Stewart Lender Services soars on the stock market
Stock is on fire after announcing Allonhill acquisition
The past two days have been quite a whirlwind for Stewart Lender Services (STC), which recently acquired key assets from due diligence firm Allonhill. Since the acquisition, the company's stock has been on the run, edging higher and higher.
The transaction was said to have solidified Stewart’s focus on providing quality and compliance services for the mortgage market. After the acquisition, Allonhill’s team of experts will join the Stewart family.
"Through a combination of the staff, industry-leading technology and Stewart’s resources, this transaction brings us tremendous strength at a time when this segment of the market is re-emerging," said Jason Nadeau, president and CEO of Stewart Lender Services.
Since the announcement of the acquisition, Stewart Lender Services has seen a continued increase in its stock price on the HW 30 index — HousingWire’s exclusive index of stocks impacting the housing economy.
When compared to the New York Stock Exchange, Stewart's weekly improvement was much steeper, although both reached similar growth levels overall for the week.
Year-to-date Stewart’s stocks are up 10.86% on the HW 30 index.