EVERTEC (NYSE:EVTC) Sets New 52-Week High Following Analyst Upgrade

EVERTEC, Inc. (NYSE:EVTC)’s share price reached a new 52-week high during trading on Tuesday after Susquehanna raised their price target on the stock from $35.00 to $39.00. Susquehanna currently has a neutral rating on the stock. EVERTEC traded as high as $38.35 and last traded at $38.29, with a volume of 21704 shares. The stock had previously closed at $38.21.

A number of other equities analysts have also commented on the company. Raymond James boosted their price objective on EVERTEC from $39.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday, May 8th. William Blair reissued an “outperform” rating on shares of EVERTEC in a research note on Thursday, February 27th. Finally, Keefe, Bruyette & Woods boosted their target price on EVERTEC from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $40.00.

Insider Transactions at EVERTEC

In related news, EVP Daniel Brignardello sold 7,641 shares of the company’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $36.60, for a total value of $279,660.60. Following the completion of the sale, the executive vice president now owns 31,277 shares in the company, valued at approximately $1,144,738.20. This represents a 19.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Morgan M. Schuessler sold 80,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $37.45, for a total value of $2,996,000.00. Following the sale, the chief executive officer now directly owns 282,172 shares in the company, valued at approximately $10,567,341.40. This represents a 22.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 257,709 shares of company stock worth $9,560,936 over the last 90 days. 0.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Quadrant Capital Group LLC grew its holdings in shares of EVERTEC by 4,525.0% during the fourth quarter. Quadrant Capital Group LLC now owns 740 shares of the business services provider’s stock worth $26,000 after buying an additional 724 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of EVERTEC by 52.1% during the fourth quarter. Fifth Third Bancorp now owns 1,174 shares of the business services provider’s stock worth $41,000 after buying an additional 402 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of EVERTEC by 199.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the business services provider’s stock worth $41,000 after buying an additional 794 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of EVERTEC by 39.2% during the first quarter. Blue Trust Inc. now owns 1,522 shares of the business services provider’s stock worth $56,000 after buying an additional 429 shares in the last quarter. Finally, Johnson Financial Group Inc. bought a new position in shares of EVERTEC during the fourth quarter worth about $54,000. 96.80% of the stock is currently owned by institutional investors.

EVERTEC Stock Performance

The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 1.84. The firm has a market capitalization of $2.44 billion, a P/E ratio of 29.96, a P/E/G ratio of 1.43 and a beta of 1.02. The stock has a fifty day moving average of $35.13 and a 200-day moving average of $34.66.

EVERTEC (NYSE:EVTC) last posted its quarterly earnings data on Wednesday, May 7th. The business services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. The business had revenue of $228.79 million during the quarter, compared to the consensus estimate of $217.97 million. EVERTEC had a return on equity of 33.01% and a net margin of 10.20%. EVERTEC’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period last year, the company earned $0.72 earnings per share. On average, research analysts anticipate that EVERTEC, Inc. will post 2.63 EPS for the current year.

EVERTEC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Tuesday, May 13th will be paid a $0.05 dividend. The ex-dividend date is Tuesday, May 13th. This represents a $0.20 dividend on an annualized basis and a yield of 0.52%. EVERTEC’s dividend payout ratio is 10.05%.

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.