Ebix Inc. (EBIX) Cut to Hold at Zacks Investment Research
Ebix Inc. (NASDAQ:EBIX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Ebix Inc is one of the leading international suppliers of software and e-commerce solutions to the insurance industry. The company strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations. “
Shares of Ebix (NASDAQ:EBIX) traded up 1.48% on Monday, reaching $58.30. The company had a trading volume of 169,618 shares. The company’s 50-day moving average is $56.58 and its 200 day moving average is $50.03. Ebix has a 12 month low of $24.72 and a 12 month high of $59.17. The firm has a market capitalization of $1.89 billion, a PE ratio of 22.49 and a beta of 1.68.
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Ebix (NASDAQ:EBIX) last released 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 had revenue of $72.60 million for the quarter, compared to analyst estimates of $71.20 million. Ebix had a return on equity of 21.32% and a net margin of 31.11%. The company’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 EPS. Equities analysts forecast that Ebix will post $2.70 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date was Tuesday, August 30th. Ebix’s dividend payout ratio (DPR) is currently 11.49%.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors raised its stake in Ebix by 3.1% in the second quarter. BlackRock Fund Advisors now owns 1,655,480 shares of the company’s stock worth $79,297,000 after buying an additional 50,400 shares during the period. Ashford Capital Management Inc. raised its stake in Ebix by 116.4% in the second quarter. Ashford Capital Management Inc. now owns 1,611,099 shares of the company’s stock worth $25,724,000 after buying an additional 866,499 shares during the period. Ameriprise Financial Inc. raised its stake in Ebix by 99.5% in the second quarter. Ameriprise Financial Inc. now owns 441,507 shares of the company’s stock worth $21,149,000 after buying an additional 220,214 shares during the period. Atwood & Palmer Inc. raised its stake in Ebix by 2.8% in the second quarter. Atwood & Palmer Inc. now owns 314,096 shares of the company’s stock worth $15,045,000 after buying an additional 8,653 shares during the period. Finally, Palisade Capital Management LLC NJ raised its stake in Ebix by 54.2% in the first quarter. Palisade Capital Management LLC NJ now owns 311,719 shares of the company’s stock worth $12,715,000 after buying an additional 109,629 shares during the period. 68.88% of the stock is currently owned by hedge funds and other institutional investors.
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).
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