Harbor Capital Advisors Inc. Buys Shares of 22,370 Evertec, Inc. (NYSE:EVTC)

Harbor Capital Advisors Inc. acquired a new stake in shares of Evertec, Inc. (NYSE:EVTC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 22,370 shares of the business services provider's stock, valued at approximately $823,000.

A number of other large investors have also modified their holdings of EVTC. Canada Pension Plan Investment Board bought a new stake in Evertec in the 4th quarter valued at $17,416,000. FMR LLC boosted its position in shares of Evertec by 4.7% during the 4th quarter. FMR LLC now owns 9,542,103 shares of the business services provider's stock valued at $329,489,000 after acquiring an additional 427,859 shares in the last quarter. Norges Bank bought a new stake in Evertec in the fourth quarter valued at about $6,568,000. Ameriprise Financial Inc. increased its stake in Evertec by 41.6% in the fourth quarter. Ameriprise Financial Inc. now owns 568,797 shares of the business services provider's stock valued at $19,641,000 after acquiring an additional 166,997 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Evertec in the fourth quarter worth about $5,356,000. 96.80% of the stock is currently owned by institutional investors and hedge funds.

Evertec Price Performance

EVTC traded down $0.07 during trading on Tuesday, hitting $36.21. The company's stock had a trading volume of 331,215 shares, compared to its average volume of 365,093. 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 stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 18.20 and a beta of 0.99. The firm's 50 day moving average price is $35.39 and its two-hundred day moving average price is $34.85. Evertec, Inc. has a 12 month low of $28.76 and a 12 month high of $38.56.

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

Evertec Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Tuesday, May 13th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.55%. The ex-dividend date was Tuesday, May 13th. Evertec's dividend payout ratio is 10.05%.

Analyst Upgrades and Downgrades

EVTC has been the topic of a number of recent research reports. Raymond James Financial lifted their price objective on Evertec from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Susquehanna set a $39.00 target price on Evertec and gave the stock a "neutral" rating in a research report on Tuesday, May 20th. William Blair reiterated an "outperform" rating on shares of Evertec in a research report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods increased their price objective on Evertec from $42.00 to $44.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $40.00.

Insider Buying and Selling at Evertec

In related news, EVP Daniel Brignardello sold 7,641 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $36.60, for a total transaction of $279,660.60. Following the completion of the sale, the executive vice president now directly owns 31,277 shares of the company's stock, valued at $1,144,738.20. The trade was a 19.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Ivan Pagan sold 6,852 shares of Evertec stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $36.65, for a total transaction of $251,125.80. Following the sale, the director now directly owns 12,473 shares of the company's stock, valued at $457,135.45. This represents a 35.46% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 73,391 shares of company stock worth $2,662,856. Insiders own 0.63% of the company's stock.

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.