Evertec, Inc. (EVTC) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Evertec, Inc. (NYSE:EVTC) from a hold rating to a buy rating in a research report report published on Tuesday morning. The brokerage currently has $18.00 price objective on the business services provider’s stock.
According to Zacks, “Evertec, Inc. is engaged in transaction processing business primarily in Latin America and the Caribbean. The Company operates through divisions which consist of Merchant Acquiring Solutions, Payment Processing and Business Solutions. It offers ATH network, payment processing, card products processing, electronic benefit transfer services, information technology services, database management services, printing centre and document mailing, cash processing, business processes outsourcing services as well as payment solutions, point-of-sale systems and accessories to receive payments. Evertec, Inc. is based in San Juan, Puerto Rico. “
Several other equities research analysts have also commented on the company. BidaskClub raised Evertec from a strong sell rating to a sell rating in a research note on Saturday, July 1st. Stifel Nicolaus raised Evertec from a hold rating to a buy rating and set a $18.00 price target on the stock in a research note on Thursday, September 28th. Finally, ValuEngine lowered Evertec from a buy rating to a hold rating in a research note on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $18.50.
Shares of Evertec (NYSE EVTC) traded up 1.93% during trading on Tuesday, hitting $15.85. The company’s stock had a trading volume of 520,015 shares. The company has a 50-day moving average price of $17.74 and a 200-day moving average price of $17.01. Evertec has a one year low of $14.15 and a one year high of $19.52. The stock has a market cap of $1.15 billion, a PE ratio of 14.83 and a beta of 1.20.
Evertec (NYSE:EVTC) last announced its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.02. The business had revenue of $103.51 million for the quarter, compared to analyst estimates of $100.21 million. Evertec had a return on equity of 107.21% and a net margin of 19.64%. The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.43 EPS. Equities analysts predict that Evertec will post $1.63 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Monday, August 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Thursday, August 3rd. Evertec’s payout ratio is currently 37.74%.
A number of hedge funds have recently bought and sold shares of EVTC. Russell Investments Group Ltd. purchased a new stake in Evertec in the 1st quarter valued at approximately $374,000. First Trust Advisors LP lifted its stake in Evertec by 8.2% in the 1st quarter. First Trust Advisors LP now owns 36,591 shares of the business services provider’s stock valued at $582,000 after buying an additional 2,784 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Evertec by 3.4% in the 1st quarter. Bank of New York Mellon Corp now owns 340,359 shares of the business services provider’s stock valued at $5,412,000 after buying an additional 11,217 shares in the last quarter. Sei Investments Co. lifted its stake in Evertec by 9.5% in the 1st quarter. Sei Investments Co. now owns 95,868 shares of the business services provider’s stock valued at $1,524,000 after buying an additional 8,311 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Evertec by 14.0% in the 1st quarter. Ameriprise Financial Inc. now owns 523,363 shares of the business services provider’s stock valued at $8,319,000 after buying an additional 64,151 shares in the last quarter. 77.96% of the stock is currently owned by hedge funds and other institutional investors.
Evertec Company Profile
EVERTEC, Inc is a transaction processing company. The Company provides a range of merchant acquiring, payment processing and business process management services. The Company operates through three segments: Merchant Acquiring, Payment Processing and Business Solutions. As of December 31, 2016, it managed a system of electronic payment networks that processed over two billion transactions annually.
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