Bank of America Corp DE Sells 46,071 Shares of EVERTEC, Inc. (NYSE:EVTC)

Bank of America Corp DE reduced its position in shares of EVERTEC, Inc. (NYSE:EVTC - Free Report) by 30.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 106,789 shares of the business services provider's stock after selling 46,071 shares during the quarter. Bank of America Corp DE owned about 0.17% of EVERTEC worth $3,687,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EVTC. Fifth Third Bancorp lifted its stake in EVERTEC by 52.1% during the fourth quarter. Fifth Third Bancorp now owns 1,174 shares of the business services provider's stock valued at $41,000 after buying an additional 402 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of EVERTEC by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,747 shares of the business services provider's stock worth $233,000 after acquiring an additional 429 shares in the last quarter. Bridge City Capital LLC grew its holdings in EVERTEC by 0.9% during the fourth quarter. Bridge City Capital LLC now owns 68,784 shares of the business services provider's stock valued at $2,375,000 after purchasing an additional 601 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in EVERTEC by 4,525.0% in the 4th quarter. Quadrant Capital Group LLC now owns 740 shares of the business services provider's stock worth $26,000 after acquiring an additional 724 shares during the period. Finally, Blue Trust Inc. boosted its stake in EVERTEC by 55.2% during the 4th quarter. Blue Trust Inc. now owns 2,148 shares of the business services provider's stock valued at $73,000 after purchasing an additional 764 shares during the period. 96.80% of the stock is currently owned by institutional investors.

EVERTEC Stock Performance

Shares of EVERTEC stock traded down $0.36 on Wednesday, hitting $36.05. The stock had a trading volume of 250,394 shares, compared to its average volume of 378,996. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 1.84. The business's 50 day moving average is $35.00 and its two-hundred day moving average is $34.80. EVERTEC, Inc. has a twelve month low of $28.76 and a twelve month high of $38.56. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 28.16, a price-to-earnings-growth ratio of 1.43 and a beta of 1.02.

EVERTEC (NYSE:EVTC - Get Free Report) last released its earnings results on Wednesday, May 7th. The business services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.06. EVERTEC had a return on equity of 33.01% and a net margin of 10.20%. The company had revenue of $228.79 million for the quarter, compared to analyst estimates of $217.97 million. During the same period in the prior year, the firm posted $0.72 EPS. EVERTEC's quarterly revenue was up 11.4% on a year-over-year basis. Analysts forecast that EVERTEC, Inc. will post 2.63 EPS for the current year.

EVERTEC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Tuesday, May 13th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $0.20 annualized dividend and a yield of 0.55%. EVERTEC's dividend payout ratio is presently 10.05%.

Insider Activity at EVERTEC

In other news, CEO Morgan M. Schuessler sold 80,000 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $37.45, for a total value of $2,996,000.00. Following the transaction, the chief executive officer now directly owns 282,172 shares of the company's stock, valued at $10,567,341.40. The trade was a 22.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Paola Perez-Surillo sold 14,585 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $37.15, for a total value of $541,832.75. Following the completion of the sale, the executive vice president now directly owns 35,203 shares of the company's stock, valued at $1,307,791.45. This trade represents a 29.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 264,561 shares of company stock worth $9,812,062 over the last three months. Company insiders own 0.63% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on EVTC. Keefe, Bruyette & Woods raised their target price on EVERTEC from $42.00 to $44.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. Raymond James upped their price target on shares of EVERTEC from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. William Blair reiterated an "outperform" rating on shares of EVERTEC in a report on Thursday, February 27th. Finally, Susquehanna set a $39.00 price target on EVERTEC and gave the company a "neutral" rating in a research note on Tuesday, May 20th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, EVERTEC has a consensus rating of "Moderate Buy" and a consensus target price of $40.00.

EVERTEC 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.