Bank of America Corp DE Makes New Investment in Evertec, Inc. $EVTC

Key Points

• Bank of America acquired 282,036 Evertec shares worth approximately $7.8 million in the second quarter, joining other major institutional investors. Institutions collectively own 96.8% of EVTC.
• Evertec exceeded quarterly expectations, reporting $1.05 in earnings per share versus the $0.95 consensus and $274.8 million in revenue, up 19.7% year over year.
• Analysts have a generally neutral outlook, with an average “Hold” rating and a $35 price target versus the stock’s $28.17 opening price. Insiders sold 20,580 shares worth about $644,673 over the past three months.

Bank of America Corp DE acquired a new position in Evertec, Inc. (NYSE:EVTC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 282,036 shares of the business services provider's stock, valued at approximately $7,835,000. Bank of America Corp DE owned approximately 0.47% of Evertec as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of EVTC. BlackRock Inc. bought a new stake in shares of Evertec during the 2nd quarter valued at $254,513,000. Heartland Advisors Inc. acquired a new stake in shares of Evertec during the 2nd quarter worth approximately $23,346,000. Bank of New York Mellon Corp bought a new position in shares of Evertec in the 2nd quarter valued at $12,700,000. Palisade Capital Management LP bought a new position in shares of Evertec in the 2nd quarter valued at $4,504,000. Finally, Legal & General Group Plc acquired a new position in shares of Evertec during the 2nd quarter worth $4,327,000. Institutional investors own 96.80% of the company's stock.

Insider Activity

In other news, EVP Paola Perez-Surillo sold 17,486 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $31.56, for a total value of $551,858.16. Following the transaction, the executive vice president directly owned 46,421 shares of the company's stock, valued at $1,465,046.76. The trade was a 27.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Aldo Polak sold 1,094 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $30.37, for a total value of $33,224.78. Following the sale, the director directly owned 14,849 shares of the company's stock, valued at $450,964.13. This represents a 6.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 20,580 shares of company stock valued at $644,673. Corporate insiders own 1.13% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on EVTC. Morgan Stanley set a $34.00 price objective on Evertec in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Evertec from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 25th. Finally, Wall Street Zen upgraded shares of Evertec from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $35.00.

Evertec Stock Down 0.1%

Shares of NYSE:EVTC opened at $28.17 on Friday. The firm has a market cap of $1.68 billion, a P/E ratio of 18.29, a P/E/G ratio of 0.80 and a beta of 0.69. Evertec, Inc. has a 12-month low of $21.81 and a 12-month high of $34.76. The business has a fifty day simple moving average of $29.82 and a 200 day simple moving average of $28.15. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 1.89.

Evertec (NYSE:EVTC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The business services provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.10. The company had revenue of $274.82 million during the quarter, compared to analysts' expectations of $262.24 million. Evertec had a return on equity of 32.07% and a net margin of 9.80%.The business's quarterly revenue was up 19.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 earnings per share. Evertec has set its FY 2026 guidance at 3.940-4.040 EPS. Analysts predict that Evertec, Inc. will post 3.53 earnings per share for the current year.

Evertec Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Monday, August 3rd were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $0.20 dividend on an annualized basis and a yield of 0.7%. Evertec's dividend payout ratio is 12.99%.

Evertec Company Profile

Evertec, Inc NYSE: EVTC is a payment processing and business services company that provides technology solutions for financial institutions, merchants, governments and other organizations. Its services include merchant acquiring, point-of-sale and e-commerce payment acceptance, debit and credit card processing, ATM services, electronic funds transfer and payment network operations.

The company also offers digital payment products, including the ATH® network and ATH Móvil® mobile payment platform, as well as services that support card issuers and other financial institutions.

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