Evertec, Inc. (EVTC) Upgraded to Buy by Zacks Investment Research
Evertec, Inc. (NYSE:EVTC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $18.00 target price on the business services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.56% from the company’s current price.
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 recently issued reports on the company. ValuEngine upgraded shares of Evertec from a “hold” rating to a “buy” rating in a report on Monday. BidaskClub cut Evertec from a “hold” rating to a “sell” rating in a report on Thursday, September 28th. Finally, Stifel Nicolaus upgraded Evertec from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Thursday, September 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $18.50.
Evertec (NYSE EVTC) traded down 2.16% during trading on Tuesday, reaching $15.85. 1,323,229 shares of the company traded hands. Evertec has a 12-month low of $14.15 and a 12-month high of $19.52. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 15.69 and a beta of 1.21. The firm’s 50 day moving average price is $18.00 and its 200 day moving average price is $17.03.
Evertec (NYSE:EVTC) last released its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. Evertec had a return on equity of 107.21% and a net margin of 19.64%. The company had revenue of $103.51 million during the quarter, compared to analysts’ expectations of $100.21 million. During the same quarter in the prior year, the firm posted $0.43 EPS. Evertec’s quarterly revenue was up 6.0% compared to the same quarter last year. Equities research analysts expect that Evertec will post $1.64 earnings per share for the current year.
Hedge funds have recently modified their holdings of the business. Thrivent Financial For Lutherans grew its position in shares of Evertec by 1,152.5% during the second quarter. Thrivent Financial For Lutherans now owns 867,111 shares of the business services provider’s stock worth $15,001,000 after buying an additional 797,881 shares in the last quarter. Capital Research Global Investors grew its holdings in Evertec by 32.2% during the 2nd quarter. Capital Research Global Investors now owns 2,438,000 shares of the business services provider’s stock worth $42,177,000 after acquiring an additional 594,000 shares in the last quarter. Denver Investment Advisors LLC grew its holdings in Evertec by 75.8% during the 2nd quarter. Denver Investment Advisors LLC now owns 1,264,674 shares of the business services provider’s stock worth $21,879,000 after acquiring an additional 545,463 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Evertec in the 2nd quarter valued at approximately $5,037,000. Finally, Rivulet Capital LLC increased its position in shares of Evertec by 9.5% in the 2nd quarter. Rivulet Capital LLC now owns 3,201,605 shares of the business services provider’s stock valued at $55,388,000 after purchasing an additional 278,800 shares during the last quarter. 77.96% of the stock is owned by institutional investors.
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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