Stewart Information Services (STC) Tops Q3 EPS by 78c, Revenues Beat

Stewart Information Services (NYSE: STC) reported Q3 EPS of $2.21, $0.78 better than the analyst estimate of $1.43. Revenue for the quarter came in at $590.7 million versus the consensus estimate of $549.85 million.

"In the third quarter, Stewart continued to benefit from a robust real estate transaction environment, as low interest rates continued to impact refinancing activity while purchase orders strengthened," commented Fred Eppinger, chief executive officer. "Together, they helped both our direct and agency operations outperform 2019 revenue levels. In addition, Stewart's more disciplined and focused operating approach allowed for enhanced margins. Lastly, the company closed two acquisitions in the quarter, with their benefits seen immediately in our core title results. As always, I would like to thank our employees for the work they are doing, continuing to tirelessly work under challenging conditions while insuring the safety of our customers and co-workers."

"We are pleased with WesBanco's performance during the third quarter as we exhibited strong fee income growth and disciplined expense management to deliver growth of 33.8% year-over-year and 3.0% quarter-over-quarter in our pre-tax, pre-provision income," said Todd F. Clossin, President and Chief Executive Officer of WesBanco. "WesBanco is a well-capitalized institution with peer-leading reserve levels combined with diversified growth engines and diligent expense management. We remain focused on the long-term success of our company for our shareholders, customers, and communities."

Mr. Clossin added, "I continue to be extremely proud of our employees as they have gone above and beyond to serve our customers and communities during the last six months. In addition to our company donating more than a half million dollars for pandemic-related efforts, our employees continue to provide their time and efforts supporting local charitable organizations. They have assisted more than 7,200 businesses secure Payroll Protection Program loans from the Small Business Administration. Furthermore, they helped nearly 2,300 small business and commercial, 550 residential mortgage, 490 consumer loan, and 230 home equity loan customers during the early stages of the pandemic with primarily 90-day loan deferrals. Our customers have been very grateful for our efforts that allowed them to worry about one less thing during this unprecedented time. These actions speak loudly to our community bank roots."

For earnings history and earnings-related data on Stewart Information Services (STC) click here.

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