Jennison Associates LLC Acquires Shares of 26,053 Evertec, Inc. (NYSE:EVTC)

Jennison Associates LLC acquired a new stake in shares of Evertec, Inc. (NYSE:EVTC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 26,053 shares of the business services provider's stock, valued at approximately $958,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. FMR LLC increased its stake in shares of Evertec by 4.7% in the fourth quarter. FMR LLC now owns 9,542,103 shares of the business services provider's stock valued at $329,489,000 after buying an additional 427,859 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Evertec by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,628,404 shares of the business services provider's stock worth $56,229,000 after purchasing an additional 32,330 shares during the period. Northern Trust Corp boosted its holdings in Evertec by 0.8% during the fourth quarter. Northern Trust Corp now owns 847,176 shares of the business services provider's stock worth $29,253,000 after buying an additional 7,073 shares during the last quarter. North Star Asset Management Inc. boosted its holdings in Evertec by 3.6% during the fourth quarter. North Star Asset Management Inc. now owns 794,171 shares of the business services provider's stock worth $27,423,000 after buying an additional 27,911 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Evertec by 13.4% during the fourth quarter. Sei Investments Co. now owns 575,261 shares of the business services provider's stock worth $19,864,000 after buying an additional 67,956 shares during the last quarter. 96.80% of the stock is owned by institutional investors.

Evertec Stock Down 1.1%

NYSE EVTC traded down $0.36 during trading on Thursday, hitting $33.19. The stock had a trading volume of 86,188 shares, compared to its average volume of 312,263. The company has a market capitalization of $2.11 billion, a PE ratio of 16.72, a P/E/G ratio of 1.85 and a beta of 0.98. The company's 50-day moving average price is $36.11 and its two-hundred day moving average price is $34.96. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.99 and a current ratio of 1.99. Evertec, Inc. has a 12 month low of $31.11 and a 12 month high of $38.56.

Evertec (NYSE:EVTC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The business services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.06. The firm had revenue of $228.79 million for 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 business's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.72 EPS. As a group, sell-side analysts forecast that Evertec, Inc. will post 2.63 EPS for the current year.

Evertec Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on EVTC shares. Deutsche Bank Aktiengesellschaft started coverage on Evertec in a report on Thursday, July 17th. They set a "hold" rating and a $35.00 price objective on the stock. Keefe, Bruyette & Woods lifted their price objective on Evertec from $42.00 to $44.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. 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. Finally, Susquehanna set a $39.00 target price on Evertec and gave the company a "neutral" rating in a research note on Tuesday, May 20th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $39.00.

Insider Activity

In related news, Director Aldo J. Polak sold 2,243 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was 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 of the company's stock, valued at approximately $426,711.12. The trade was a 15.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Miguel Vizcarrondo sold 40,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $36.44, for a total value of $1,457,600.00. Following the transaction, the executive vice president directly owned 92,509 shares in the company, valued at $3,371,027.96. The trade was a 30.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,634 shares of company stock worth $2,742,976. Corporate 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.