Shares of Ebix Inc. (NASDAQ:EBIX) shot up 3.7% on Wednesday . The company traded as high as $55.98 and last traded at $55.84, with a volume of 103,685 shares trading hands. The stock had previously closed at $53.83.

Separately, Zacks Investment Research upgraded shares of Ebix from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Thursday, August 11th.

The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 21.81 and a beta of 1.68. The firm’s 50 day moving average price is $55.88 and its 200-day moving average price is $48.56.

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Ebix (NASDAQ:EBIX) last issued its earnings results on Monday, August 8th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. The firm earned $72.60 million during the quarter, compared to analyst estimates of $71.20 million. Ebix had a net margin of 31.11% and a return on equity of 21.32%. The business’s revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share. Equities research analysts predict that Ebix Inc. will post $2.70 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Tuesday, August 30th. Ebix’s dividend payout ratio is currently 11.49%.

Several hedge funds have recently modified their holdings of EBIX. Fox Run Management L.L.C. acquired a new stake in Ebix during the first quarter worth $441,000. Aperio Group LLC raised its stake in Ebix by 1.4% in the first quarter. Aperio Group LLC now owns 7,419 shares of the company’s stock worth $303,000 after buying an additional 100 shares during the period. Pacad Investment Ltd. acquired a new stake in Ebix during the first quarter worth $326,000. Teachers Advisors Inc. raised its stake in Ebix by 2.2% in the first quarter. Teachers Advisors Inc. now owns 40,487 shares of the company’s stock worth $1,651,000 after buying an additional 880 shares during the period. Finally, BlackRock Group LTD raised its stake in Ebix by 5.2% in the first quarter. BlackRock Group LTD now owns 45,673 shares of the company’s stock worth $1,863,000 after buying an additional 2,266 shares during the period. 68.89% of the stock is owned by hedge funds and other institutional investors.

Ebix Company Profile

Ebix, Inc (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS).

5 Day Chart for NASDAQ:EBIX

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