Ebix Inc. (EBIX) Downgraded by Zacks Investment Research
Ebix Inc. (NASDAQ:EBIX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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. “
Ebix (NASDAQ:EBIX) traded up 1.48% during midday trading on Monday, reaching $58.30. 169,618 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $56.58 and its 200-day moving average price is $50.03. The stock has a market cap of $1.89 billion, a PE ratio of 22.49 and a beta of 1.68. Ebix has a one year low of $24.72 and a one year high of $59.17.
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Ebix (NASDAQ:EBIX) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Ebix had a return on equity of 21.32% and a net margin of 31.11%. The firm earned $72.60 million during the quarter, compared to the consensus estimate of $71.20 million. During the same period last year, the company earned $0.54 earnings per share. The company’s revenue was up 5.3% on a year-over-year basis. Equities analysts predict that Ebix will post $2.70 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.30 annualized dividend and a dividend yield of 0.51%. Ebix’s payout ratio is presently 11.49%.
Several institutional investors have recently modified their holdings of EBIX. BlackRock Inc. increased its position in shares of Ebix by 42.0% in the second quarter. BlackRock Inc. now owns 2,449 shares of the company’s stock valued at $118,000 after buying an additional 724 shares during the last quarter. Bank of Montreal Can bought a new position in shares of Ebix during the second quarter valued at $127,000. PineBridge Investments L.P. increased its position in shares of Ebix by 4.7% in the second quarter. PineBridge Investments L.P. now owns 3,241 shares of the company’s stock valued at $155,000 after buying an additional 146 shares during the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Ebix during the second quarter valued at $158,000. Finally, Teacher Retirement System of Texas increased its position in shares of Ebix by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,725 shares of the company’s stock valued at $178,000 after buying an additional 452 shares during the last quarter. Hedge funds and other institutional investors own 68.88% of the company’s stock.
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).
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