EVERTEC (NYSE:EVTC) Shares Gap Up – Here’s Why

EVERTEC, Inc. (NYSE:EVTC) shares gapped up prior to trading on Thursday . The stock had previously closed at $34.84, but opened at $36.13. EVERTEC shares last traded at $35.90, with a volume of 26,874 shares changing hands.

Analyst Ratings Changes

A number of brokerages have recently weighed in on EVTC. Morgan Stanley upgraded EVERTEC from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $33.00 to $35.00 in a report on Thursday. Susquehanna downgraded EVERTEC from a “neutral” rating to a “negative” rating and dropped their price objective for the stock from $38.00 to $28.00 in a report on Thursday, September 5th.

EVERTEC Stock Up 0.7 %

The business has a fifty day moving average of $33.70 and a 200 day moving average of $33.88. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 28.58, a P/E/G ratio of 1.62 and a beta of 1.15. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.97 and a quick ratio of 1.97.

EVERTEC (NYSE:EVTC) last released its quarterly earnings data on Wednesday, November 6th. The business services provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.13. EVERTEC had a return on equity of 33.01% and a net margin of 10.20%. The firm had revenue of $211.80 million for the quarter, compared to the consensus estimate of $211.51 million. During the same quarter in the prior year, the company posted $0.72 earnings per share. The firm’s revenue was up 22.3% on a year-over-year basis. On average, equities analysts predict that EVERTEC, Inc. will post 2.55 earnings per share for the current year.

EVERTEC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, October 28th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, October 28th. This represents a $0.20 annualized dividend and a yield of 0.55%. EVERTEC’s dividend payout ratio (DPR) is presently 15.63%.

Insider Buying and Selling at EVERTEC

In other EVERTEC news, EVP Miguel Vizcarrondo sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $34.11, for a total transaction of $1,364,400.00. Following the transaction, the executive vice president now owns 129,928 shares in the company, valued at $4,431,844.08. This trade represents a 23.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On EVERTEC

Hedge funds have recently modified their holdings of the business. Opal Wealth Advisors LLC bought a new stake in shares of EVERTEC in the second quarter valued at approximately $28,000. Public Employees Retirement System of Ohio bought a new stake in shares of EVERTEC in the third quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of EVERTEC in the third quarter valued at approximately $55,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of EVERTEC by 866.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,426 shares of the business services provider’s stock valued at $81,000 after acquiring an additional 2,175 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of EVERTEC by 90.7% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,132 shares of the business services provider’s stock valued at $104,000 after acquiring an additional 1,490 shares during the period. 96.80% of the stock is owned by institutional investors.

EVERTEC Company 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.