /s/ J. Allen Berryman
 
           
Name: J. Allen Berryman
             
           
Title: Chief Financial Officer, Secretary,
Treasurer and Principal Financial Officer


 
 
 

 
EXHIBIT INDEX
 
 
Exhibit No.
  
Description
   
99.1
  
Press release, dated February 25, 2015, relating to the announcement of the Company’s dividend

 
 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 - PRESS RELEASE, DATED FEBRUARY 25, 2015 ex99-1.htm
 
 
Exhibit 99.1
 
Stewart Information Services to Increase Annual Cash Dividend to $1.00
 
HOUSTON (February 25, 2015) – Stewart Information Services Corp. (NYSE: STC) (“Stewart”), a leading provider of real estate services, including global residential and commercial title insurance, escrow and settlement services, lender services, underwriting, specialty insurance and other solutions that facilitate successful real estate transactions, today announced that its Board of Directors has approved an increase in the Company’s cash dividend payable to common shareholders from $0.10 per share annually to $1.00 per share to be paid quarterly at a rate of $0.25 per share beginning in the second quarter of this year. The Company’s existing share repurchase authorization will remain in effect and be used opportunistically based on various factors such as the Company’s stock price, operational performance and other relevant criteria. 
 
“Today’s dividend increase highlights the solid progress we have made toward transforming Stewart and reflects our confidence in the Company’s ability to deliver solid cash flow in 2015 and beyond,” said Matthew W. Morris, Chief Executive Officer. “We continue to engage our shareholders regarding our capital return strategy.  Given the continued progress in our business, we are pleased to be in a position to advance a competitive and sustainable dividend policy alongside our share repurchase program. Going forward, we will remain committed to returning meaningful amounts of capital to shareholders on a regular basis while also maintaining our ratings and a capital base that supports the growth in our business.”
 
The continuation of the quarterly cash dividend is subject to certain factors, including, among others, the ability to obtain excess capital from Stewart’s regulated insurance subsidiary, the performance of the Company’s business, the Company’s ratings and the capital surplus position of the Company.
 
About Stewart
Stewart Information Services Corp. (NYSE:STC) is a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family. Stewart provides these services to homebuyers and sellers; residential and commercial real estate professionals; mortgage lenders and servicers; title agencies and real estate attorneys; home builders; and United States and county governments. Stewart also provides loan origination and servicing support; loan review services; loss mitigation; REO asset management; collateral valuations; due diligence for capital markets; home and personal insurance services; tax-deferred exchanges; and technology to streamline the real estate process. Stewart offers personalized service, industry expertise and customized solutions for virtually any type of real estate transaction, and is the preferred real estate services provider. More information can be found at http://www.stewart.com/news, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter @stewarttitleco.
 
Forward-looking statements
Certain statements in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 "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 tenuous economic conditions; 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 impact of vetting our agency operations for quality and profitability; 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; the continued realization of expense savings from our cost management program; our ability to successfully integrate acquired businesses; our ability to access the equity and debt financing markets when and if needed; our ability to grow our international operations; 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 the Form 10-K, our quarterly reports on Form 10-Q, and our Current Reports on Form 8-K. We expressly disclaim any obligation to update any forward-looking statements contained in this news release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.
 
Trademarks are the property of their respective owners.
 
Contact:
Stewart Information Services Corp.
John Arcidiacono, 713-625-8019
Chief Marketing Officer
jarcidia@stewart.com
Nat Otis, 713-625-8360
Director-Investor Relations
nat.otis@stewart.com
 
 
 
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