Evertec (NYSE:EVTC) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Evertec (NYSE:EVTC) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

EVTC has been the topic of several other reports. Deutsche Bank Aktiengesellschaft began coverage on Evertec in a research report on Thursday, July 17th. They set a “hold” rating and a $35.00 price objective on the stock. Raymond James Financial reiterated an “outperform” rating and set a $43.00 price target (up from $42.00) on shares of Evertec in a research report on Thursday, July 31st. Finally, Morgan Stanley lowered their price objective on shares of Evertec from $35.00 to $34.00 and set an “equal weight” rating for the company in a report on Thursday, July 31st. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $39.00.

Evertec Stock Down 0.4%

EVTC stock opened at $33.65 on Monday. The company’s 50 day moving average is $34.82 and its 200 day moving average is $35.28. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 15.87, a price-to-earnings-growth ratio of 1.65 and a beta of 0.93. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 1.49. Evertec has a 1-year low of $31.41 and a 1-year high of $38.56.

Evertec (NYSE:EVTC) last issued its quarterly earnings results on Wednesday, July 30th. The business services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of $229.61 million for the quarter, compared to analyst estimates of $222.23 million. Evertec had a net margin of 15.56% and a return on equity of 36.67%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.83 EPS. Evertec has set its FY 2025 guidance at 3.440-3.520 EPS. Sell-side analysts predict that Evertec will post 2.63 EPS for the current fiscal year.

Evertec Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Monday, August 4th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, August 4th. Evertec’s dividend payout ratio (DPR) is presently 9.43%.

Institutional Trading of Evertec

Hedge funds and other institutional investors have recently modified their holdings of the business. Mackenzie Financial Corp purchased a new stake in shares of Evertec in the 4th quarter worth approximately $368,000. GAMMA Investing LLC grew its stake in shares of Evertec by 4,773.8% in the first quarter. GAMMA Investing LLC now owns 14,524 shares of the business services provider’s stock worth $534,000 after acquiring an additional 14,226 shares during the period. Harbor Capital Advisors Inc. bought a new position in Evertec during the first quarter valued at approximately $823,000. Fifth Third Bancorp grew its position in Evertec by 44.7% in the 1st quarter. Fifth Third Bancorp now owns 1,699 shares of the business services provider’s stock worth $62,000 after purchasing an additional 525 shares during the period. Finally, Willis Investment Counsel grew its position in Evertec by 9.9% in the 1st quarter. Willis Investment Counsel now owns 38,022 shares of the business services provider’s stock worth $1,398,000 after purchasing an additional 3,420 shares during the period. 96.80% of the stock is owned by hedge funds and other institutional investors.

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.