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

EVERTEC, Inc. (NYSE:EVTC)’s share price 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 traded.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Susquehanna downgraded EVERTEC from a “neutral” rating to a “negative” rating and reduced their price target for the stock from $38.00 to $28.00 in a research report on Thursday, September 5th. Morgan Stanley upgraded EVERTEC from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $33.00 to $35.00 in a research note on Thursday.

EVERTEC Trading Up 4.4 %

The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 1.84. The stock has a 50-day simple moving average of $33.64 and a 200 day simple moving average of $33.86. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 27.22, a PEG ratio of 1.62 and a beta of 1.15.

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

EVERTEC Dividend Announcement

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

Insider Transactions at EVERTEC

In related news, EVP Miguel Vizcarrondo sold 40,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $34.11, for a total value of $1,364,400.00. Following the transaction, the executive vice president now directly owns 129,928 shares of the company’s stock, valued at approximately $4,431,844.08. This trade represents a 23.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.83% of the company’s stock.

Institutional Trading of EVERTEC

Institutional investors have recently made changes to their positions in the company. Barclays PLC lifted its holdings in EVERTEC by 385.6% in the 3rd quarter. Barclays PLC now owns 115,398 shares of the business services provider’s stock valued at $3,910,000 after purchasing an additional 91,632 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of EVERTEC in the third quarter worth about $28,000. Main Management ETF Advisors LLC acquired a new position in EVERTEC during the third quarter worth about $842,000. XTX Topco Ltd grew its stake in EVERTEC by 13.2% during the 3rd quarter. XTX Topco Ltd now owns 11,515 shares of the business services provider’s stock valued at $390,000 after acquiring an additional 1,343 shares in the last quarter. Finally, Zacks Investment Management purchased a new position in EVERTEC in the 3rd quarter worth approximately $1,258,000. 96.80% of the stock is owned by institutional investors and hedge funds.

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.