Evertec (EVTC) Raised to Outperform at Raymond James

Evertec (NYSE:EVTC) was upgraded by research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a report issued on Wednesday, Marketbeat.com reports.

Other research analysts also recently issued reports about the company. Morgan Stanley boosted their price target on Evertec from $19.00 to $23.00 and gave the company a “$22.95” rating in a report on Thursday, July 19th. Deutsche Bank upped their target price on Evertec from $20.00 to $25.00 and gave the stock a “hold” rating in a research note on Wednesday, August 1st. Finally, Zacks Investment Research raised Evertec from a “hold” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research note on Thursday, July 26th. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $21.33.

NYSE:EVTC traded up $1.18 during trading hours on Wednesday, reaching $27.96. The company had a trading volume of 21,262 shares, compared to its average volume of 444,688. Evertec has a 1-year low of $12.60 and a 1-year high of $27.36. The company has a market capitalization of $1.64 billion, a PE ratio of 18.78 and a beta of 1.27. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.77.

Evertec (NYSE:EVTC) last announced its quarterly earnings results on Tuesday, October 30th. The business services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.04. Evertec had a return on equity of 65.64% and a net margin of 16.52%. The company had revenue of $112.02 million during the quarter, compared to the consensus estimate of $108.94 million. During the same period in the previous year, the company posted $0.33 earnings per share. Evertec’s revenue for the quarter was up 9.0% on a year-over-year basis. Equities research analysts predict that Evertec will post 1.58 earnings per share for the current fiscal year.

In related news, insider Diana I. Rivera-Ramirez sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $23.55, for a total transaction of $35,325.00. Following the completion of the sale, the insider now directly owns 24,915 shares in the company, valued at $586,748.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Guillermo Rospigliosi purchased 2,870 shares of the company’s stock in a transaction that occurred on Saturday, August 11th. The shares were purchased at an average price of $17.41 per share, with a total value of $49,966.70. Following the completion of the transaction, the executive vice president now directly owns 51,687 shares of the company’s stock, valued at approximately $899,870.67. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 73,500 shares of company stock valued at $1,759,985. Corporate insiders own 0.76% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Harvest Fund Management Co. Ltd increased its position in shares of Evertec by 392.3% during the third quarter. Harvest Fund Management Co. Ltd now owns 6,238 shares of the business services provider’s stock worth $150,000 after purchasing an additional 4,971 shares in the last quarter. Summit Trail Advisors LLC increased its position in shares of Evertec by 11,437.9% during the first quarter. Summit Trail Advisors LLC now owns 154,838 shares of the business services provider’s stock worth $155,000 after purchasing an additional 153,496 shares in the last quarter. First Hawaiian Bank purchased a new stake in shares of Evertec during the third quarter worth approximately $191,000. United Services Automobile Association purchased a new stake in shares of Evertec during the second quarter worth approximately $207,000. Finally, Amalgamated Bank purchased a new stake in shares of Evertec during the second quarter worth approximately $213,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Evertec Company Profile

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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