PNC Financial Services Group Inc. Reduces Holdings in EVERTEC, Inc. (NYSE:EVTC)

PNC Financial Services Group Inc. decreased its position in shares of EVERTEC, Inc. (NYSE:EVTCGet Rating) by 1.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,563 shares of the business services provider’s stock after selling 687 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of EVERTEC worth $1,743,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EVTC. Truist Financial Corp increased its position in shares of EVERTEC by 38.5% in the 1st quarter. Truist Financial Corp now owns 65,379 shares of the business services provider’s stock worth $2,676,000 after purchasing an additional 18,181 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in shares of EVERTEC in the 4th quarter valued at about $944,000. Geode Capital Management LLC boosted its holdings in shares of EVERTEC by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 1,016,049 shares of the business services provider’s stock valued at $50,782,000 after buying an additional 37,888 shares during the period. Bares Capital Management Inc. boosted its holdings in shares of EVERTEC by 5.5% in the 4th quarter. Bares Capital Management Inc. now owns 305,200 shares of the business services provider’s stock valued at $15,254,000 after buying an additional 16,016 shares during the period. Finally, WINTON GROUP Ltd boosted its holdings in shares of EVERTEC by 224.6% in the 4th quarter. WINTON GROUP Ltd now owns 29,007 shares of the business services provider’s stock valued at $1,450,000 after buying an additional 20,070 shares during the period. Hedge funds and other institutional investors own 98.84% of the company’s stock.

EVERTEC Stock Up 0.3 %

NYSE EVTC opened at $33.48 on Wednesday. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.94 and a quick ratio of 2.95. The company’s 50 day simple moving average is $36.18 and its 200 day simple moving average is $38.21. EVERTEC, Inc. has a 12 month low of $32.57 and a 12 month high of $51.06. The company has a market capitalization of $2.24 billion, a P/E ratio of 16.36 and a beta of 0.95.

EVERTEC (NYSE:EVTCGet Rating) last released its earnings results on Thursday, August 4th. The business services provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). EVERTEC had a return on equity of 38.20% and a net margin of 24.33%. The business had revenue of $160.60 million during the quarter, compared to the consensus estimate of $150.22 million. During the same quarter in the previous year, the firm earned $0.73 earnings per share. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. Equities research analysts expect that EVERTEC, Inc. will post 2.34 earnings per share for the current fiscal year.

EVERTEC Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Monday, August 8th were issued a $0.05 dividend. The ex-dividend date was Friday, August 5th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.60%. EVERTEC’s payout ratio is currently 9.80%.

Wall Street Analyst Weigh In

EVTC has been the subject of several research reports. Morgan Stanley decreased their price target on shares of EVERTEC from $34.00 to $31.00 and set an “underweight” rating for the company in a report on Monday, August 8th. Keefe, Bruyette & Woods reduced their target price on shares of EVERTEC from $50.00 to $47.00 in a research note on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $42.20.

EVERTEC Profile

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EVERTEC, Inc engages in transaction processing business in Latin America and the Caribbean. The company operates through Payment Services – Puerto Rico & Caribbean; Payment Services – Latin America; Merchant Acquiring; Business Solutions, and Corporate and Other segments. It provides merchant acquiring services, which enable point of sales and e-commerce merchants to accept and process electronic methods of payment, such as debit, credit, prepaid, and electronic benefit transfer (EBT) cards.

Further Reading

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Institutional Ownership by Quarter for EVERTEC (NYSE:EVTC)

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