Evertec Inc (EVTC) Stake Increased by Smith Asset Management Group LP

Smith Asset Management Group LP lifted its holdings in Evertec Inc (NYSE:EVTC) by 4.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 131,626 shares of the business services provider’s stock after buying an additional 5,370 shares during the period. Smith Asset Management Group LP owned about 0.18% of Evertec worth $3,172,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Harvest Fund Management Co. Ltd raised its holdings 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 acquiring an additional 4,971 shares in the last quarter. First Hawaiian Bank purchased a new stake in shares of Evertec during the third quarter worth $191,000. United Services Automobile Association purchased a new stake in shares of Evertec during the second quarter worth $207,000. Amalgamated Bank purchased a new stake in shares of Evertec during the second quarter worth $213,000. Finally, Vident Investment Advisory LLC purchased a new stake in shares of Evertec during the second quarter worth $230,000. 77.14% of the stock is owned by institutional investors and hedge funds.

Several brokerages recently issued reports on EVTC. Zacks Investment Research upgraded Evertec from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a report on Thursday, July 26th. Deutsche Bank increased their price objective on Evertec from $20.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. Morgan Stanley raised their target price on Evertec from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, August 1st. Finally, Raymond James upgraded Evertec from a “market perform” rating to an “outperform” rating in a report on Wednesday, October 31st. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $21.67.

In other Evertec news, EVP Guillermo Rospigliosi purchased 2,870 shares of the stock in a transaction dated Saturday, August 11th. The shares were bought at an average cost of $17.41 per share, with a total value of $49,966.70. Following the completion of the transaction, the executive vice president now owns 51,687 shares in the company, valued at approximately $899,870.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Philip E. Steurer sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $24.39, for a total value of $243,900.00. Following the completion of the sale, the chief operating officer now directly owns 123,930 shares in the company, valued at $3,022,652.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 73,500 shares of company stock worth $1,759,985. Corporate insiders own 0.76% of the company’s stock.

NYSE EVTC opened at $28.87 on Wednesday. Evertec Inc has a fifty-two week low of $12.60 and a fifty-two week high of $28.93. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.73 and a current ratio of 1.73. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 19.64 and a beta of 0.99.

Evertec (NYSE:EVTC) last posted its earnings results on Tuesday, October 30th. The business services provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.04. Evertec had a return on equity of 62.09% and a net margin of 16.52%. The company had revenue of $112.02 million for the quarter, compared to analyst estimates of $108.94 million. During the same period last year, the company earned $0.33 earnings per share. The business’s revenue was up 9.0% compared to the same quarter last year. Analysts anticipate that Evertec Inc will post 1.66 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Monday, November 5th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, November 2nd. This represents a $0.20 annualized dividend and a yield of 0.69%. Evertec’s dividend payout ratio (DPR) is currently 13.61%.

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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.

Further Reading: Bond

Institutional Ownership by Quarter for Evertec (NYSE:EVTC)

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