Add another company to the Stewart Title family tree.
The title and closing giant announced last week the acquisition of Prima Title, LLC, a Santa Fe, New Mexico-based company, to its Southwest portfolio. The move comes on the heels of Stewart’s acquisition of A.S.K. Services, a title and search support servicer, in March.
Ryan Swed, Stewart Title senior vice president, said that the addition of Prima Title fits its larger strategy of overall strengthening their foothold in markets in Southwest states such as New Mexico, Arizona and Nevada.
“They have built strong real estate relationships, and are known for excellent service,” Swed said. “As we continue to execute on our strategy of building out and prioritizing strengthening our local markets, the addition of the Prima team in Santa Fe makes us the leader in the local market.”
Absorbing companies under its umbrella is nothing new for Stewart, which last year went on an acquisition spree.
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In September, Stewart acquired six companies, 57 offices, and an additional 600 employees. It also grew its Alaska operations with the acquisition of Yukon Title. In October, Stewart acquired valuation services company Pro Teck Valuation Intelligence, followed by an announced November partnership with money transfer protection company CertifID and a December acquisition of NotaryCam, a top online notarization provider and mortgage eClosings solutions provider.
Stewart has made a conscious effort in 2021 to bolster its title services team; the company recently announced the hiring of a new group vice president, Ana Villela-Murillo, for the Southeast, as well as a new senior vice president, Peggy Sue Lane, covering southern California, Nevada, and Arizona.
Stewart nearly doubled its earnings in 2020, with $154.9 million reported – up from the $78.6 million it made in 2019. In the fourth quarter of 2020, the company reported a net income of nearly $60 million, driven by historic mortgage originations. That’s quite a change considering the company only broke even during the fourth quarter of 2019. Operating revenues checked in at $728.3 million, an increase of $215.6 million, or 42%, higher than the third quarter.
Stewart’s stock is up 25% over the past six months. As of Monday, shares were trading at $57.83.
