Bank of New York Mellon Corp Reduces Holdings in Evertec, Inc. (NYSE:EVTC)

Bank of New York Mellon Corp lowered its stake in shares of Evertec, Inc. (NYSE:EVTC - Free Report) by 2.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 517,250 shares of the business services provider's stock after selling 15,090 shares during the period. Bank of New York Mellon Corp owned approximately 0.81% of Evertec worth $19,019,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in Evertec by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 317,649 shares of the business services provider's stock valued at $11,680,000 after acquiring an additional 7,125 shares during the period. Teacher Retirement System of Texas purchased a new stake in Evertec in the first quarter worth about $558,000. DAVENPORT & Co LLC increased its holdings in shares of Evertec by 16.7% during the first quarter. DAVENPORT & Co LLC now owns 43,618 shares of the business services provider's stock valued at $1,604,000 after acquiring an additional 6,237 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Evertec by 55.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 11,180 shares of the business services provider's stock worth $414,000 after purchasing an additional 3,980 shares during the period. Finally, Blue Trust Inc. grew its stake in Evertec by 39.2% in the 1st quarter. Blue Trust Inc. now owns 1,522 shares of the business services provider's stock valued at $56,000 after acquiring an additional 429 shares during the period. Hedge funds and other institutional investors own 96.80% of the company's stock.

Insider Buying and Selling

In other Evertec news, Director Aldo J. Polak sold 2,243 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $35.72, for a total transaction of $80,119.96. Following the transaction, the director directly owned 11,946 shares in the company, valued at $426,711.12. This represents a 15.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Luis A. Rodriguez-Gonzalez sold 18,898 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $35.69, for a total transaction of $674,469.62. Following the completion of the sale, the executive vice president directly owned 35,203 shares of the company's stock, valued at $1,256,395.07. This trade represents a 34.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,634 shares of company stock worth $2,742,976 over the last three months. 0.63% of the stock is owned by insiders.

Evertec Trading Down 1.2%

Shares of EVTC traded down $0.42 during trading hours on Friday, hitting $33.29. The company had a trading volume of 460,093 shares, compared to its average volume of 339,032. Evertec, Inc. has a 52-week low of $31.11 and a 52-week high of $38.56. The stock's 50 day moving average price is $36.30 and its 200 day moving average price is $34.98. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 1.69. The firm has a market cap of $2.12 billion, a P/E ratio of 16.73 and a beta of 0.98.

Evertec (NYSE:EVTC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The business services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.81 by $0.06. The company had revenue of $228.79 million during the quarter, compared to analyst estimates of $217.97 million. Evertec had a return on equity of 38.45% and a net margin of 14.89%. The firm's revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $0.72 earnings per share. On average, research analysts predict that Evertec, Inc. will post 2.63 EPS for the current year.

Evertec Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Tuesday, May 13th were given a dividend of $0.05 per share. The ex-dividend date was Tuesday, May 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.60%. Evertec's payout ratio is currently 10.05%.

Analyst Upgrades and Downgrades

EVTC has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft assumed coverage on Evertec in a research note on Thursday. They issued a "hold" rating and a $35.00 price objective for the company. Susquehanna set a $39.00 price objective on Evertec and gave the company a "neutral" rating in a research note on Tuesday, May 20th. Keefe, Bruyette & Woods raised their price target on Evertec from $42.00 to $44.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Finally, Raymond James Financial upped their price target on Evertec from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Evertec currently has a consensus rating of "Moderate Buy" and an average price target of $39.00.

About Evertec

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.