Shares in real estate data and analytics provider CoreLogic Inc. soared 20 percent Thursday after the company reported that third-quarter operating income was up 17 percent from a year ago, thanks to acquisitions that have helped boost market share.
CoreLogic shares hit a high of $32.94 in trading Thursday before closing at $32.35, up 19.8 percent from Wednesday’s closing price of $27.
CoreLogic — a major provider of software and services to multiple listing services — generates the lion’s share of its revenue by providing services to businesses that originate or service residential mortgage loans.
Although rising mortgage rates have curtailed a boom in refinancings, CoreLogic said it’s gained a bigger share of the market for the provision of services to mortgage originators.
The company has been on an acquisition tear, completing a $62.5 million purchase of Bank of America’s flood zone determination and tax processing services operations in July; a $6 million acquisition of Case-Shiller in March; and a $4 million acquisition of RESDirect in February.
In June, CoreLogic entered into an agreement to acquire property data and analytics information company DataQuick and related businesses for $661 million. That deal is expected to close after antitrust regulators complete their review of the deal and a waiting period expires. Source: sec.gov