Evertec Inc. (EVTC) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Evertec Inc. (NYSE:EVTC) from a hold rating to a buy rating in a research note issued to investors on Wednesday. Zacks Investment Research currently has $19.00 target price on the stock.
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 commented on EVTC. Deutsche Bank AG boosted their target price on Evertec from $15.00 to $18.00 and gave the stock a hold rating in a report on Friday, July 29th. Compass Point upped their price target on Evertec from $17.00 to $19.00 and gave the company a buy rating in a report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $17.40.
Evertec (NYSE:EVTC) opened at 16.78 on Wednesday. Evertec has a one year low of $11.27 and a one year high of $19.66. The firm has a market cap of $1.25 billion, a PE ratio of 14.66 and a beta of 1.12. The company has a 50-day moving average price of $16.88 and a 200-day moving average price of $15.43.
Evertec (NYSE:EVTC) last announced its earnings results on Thursday, July 28th. The company reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Evertec had a return on equity of 118.58% and a net margin of 19.59%. The firm had revenue of $97.70 million for the quarter, compared to analysts’ expectations of $93.40 million. During the same quarter in the previous year, the company earned $0.44 earnings per share. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. Equities analysts predict that Evertec will post $1.71 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc increased its stake in shares of Evertec by 5.9% in the first quarter. Legal & General Group Plc now owns 14,421 shares of the company’s stock valued at $201,000 after buying an additional 800 shares during the period. Renaissance Technologies LLC increased its stake in shares of Evertec by 54.0% in the first quarter. Renaissance Technologies LLC now owns 2,211,100 shares of the company’s stock valued at $30,911,000 after buying an additional 775,300 shares during the period. Bogle Investment Management L P DE purchased a new stake in shares of Evertec during the first quarter valued at about $4,446,000. Wellington Management Group LLP increased its stake in shares of Evertec by 4.0% in the first quarter. Wellington Management Group LLP now owns 917,703 shares of the company’s stock valued at $12,829,000 after buying an additional 35,268 shares during the period. Finally, AXA purchased a new stake in shares of Evertec during the first quarter valued at about $2,473,000. 80.69% of the stock is currently owned by institutional investors.
Evertec Company Profile
EVERTEC, Inc is a service transaction processing business in Latin America. The Company operates through three segments: Merchant Acquiring, Payment Processing and Business Solutions. The Merchant Acquiring segment consists of services that allow merchants to accept electronic methods of payment. Its services include a discount fee and membership fees charged to merchants, debit network fees and rental fees from point-of-sale (POS) devices and other equipment, net of credit card interchange and assessment fees.
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