Envestnet Asset Management Inc. Sells 33,985 Shares of Evertec, Inc. $EVTC

Envestnet Asset Management Inc. reduced its stake in Evertec, Inc. (NYSE:EVTC) by 10.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 284,937 shares of the business services provider’s stock after selling 33,985 shares during the period. Envestnet Asset Management Inc.’s holdings in Evertec were worth $9,625,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Richardson Financial Services Inc. grew its position in Evertec by 132.6% during the 3rd quarter. Richardson Financial Services Inc. now owns 763 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 435 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Evertec by 479.1% in the second quarter. Parkside Financial Bank & Trust now owns 1,355 shares of the business services provider’s stock worth $49,000 after buying an additional 1,121 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Evertec by 2,751.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,996 shares of the business services provider’s stock valued at $72,000 after buying an additional 1,926 shares during the last quarter. Diversified Trust Co bought a new stake in shares of Evertec during the third quarter valued at approximately $221,000. Finally, Wealth Alliance LLC raised its holdings in Evertec by 16.8% in the 2nd quarter. Wealth Alliance LLC now owns 6,623 shares of the business services provider’s stock worth $239,000 after acquiring an additional 951 shares during the last quarter. Hedge funds and other institutional investors own 96.80% of the company’s stock.

Evertec Stock Up 1.7%

EVTC opened at $26.95 on Thursday. The firm’s 50 day simple moving average is $28.92 and its two-hundred day simple moving average is $31.01. The company has a market capitalization of $1.72 billion, a PE ratio of 11.98, a PEG ratio of 1.01 and a beta of 0.86. Evertec, Inc. has a 1-year low of $25.83 and a 1-year high of $38.56. The company has a current ratio of 2.91, a quick ratio of 2.91 and a debt-to-equity ratio of 1.59.

Wall Street Analyst Weigh In

Several analysts have commented on EVTC shares. Morgan Stanley cut their target price on Evertec from $34.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 12th. Keefe, Bruyette & Woods reduced their price objective on Evertec from $44.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Wall Street Zen cut shares of Evertec from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Susquehanna dropped their price target on shares of Evertec from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Finally, Zacks Research cut shares of Evertec from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Evertec presently has an average rating of “Hold” and an average target price of $35.80.

Evertec Profile

Evertec, Inc (NYSE: EVTC) is a leading full‐service transaction processor in Puerto Rico, Latin America and the Caribbean. The company delivers integrated technology solutions for electronic payments, providing financial institutions, merchants and governments with secure and scalable platforms to accept, process and settle transactions across card, ATM, debit and digital channels. Headquartered in San Juan, Puerto Rico, Evertec supports both domestic and cross‐border payment flows, enabling clients to streamline operations and expand their digital commerce capabilities.

Evertec’s suite of services includes merchant acquiring, payment gateway connectivity, ATM and point‐of‐sale network management, and fraud prevention solutions.