Allspring Global Investments Holdings LLC Trims Position in EVERTEC, Inc. (NYSE:EVTC)

Allspring Global Investments Holdings LLC lessened its position in shares of EVERTEC, Inc. (NYSE:EVTC) by 20.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,708 shares of the business services provider’s stock after selling 2,974 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in EVERTEC were worth $479,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of EVTC. SG Americas Securities LLC purchased a new stake in EVERTEC during the third quarter valued at $1,159,000. DAVENPORT & Co LLC increased its position in EVERTEC by 2.2% during the third quarter. DAVENPORT & Co LLC now owns 40,602 shares of the business services provider’s stock valued at $1,510,000 after acquiring an additional 881 shares during the last quarter. Simplicity Solutions LLC increased its position in EVERTEC by 4.4% in the third quarter. Simplicity Solutions LLC now owns 20,382 shares of the business services provider’s stock worth $758,000 after buying an additional 861 shares in the last quarter. Redwood Investments LLC increased its position in EVERTEC by 68.9% in the third quarter. Redwood Investments LLC now owns 416,639 shares of the business services provider’s stock worth $15,491,000 after buying an additional 169,980 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in EVERTEC by 20.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,219 shares of the business services provider’s stock worth $491,000 after buying an additional 2,210 shares in the last quarter. Hedge funds and other institutional investors own 96.80% of the company’s stock.

Analyst Upgrades and Downgrades

EVTC has been the subject of a number of analyst reports. StockNews.com cut EVERTEC from a “buy” rating to a “hold” rating in a research report on Thursday, February 29th. Morgan Stanley upped their price target on EVERTEC from $32.00 to $33.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $41.33.

Insider Activity at EVERTEC

In related news, CEO Morgan M. Schuessler sold 100,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.19, for a total transaction of $3,719,000.00. Following the completion of the transaction, the chief executive officer now directly owns 347,941 shares of the company’s stock, valued at $12,939,925.79. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Frank G. D’angelo sold 16,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $37.43, for a total transaction of $598,880.00. Following the completion of the transaction, the director now directly owns 10,380 shares of the company’s stock, valued at $388,523.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Morgan M. Schuessler sold 100,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.19, for a total value of $3,719,000.00. Following the transaction, the chief executive officer now directly owns 347,941 shares of the company’s stock, valued at $12,939,925.79. The disclosure for this sale can be found here. 0.64% of the stock is owned by corporate insiders.

EVERTEC Stock Performance

NYSE:EVTC opened at $38.27 on Friday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.58. EVERTEC, Inc. has a 12-month low of $31.55 and a 12-month high of $42.21. The stock has a 50-day moving average price of $38.63 and a 200 day moving average price of $38.18. The stock has a market capitalization of $2.46 billion, a P/E ratio of 31.63, a P/E/G ratio of 2.27 and a beta of 1.20.

EVERTEC (NYSE:EVTC) last released its earnings results on Wednesday, February 28th. The business services provider reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.06). EVERTEC had a return on equity of 29.73% and a net margin of 11.48%. The business had revenue of $194.62 million for the quarter, compared to analysts’ expectations of $179.86 million. Equities research analysts forecast that EVERTEC, Inc. will post 2.33 EPS for the current fiscal year.

EVERTEC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Monday, April 29th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend is Friday, April 26th. EVERTEC’s payout ratio is presently 16.53%.

About EVERTEC

EVERTEC, Inc engages in transaction processing business and financial technology in Latin America and the Caribbean. The company operates through four segments: Payment Services – Puerto Rico & Caribbean; Latin America Payments and Solutions; Merchant Acquiring; and Business Solutions. 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.