Jennison Associates LLC Makes New $958,000 Investment in Evertec, Inc. (NYSE:EVTC)

Jennison Associates LLC purchased a new stake in shares of Evertec, Inc. (NYSE:EVTC - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 26,053 shares of the business services provider's stock, valued at approximately $958,000.

A number of other institutional investors have also recently made changes to their positions in EVTC. Canada Pension Plan Investment Board purchased a new position in shares of Evertec in the fourth quarter worth approximately $17,416,000. FMR LLC boosted its holdings 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 worth $329,489,000 after buying an additional 427,859 shares during the last quarter. Norges Bank purchased a new position in shares of Evertec in the fourth quarter worth approximately $6,568,000. Ameriprise Financial Inc. boosted its holdings in shares of Evertec by 41.6% in the fourth quarter. Ameriprise Financial Inc. now owns 568,797 shares of the business services provider's stock worth $19,641,000 after buying an additional 166,997 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Evertec in the fourth quarter worth approximately $5,356,000. Hedge funds and other institutional investors own 96.80% of the company's stock.

Insider Activity

In related news, Director Ivan Pagan sold 6,852 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $36.65, for a total value of $251,125.80. Following the sale, the director owned 12,473 shares in the company, valued at approximately $457,135.45. The trade was a 35.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Miguel Vizcarrondo sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $36.44, for a total transaction of $1,457,600.00. Following the completion of the sale, the executive vice president owned 92,509 shares in the company, valued at $3,371,027.96. This represents a 30.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,634 shares of company stock valued at $2,742,976. Company insiders own 0.63% of the company's stock.

Wall Street Analysts Forecast Growth

EVTC has been the topic of a number of research reports. Susquehanna set a $39.00 price objective on shares of Evertec and gave the stock a "neutral" rating in a report on Tuesday, May 20th. Raymond James Financial raised their price objective on shares of Evertec from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Keefe, Bruyette & Woods lifted their price target on shares of Evertec from $42.00 to $44.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Evertec in a report on Thursday, July 17th. They set a "hold" rating and a $35.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $39.00.

Evertec Price Performance

Shares of Evertec stock traded up $0.19 on Friday, hitting $33.30. 223,584 shares of the company traded hands, compared to its average volume of 325,938. The stock has a market capitalization of $2.12 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 1.83 and a beta of 0.98. 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 52 week low of $31.11 and a 52 week high of $38.56. The business has a 50-day simple moving average of $35.94 and a 200 day simple moving average of $34.95.

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

Evertec Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Monday, August 4th will be 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 is Monday, August 4th. Evertec's payout ratio is currently 10.05%.

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.