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STC

Stewart

$43.16

0.28 (0.65%)

19:56
12/08/19
12/08
19:56
12/08/19
19:56

Stewart downgraded to Underperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst Bose George downgraded Stewart to Underperform from Market Perform with a $38 price target. The analyst cites valuation for the downgrade. With refinance volumes in the second of 2019 exceeding his earlier expectations, and assuming mortgage spreads hold fairly constant, George says his outlook for refinance volumes into 2020 now looks "less promising." Further, he notes that a number of stocks under his coverage with exposure to mortgage origination volumes have had a solid run this year.

STC Stewart
$43.16

0.28 (0.65%)

12/31/18
PIPR
12/31/18
NO CHANGE
PIPR
Piper favors Fidelity National, RE/MAX amid slowing home sales
Existing home sales remained in a weak trend at down 4% year-over-year in November versus down 3% in October and down 2% in Q3, Piper Jaffray analyst Jason Deleeuw tells investors in a research note. The analyst believes the key drivers continue to be tight home inventories and increased discretion by home buyers after years of steady home price gains have reduced affordability. He continues to expect home sales trends to post low- to mid-single-digit declines for 2019. In this environment, Deleeuw's favorite real estate names are Fidelity National Financial (FNF) and RE/MAX Holdings (RMAX) since both have "catalysts/business models not as sensitive to sales volume trends." Fidelity National is the analyst's favorite real estate name given the potential earnings accretion from the pending Stewart (STC) acquisition that he believes is not factored much into the share price. Deleeuw also favors RE/MAX citing its "steady and high return business model that can sustain growth in multiple housing environments." Agent count and agent fees rather than volume drive the bulk of the company's franchise model economics, says Deleeuw.
02/04/19
PIPR
02/04/19
NO CHANGE
PIPR
Fidelity National likely unaffected by blocked Stewart deal, says Piper Jaffray
Piper Jaffray analyst Jason Deleeuw expects shares of Fidelity National Financial (FNF) to trade lower today after the New York State Department of Financial Services provided written notice of its disapproval of the company's application to acquire control of Stewart (STC). The analyst thinks the combined company's market share is the concern for the NYDFS. Deleeuw, however, does not believe a lot of Stewart accretion was priced into Fidelity National's valuation. In addition, the analyst thinks Fidelity's business will likely unaffected by a blocked Stewart deal. We don't see any business risk to Fidelity if the deal is blocked, as its operations should be unaffected, Deleeuw tells investors in a research note. He points out that Fidelity National would pay a $50M break-up fee to Stewart if the deal falls through for regulatory purposes. The analyst believes the company has not heard from the Federal Trade Commission or the Texas state regulators regarding the deal. Shares of Fidelity National Financial are down 2% to $35.67 in early trading while Stewart is down 7% to $41.88.

TODAY'S FREE FLY STORIES

PTI

Proteostasis

$1.96

0.04 (2.08%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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MRNA

Moderna

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1 (4.77%)

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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TWLO

Twilio

$119.62

0.47 (0.39%)

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  • 05

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NFLX

Netflix

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, IBM

IBM

$143.22

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On The Fly
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NFLX

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IBM

IBM

$143.22

4.07 (2.92%)

AAPL

Apple

$318.43

2.04 (0.64%)

ETN

Eaton

$97.23

2.72 (2.88%)

ABT

Abbott

$92.33

2.57 (2.86%)

NAVI

Navient

$15.02

1.16 (8.37%)

ARNC

Arconic

$28.60

-0.795 (-2.71%)

FCEL

FuelCell

$2.14

-0.735 (-25.61%)

NTRS

Northern Trust

$102.32

-6.35 (-5.84%)

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NTDOY

Nintendo

$0.00

(0.00%)

12:09
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Periodicals
Judge says iLife's patent suit against Nintendo not valid, Verge says »

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WILC

G. Willi-Food

$12.22

-0.21 (-1.69%)

12:06
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Hot Stocks
G. Willi-Food CEO Michael Luboschitz to resign for personal reasons »

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ELAN

Elanco

$31.41

0.77 (2.51%)

12:05
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Options
Elanco Animal Health call volume above normal and directionally bullish »

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  • 19

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HUYA

Huya

$18.73

-1.75 (-8.54%)

12:00
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Huya falls -8.5% »

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CMRE

Costamare

$9.01

-1.34 (-12.95%)

12:00
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Costamare falls -12.9% »

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CANG

Cango

$7.28

-0.71 (-8.89%)

12:00
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Cango falls -9.3% »

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OCFT

OneConnect

$15.17

1.2 (8.59%)

12:00
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Hot Stocks
OneConnect rises 8.5% »

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BDRBF

Bombardier

$0.00

(0.00%)

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Periodicals
Bombardier subway cars returning to service this week in NYC, Reuters says »

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  • 13

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FSB

Franklin Financial Network

$38.25

4.13 (12.10%)

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Franklin Financial Network rises 12.6% »

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EXPR

Express

$4.88

0.73 (17.59%)

12:00
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Express rises 17.5% »

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  • 22

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BTI

British American Tobacco

$44.63

0.06 (0.13%)

11:56
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Upgrade
British American Tobacco rating change  »

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SPR

Spirit AeroSystems

$64.32

-0.24 (-0.37%)

11:55
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11:55
Options
Spirit AeroSystems put volume heavy and directionally bearish »

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HARL

Harleysville Savings Financial Corp

$0.00

(0.00%)

11:53
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Earnings
Harleysville reports Q1 EPS 50c vs. 57c last year »

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  • 22

    Jan

HARL

Harleysville Savings Financial Corp

$0.00

(0.00%)

11:51
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Harleysville increases quarterly cash dividend 8% »

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  • 22

    Jan

CATC

Cambridge Bancorp

$75.85

0.35 (0.46%)

11:48
01/22/20
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11:48
01/22/20
11:48
Downgrade
Cambridge Bancorp rating change  »

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WU

Western Union

$27.46

0.14 (0.51%)

11:45
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Hot Stocks
Western Union and Bharti Airtel to launch real-time payments in emerging markets »

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  • 11

    Feb

  • 09

    Mar

CS

Credit Suisse

$13.55

-0.095 (-0.70%)

11:45
01/22/20
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Options
Credit Suisse call volume above normal and directionally bullish »

Bullish option flow…

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  • 23

    Jan

BTI

British American Tobacco

$44.44

-0.13 (-0.29%)

11:43
01/22/20
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11:43
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11:43
Upgrade
British American Tobacco rating change  »

British American Tobacco…

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