Evertec (NYSE:EVTC) Sees Strong Trading Volume – Here’s What Happened

Evertec, Inc. (NYSE:EVTC) shares saw an uptick in trading volume on Wednesday . 592,360 shares changed hands during trading, an increase of 71% from the previous session’s volume of 346,496 shares.The stock last traded at $29.65 and had previously closed at $29.80.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on EVTC. Keefe, Bruyette & Woods cut their price target on Evertec from $44.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Raymond James Financial reiterated an “outperform” rating and issued a $43.00 price objective (up previously from $42.00) on shares of Evertec in a research report on Thursday, July 31st. Morgan Stanley lowered their price objective on Evertec from $34.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Evertec in a research note on Monday. Finally, Zacks Research cut shares of Evertec from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Evertec currently has an average rating of “Hold” and a consensus price target of $35.80.

Evertec Stock Performance

The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 1.49. The stock has a fifty day simple moving average of $30.71 and a 200-day simple moving average of $33.94. The company has a market capitalization of $1.89 billion, a P/E ratio of 13.95, a PEG ratio of 1.43 and a beta of 0.91.

Evertec Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Monday, November 3rd will be paid a $0.05 dividend. The ex-dividend date is Monday, November 3rd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.7%. Evertec’s payout ratio is 8.89%.

Institutional Trading of Evertec

Several hedge funds have recently modified their holdings of EVTC. Hsbc Holdings PLC increased its stake in Evertec by 35.5% in the first quarter. Hsbc Holdings PLC now owns 12,707 shares of the business services provider’s stock valued at $465,000 after purchasing an additional 3,330 shares in the last quarter. Cetera Investment Advisers raised its stake in Evertec by 8.2% during the 1st quarter. Cetera Investment Advisers now owns 11,523 shares of the business services provider’s stock worth $424,000 after buying an additional 878 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in Evertec by 31.1% during the 2nd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 16,825 shares of the business services provider’s stock worth $605,000 after buying an additional 3,991 shares during the period. American Century Companies Inc. grew its stake in Evertec by 1.0% in the second quarter. American Century Companies Inc. now owns 4,558,374 shares of the business services provider’s stock valued at $164,329,000 after acquiring an additional 46,147 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Evertec by 12.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,658 shares of the business services provider’s stock worth $796,000 after acquiring an additional 2,364 shares in the last quarter. 96.80% of the stock is owned by institutional investors.

Evertec Company Profile

EVERTEC, Inc engages in transaction processing business and financial technology in Latin America and the Caribbean. The company operates through four segments: Payment Services – Puerto Rico & Caribbean; Latin America Payments and Solutions; Merchant Acquiring; and Business Solutions. It provides merchant acquiring services, which enable point of sales and e-commerce merchants to accept and process electronic methods of payment, such as debit, credit, prepaid, and electronic benefit transfer (EBT) cards.