Axa Sells 22,500 Shares of Evertec Inc (EVTC)
Axa reduced its stake in Evertec Inc (NYSE:EVTC) by 31.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,800 shares of the business services provider’s stock after selling 22,500 shares during the period. Axa owned approximately 0.07% of Evertec worth $1,200,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd lifted its holdings in Evertec by 392.3% in the third quarter. Harvest Fund Management Co. Ltd now owns 6,238 shares of the business services provider’s stock valued at $150,000 after acquiring an additional 4,971 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Evertec by 64.2% in the third quarter. O Shaughnessy Asset Management LLC now owns 7,117 shares of the business services provider’s stock valued at $171,000 after acquiring an additional 2,782 shares during the period. First Hawaiian Bank bought a new position in Evertec in the third quarter valued at about $191,000. United Services Automobile Association bought a new position in Evertec in the second quarter valued at about $207,000. Finally, Amalgamated Bank bought a new position in Evertec in the second quarter valued at about $213,000. 79.64% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the company. Keefe, Bruyette & Woods assumed coverage on Evertec in a report on Thursday. They issued an “outperform” rating on the stock. Raymond James raised their price objective on Evertec from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Monday, November 12th. Finally, Zacks Investment Research raised Evertec from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Friday, November 2nd. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Evertec currently has an average rating of “Buy” and a consensus target price of $23.29.
Evertec (NYSE:EVTC) last issued its earnings results on Tuesday, October 30th. The business services provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $112.02 million for the quarter, compared to the consensus estimate of $108.94 million. Evertec had a return on equity of 62.09% and a net margin of 16.52%. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter last year, the company earned $0.33 EPS. On average, equities analysts expect that Evertec Inc will post 1.66 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Monday, November 5th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Friday, November 2nd. Evertec’s dividend payout ratio is presently 13.61%.
In other Evertec news, EVP Luis A. Rodriguez-Gonzalez sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $23.48, for a total transaction of $281,760.00. Following the completion of the transaction, the executive vice president now owns 70,944 shares in the company, valued at approximately $1,665,765.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Miguel Vizcarrondo sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $24.31, for a total value of $486,200.00. Following the transaction, the insider now owns 195,887 shares of the company’s stock, valued at approximately $4,762,012.97. The disclosure for this sale can be found here. Insiders have sold a total of 33,500 shares of company stock valued at $803,285 in the last 90 days. 0.76% of the stock is currently owned by company insiders.
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EVERTEC, Inc and its subsidiaries engage in transaction processing business serving financial institutions, merchants, corporations, and government agencies in Latin America and the Caribbean. The company operates through four segments: Payment Services – Puerto Rico & Caribbean, Payment Services – Latin America, Merchant Acquiring, and Business Solutions.
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