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

Zacks Research lowered shares of Evertec (NYSE:EVTC) from a strong-buy rating to a hold rating in a research note released on Tuesday,Zacks.com reports.

A number of other analysts also recently issued reports on EVTC. Keefe, Bruyette & Woods cut their price objective on shares of Evertec from $44.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Susquehanna dropped their price target on shares of Evertec from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Morgan Stanley reduced their price target on Evertec from $34.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Evertec in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.80.

Evertec Stock Performance

Shares of NYSE EVTC opened at $30.15 on Tuesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 2.91 and a quick ratio of 2.91. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 13.40, a P/E/G ratio of 1.12 and a beta of 0.88. The stock’s fifty day moving average price is $29.37 and its two-hundred day moving average price is $31.87. Evertec has a one year low of $26.72 and a one year high of $38.56.

Institutional Investors Weigh In On Evertec

Hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. lifted its stake in Evertec by 7.4% in the 3rd quarter. American Century Companies Inc. now owns 4,894,013 shares of the business services provider’s stock valued at $165,320,000 after purchasing an additional 335,639 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Evertec by 0.6% during the second quarter. Geode Capital Management LLC now owns 1,476,778 shares of the business services provider’s stock worth $53,245,000 after buying an additional 9,506 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Evertec by 731.6% in the 3rd quarter. Millennium Management LLC now owns 686,281 shares of the business services provider’s stock valued at $23,183,000 after acquiring an additional 603,753 shares during the last quarter. Boston Partners boosted its holdings in shares of Evertec by 45.0% during the 3rd quarter. Boston Partners now owns 526,864 shares of the business services provider’s stock valued at $17,656,000 after acquiring an additional 163,398 shares in the last quarter. Finally, Clifford Capital Partners LLC grew its position in Evertec by 0.3% during the 3rd quarter. Clifford Capital Partners LLC now owns 436,707 shares of the business services provider’s stock worth $14,752,000 after acquiring an additional 1,276 shares during the last quarter. 96.80% of the stock is currently owned by institutional investors and hedge funds.

About Evertec

Evertec, Inc (NYSE: EVTC) is a leading full‐service transaction processor in Puerto Rico, Latin America and the Caribbean. The company delivers integrated technology solutions for electronic payments, providing financial institutions, merchants and governments with secure and scalable platforms to accept, process and settle transactions across card, ATM, debit and digital channels. Headquartered in San Juan, Puerto Rico, Evertec supports both domestic and cross‐border payment flows, enabling clients to streamline operations and expand their digital commerce capabilities.

Evertec’s suite of services includes merchant acquiring, payment gateway connectivity, ATM and point‐of‐sale network management, and fraud prevention solutions.