Zacks: Ebix, Inc. (EBIX) Receives Average Recommendation of “Strong Buy” from Brokerages
Shares of Ebix, Inc. (NASDAQ:EBIX) have earned an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.
Analysts have set a 1 year consensus price target of $75.00 for the company and are anticipating that the company will post $0.67 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Ebix an industry rank of 86 out of 265 based on the ratings given to related companies.
Separately, Zacks Investment Research raised shares of Ebix from a “hold” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Monday, March 6th.
Ebix (NASDAQ EBIX) traded up 3.54% during midday trading on Wednesday, hitting $55.55. 176,817 shares of the stock traded hands. Ebix has a 1-year low of $44.80 and a 1-year high of $65.10. The company has a 50-day moving average price of $56.62 and a 200-day moving average price of $58.82. The firm has a market cap of $1.75 billion, a P/E ratio of 18.40 and a beta of 1.80.
Ebix (NASDAQ:EBIX) last issued its quarterly earnings data on Tuesday, May 9th. The technology company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.07. Ebix had a net margin of 32.03% and a return on equity of 22.76%. The business had revenue of $79.10 million during the quarter, compared to analysts’ expectations of $81 million. Analysts predict that Ebix will post $2.94 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Wednesday, May 31st were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date was Friday, May 26th. Ebix’s dividend payout ratio (DPR) is currently 9.90%.
In related news, VP Graham John Prior sold 18,500 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $55.33, for a total transaction of $1,023,605.00. Following the transaction, the vice president now owns 18,506 shares of the company’s stock, valued at $1,023,936.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 13.00% of the company’s stock.
A number of institutional investors have recently made changes to their positions in EBIX. BlackRock Inc. raised its position in shares of Ebix by 120,181.3% in the first quarter. BlackRock Inc. now owns 2,785,714 shares of the technology company’s stock worth $170,625,000 after buying an additional 2,783,398 shares during the period. Norges Bank bought a new position in shares of Ebix during the fourth quarter worth about $7,916,000. Vanguard Group Inc. raised its position in shares of Ebix by 5.0% in the first quarter. Vanguard Group Inc. now owns 2,103,333 shares of the technology company’s stock worth $128,830,000 after buying an additional 99,789 shares during the period. Wellington Management Group LLP bought a new position in shares of Ebix during the first quarter worth about $5,123,000. Finally, First Trust Advisors LP raised its position in shares of Ebix by 4.7% in the first quarter. First Trust Advisors LP now owns 661,670 shares of the technology company’s stock worth $40,527,000 after buying an additional 29,583 shares during the period. 64.29% of the stock is currently owned by institutional investors and hedge funds.
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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