Stewart Information Services Corporation priced a public offering of 1,900,000 shares of its common stock at $68.00 per share, generating gross proceeds of approximately $129.2 million. The offering is scheduled to close on December 12, 2025, subject to customary closing conditions.
The deal is led by Goldman Sachs & Co. LLC, with Citizens Capital Markets, Dowling & Partners Securities, Keefe, Bruyette & Woods (a Stifel Company), and Stephens Inc. serving as co‑managers. If the underwriters exercise their 30‑day option, an additional 285,000 shares could be sold, raising total proceeds to about $148.6 million.
Stewart’s recent financial performance provides context for the offering. In the third quarter of 2025, the company reported earnings per share of $1.64, beating analyst expectations of $1.36, and revenue of $797 million, surpassing the forecast of $737.3 million. The quarter’s adjusted EPS of $1.55 was a 32% increase from the $1.17 reported in Q3 2024, while revenue grew 20.1% year‑over‑year to $796.92 million.
The company’s management explained that the proceeds will support a range of corporate purposes, including acquisitions, working capital, capital expenditures, share repurchases, and debt repayment. The offering follows a recent $330 million acquisition of Mortgage Contracting Services, underscoring Stewart’s strategy of expanding its real‑estate services footprint.
Market reaction to the announcement was a 5.2% pre‑market decline in Stewart’s stock on December 11, 2025, reflecting investor concern over dilution and the need for additional capital. Analysts noted that the company’s strong earnings and strategic acquisitions mitigate some of the negative sentiment, but the immediate market response highlights the sensitivity to equity issuances.
The offering is part of a broader capital‑raising strategy, as Stewart has filed an automatic shelf registration on Form S‑3ASR on December 10, 2025. This filing allows the company to issue securities over time, providing flexibility to fund future growth initiatives or strengthen its balance sheet as market conditions evolve.
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