Raymond James Financial Reaffirms Outperform Rating for Evertec (NYSE:EVTC)

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Raymond James Financial restated their outperform rating on shares of Evertec (NYSE:EVTC - Free Report) in a report issued on Thursday morning,Benzinga reports. The firm currently has a $43.00 price objective on the business services provider's stock, up from their previous price objective of $42.00.

A number of other research analysts have also weighed in on the company. Keefe, Bruyette & Woods raised their target price on Evertec from $42.00 to $44.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Evertec in a report on Thursday, July 17th. They issued a "hold" rating and a $35.00 target price on the stock. Finally, Susquehanna set a $39.00 target price on Evertec and gave the company a "neutral" rating in a report on Tuesday, May 20th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $39.00.

Evertec Stock Down 3.9%

NYSE:EVTC traded down $1.42 on Thursday, hitting $34.73. The stock had a trading volume of 525,976 shares, compared to its average volume of 367,469. The business's fifty day moving average is $35.59 and its 200 day moving average is $34.99. The company has a market cap of $2.21 billion, a PE ratio of 16.38, a P/E/G ratio of 1.99 and a beta of 0.96. The company has a quick ratio of 1.99, a current ratio of 2.20 and a debt-to-equity ratio of 1.49. Evertec has a 52 week low of $31.11 and a 52 week high of $38.56.

Evertec (NYSE:EVTC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of $229.61 million for the quarter, compared to analyst estimates of $222.23 million. Evertec had a return on equity of 36.67% and a net margin of 15.56%. The company's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.83 earnings per share. On average, equities research analysts expect that Evertec will post 2.63 EPS for the current fiscal year.

Evertec Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Monday, August 4th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, August 4th. Evertec's dividend payout ratio (DPR) is 10.05%.

Insider Buying and Selling at Evertec

In related news, Director Aldo J. Polak sold 2,243 shares of Evertec stock in a transaction 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 sale, the director directly owned 11,946 shares in the company, valued at approximately $426,711.12. This trade represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Daniel Brignardello sold 7,641 shares of Evertec stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $36.60, for a total value of $279,660.60. Following the sale, the executive vice president owned 31,277 shares in the company, valued at $1,144,738.20. This trade represents a 19.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,634 shares of company stock valued at $2,742,976 in the last ninety days. 0.63% of the stock is owned by corporate insiders.

Institutional Trading of Evertec

Several hedge funds have recently made changes to their positions in the company. TD Private Client Wealth LLC raised its stake in shares of Evertec by 19.3% in the first quarter. TD Private Client Wealth LLC now owns 1,855 shares of the business services provider's stock valued at $68,000 after buying an additional 300 shares during the period. Summit Investment Advisors Inc. grew its position in shares of Evertec by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,747 shares of the business services provider's stock valued at $233,000 after purchasing an additional 429 shares in the last quarter. Blue Trust Inc. grew its position in shares of Evertec by 39.2% in the first quarter. Blue Trust Inc. now owns 1,522 shares of the business services provider's stock valued at $56,000 after purchasing an additional 429 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Evertec by 44.7% in the first quarter. Fifth Third Bancorp now owns 1,699 shares of the business services provider's stock valued at $62,000 after purchasing an additional 525 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in shares of Evertec by 6.9% in the fourth quarter. Cetera Investment Advisers now owns 10,645 shares of the business services provider's stock valued at $368,000 after purchasing an additional 690 shares in the last quarter. 96.80% of the stock is currently owned by institutional investors.

Evertec Company 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.