Evertec (NYSE:EVTC) Price Target Raised to $42.00

Evertec (NYSE:EVTC) had its price target boosted by Keefe, Bruyette & Woods from $38.00 to $42.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the business services provider’s stock.

Several other research firms have also recently weighed in on EVTC. Weiss Ratings upgraded Evertec from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, October 21st. Morgan Stanley set a $34.00 price objective on shares of Evertec in a report on Thursday, August 6th. Finally, Wall Street Zen raised shares of Evertec from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Evertec presently has an average rating of “Hold” and a consensus target price of $36.67.

Evertec Stock Performance

EVTC opened at $33.69 on Wednesday. Evertec has a twelve month low of $21.81 and a twelve month high of $35.28. The stock has a market cap of $2.01 billion, a PE ratio of 22.16, a price-to-earnings-growth ratio of 0.93 and a beta of 0.71. The business’s 50 day moving average is $29.94 and its 200-day moving average is $28.49. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 1.89.

Evertec (NYSE:EVTC) last issued its earnings results on Tuesday, November 3rd. The business services provider reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.09. The business had revenue of $282.99 million during the quarter, compared to the consensus estimate of $272.94 million. Evertec had a return on equity of 32.07% and a net margin of 9.80%. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 earnings per share. On average, analysts predict that Evertec will post 3.53 earnings per share for the current year.

Evertec Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Monday, November 9th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $0.20 annualized dividend and a dividend yield of 0.6%. Evertec’s payout ratio is 13.16%.

Insider Buying and Selling at Evertec

In related news, Director Aldo J. Polak sold 1,094 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $30.37, for a total transaction of $33,224.78. Following the transaction, the director owned 14,849 shares in the company, valued at $450,964.13. The trade was a 6.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Morgan M. Schuessler sold 145,000 shares of the firm’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $34.77, for a total transaction of $5,041,650.00. Following the sale, the chief executive officer directly owned 305,054 shares in the company, valued at approximately $10,606,727.58. The trade was a 32.22% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 165,580 shares of company stock valued at $5,686,323. Corporate insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Evertec during the 2nd quarter worth approximately $254,513,000. Heartland Advisors Inc. purchased a new position in shares of Evertec during the 2nd quarter valued at approximately $23,346,000. North Star Asset Management Inc. acquired a new stake in shares of Evertec in the 2nd quarter worth about $22,489,000. Lone Peak Global Investors LLC raised its holdings in shares of Evertec by 5.9% in the 2nd quarter. Lone Peak Global Investors LLC now owns 584,685 shares of the business services provider’s stock worth $16,243,000 after purchasing an additional 32,764 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Evertec in the second quarter worth approximately $12,700,000. Institutional investors own 96.80% of the company’s stock.

Evertec Company Profile

Evertec, Inc is a payment processing and financial technology company that provides transaction-processing services and business technology solutions to financial institutions, merchants, government agencies and other organizations. The company operates through businesses that support electronic payments, merchant acquiring, payment networks and related financial services.

Its products and services include debit and credit card processing, point-of-sale and e-commerce payment acceptance, automated teller machine processing, prepaid services, electronic bill payment and money transfer solutions.