Allspring Global Investments Holdings LLC Cuts Stake in Evertec, Inc. $EVTC

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Evertec, Inc. (NYSE:EVTC) by 5.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,575 shares of the business services provider’s stock after selling 605 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Evertec were worth $390,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of EVTC. USA Financial Formulas acquired a new position in Evertec in the second quarter valued at approximately $26,000. Blue Trust Inc. raised its stake in Evertec by 39.2% during the 1st quarter. Blue Trust Inc. now owns 1,522 shares of the business services provider’s stock valued at $56,000 after purchasing an additional 429 shares during the period. TD Private Client Wealth LLC raised its stake in Evertec by 19.3% during the 1st quarter. TD Private Client Wealth LLC now owns 1,855 shares of the business services provider’s stock valued at $68,000 after purchasing an additional 300 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of Evertec during the 1st quarter valued at $80,000. Finally, Wealth Alliance LLC purchased a new position in shares of Evertec during the 1st quarter valued at $209,000. 96.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Morgan Stanley decreased 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. Deutsche Bank Aktiengesellschaft started coverage on shares of Evertec in a research report on Thursday, July 17th. They set a “hold” rating and a $35.00 target price for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Evertec in a research report on Wednesday, October 8th. Zacks Research lowered shares of Evertec from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $43.00 price objective (up from $42.00) on shares of Evertec in a research note on Thursday, July 31st. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $39.00.

Evertec Price Performance

EVTC opened at $31.00 on Friday. Evertec, Inc. has a one year low of $29.38 and a one year high of $38.56. The company has a debt-to-equity ratio of 1.49, a current ratio of 2.20 and a quick ratio of 2.20. The company’s 50 day simple moving average is $33.51 and its 200-day simple moving average is $34.68. The stock has a market capitalization of $1.98 billion, a P/E ratio of 14.62, a price-to-earnings-growth ratio of 1.52 and a beta of 0.93.

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

Evertec Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Monday, November 3rd will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, November 3rd. Evertec’s dividend payout ratio is 9.43%.

Evertec Profile

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.