EVERTEC (NYSE:EVTC) Posts Earnings Results, Beats Expectations By $0.04 EPS

EVERTEC (NYSE:EVTC – Get Rating) announced its quarterly earnings results on Thursday. The business services provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.04, Briefing.com reports. EVERTEC had a return on equity of 43.09% and a net margin of 27.40%. The firm had revenue of $160.60 million for the quarter, compared to analyst estimates of $150.22 million. During the same period last year, the firm posted $0.73 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. EVERTEC updated its FY 2022 guidance to $2.52-$2.60 EPS and its FY22 guidance to $2.52-$2.60 EPS.

EVERTEC Stock Down 6.8 %

Shares of NYSE EVTC traded down $2.71 during midday trading on Friday, hitting $36.87. 285,518 shares of the stock traded hands, compared to its average volume of 271,322. The company has a market cap of $2.64 billion, a PE ratio of 16.39 and a beta of 0.91. EVERTEC has a one year low of $33.57 and a one year high of $51.06. The business has a 50 day moving average price of $36.88 and a two-hundred day moving average price of $39.32. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.95 and a current ratio of 2.95.

EVERTEC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Shareholders of record on Monday, August 8th will be issued a $0.05 dividend. The ex-dividend date is Friday, August 5th. This represents a $0.20 dividend on an annualized basis and a yield of 0.54%. EVERTEC’s payout ratio is currently 8.89%.

Insider Activity

In other news, EVP Luis A. Rodriguez-Gonzalez sold 9,238 shares of the business’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $37.57, for a total transaction of $347,071.66. Following the completion of the sale, the executive vice president now owns 30,020 shares in the company, valued at $1,127,851.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On EVERTEC

Institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can grew its holdings in EVERTEC by 4.5% during the first quarter. Bank of Montreal Can now owns 47,353 shares of the business services provider’s stock worth $1,966,000 after buying an additional 2,028 shares in the last quarter. First Republic Investment Management Inc. boosted its position in EVERTEC by 35.3% in the first quarter. First Republic Investment Management Inc. now owns 45,966 shares of the business services provider’s stock worth $1,881,000 after purchasing an additional 11,997 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in EVERTEC by 32.3% in the first quarter. BNP Paribas Arbitrage SA now owns 39,026 shares of the business services provider’s stock worth $1,597,000 after purchasing an additional 9,536 shares during the last quarter. MetLife Investment Management LLC boosted its position in EVERTEC by 55.1% in the first quarter. MetLife Investment Management LLC now owns 32,586 shares of the business services provider’s stock worth $1,334,000 after purchasing an additional 11,570 shares during the last quarter. Finally, HighTower Advisors LLC boosted its position in EVERTEC by 15.9% in the first quarter. HighTower Advisors LLC now owns 28,929 shares of the business services provider’s stock worth $1,183,000 after purchasing an additional 3,976 shares during the last quarter. Institutional investors own 83.26% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods cut their price target on EVERTEC from $50.00 to $47.00 in a research note on Monday, July 11th. StockNews.com lowered EVERTEC from a “buy” rating to a “hold” rating in a research note on Saturday, May 7th.

EVERTEC Company Profile

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EVERTEC, Inc engages in transaction processing business in Latin America and the Caribbean. The company operates through Payment Services – Puerto Rico & Caribbean; Payment Services – Latin America; Merchant Acquiring; Business Solutions, and Corporate and Other segments. 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.