Evertec, Inc. (NYSE:EVTC) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Evertec, Inc. (NYSE:EVTC) from a hold rating to a buy rating in a research note released on Tuesday, October 3rd. Zacks Investment Research currently has $18.00 price objective on the business services provider’s stock.
According to Zacks, “Evertec, Inc. is engaged in transaction processing business primarily in Latin America and the Caribbean. The Company operates through divisions which consist of Merchant Acquiring Solutions, Payment Processing and Business Solutions. It offers ATH network, payment processing, card products processing, electronic benefit transfer services, information technology services, database management services, printing centre and document mailing, cash processing, business processes outsourcing services as well as payment solutions, point-of-sale systems and accessories to receive payments. Evertec, Inc. is based in San Juan, Puerto Rico. “
Several other equities research analysts have also weighed in on EVTC. BidaskClub upgraded Evertec from a strong sell rating to a sell rating in a report on Saturday, July 1st. ValuEngine lowered Evertec from a buy rating to a hold rating in a report on Tuesday, September 26th. Finally, Stifel Nicolaus upgraded Evertec from a hold rating to a buy rating and set a $18.00 price target for the company in a report on Thursday, September 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $18.75.
Evertec (NYSE EVTC) traded up 1.99% on Tuesday, hitting $15.35. 888,673 shares of the company’s stock were exchanged. The company has a market cap of $1.11 billion, a PE ratio of 14.36 and a beta of 1.20. Evertec has a 12-month low of $14.15 and a 12-month high of $19.52. The company’s 50-day moving average price is $17.21 and its 200-day moving average price is $16.99.
Evertec (NYSE:EVTC) last posted its earnings results on Tuesday, August 1st. The business services provider reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.02. Evertec had a return on equity of 107.21% and a net margin of 19.64%. The firm had revenue of $103.51 million during the quarter, compared to analyst estimates of $100.21 million. During the same period in the previous year, the company earned $0.43 EPS. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. Analysts forecast that Evertec will post $1.63 earnings per share for the current year.
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A number of institutional investors have recently bought and sold shares of EVTC. Russell Investments Group Ltd. acquired a new position in Evertec in the first quarter worth $374,000. First Trust Advisors LP lifted its stake in shares of Evertec by 8.2% during the first quarter. First Trust Advisors LP now owns 36,591 shares of the business services provider’s stock valued at $582,000 after acquiring an additional 2,784 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Evertec by 3.4% during the first quarter. Bank of New York Mellon Corp now owns 340,359 shares of the business services provider’s stock valued at $5,412,000 after acquiring an additional 11,217 shares during the period. Sei Investments Co. lifted its stake in shares of Evertec by 9.5% during the first quarter. Sei Investments Co. now owns 95,868 shares of the business services provider’s stock valued at $1,524,000 after acquiring an additional 8,311 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Evertec by 14.0% during the first quarter. Ameriprise Financial Inc. now owns 523,363 shares of the business services provider’s stock valued at $8,319,000 after acquiring an additional 64,151 shares during the period. 77.96% of the stock is currently owned by institutional investors.
Evertec Company Profile
EVERTEC, Inc is a transaction processing company. The Company provides a range of merchant acquiring, payment processing and business process management services. The Company operates through three segments: Merchant Acquiring, Payment Processing and Business Solutions. As of December 31, 2016, it managed a system of electronic payment networks that processed over two billion transactions annually.
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