Ebix Inc. (NASDAQ:EBIX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

According to Zacks, “Ebix Inc is one of the leading international suppliers of software and e-commerce solutions to the insurance industry. The company strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations. “

Ebix (NASDAQ:EBIX) opened at 56.34 on Monday. The firm has a market capitalization of $1.83 billion, a P/E ratio of 21.74 and a beta of 1.68. The firm’s 50-day moving average is $56.64 and its 200-day moving average is $50.37. Ebix has a 52-week low of $24.80 and a 52-week high of $59.17.

Ebix (NASDAQ:EBIX) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. The business earned $72.60 million during the quarter, compared to the consensus estimate of $71.20 million. Ebix had a return on equity of 21.32% and a net margin of 31.11%. Ebix’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 earnings per share. On average, equities analysts expect that Ebix will post $2.70 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend was Tuesday, August 30th. Ebix’s dividend payout ratio (DPR) is presently 11.49%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Eqis Capital Management Inc. increased its position in Ebix by 3.9% in the third quarter. Eqis Capital Management Inc. now owns 16,747 shares of the company’s stock worth $952,000 after buying an additional 631 shares during the period. Mason Street Advisors LLC bought a new position in Ebix during the second quarter worth approximately $239,000. Royal Bank of Canada increased its position in Ebix by 30.1% in the second quarter. Royal Bank of Canada now owns 17,956 shares of the company’s stock worth $860,000 after buying an additional 4,150 shares during the period. Legal & General Group Plc increased its position in Ebix by 37.5% in the second quarter. Legal & General Group Plc now owns 6,772 shares of the company’s stock worth $321,000 after buying an additional 1,848 shares during the period. Finally, Arizona State Retirement System increased its position in Ebix by 1.5% in the second quarter. Arizona State Retirement System now owns 13,314 shares of the company’s stock worth $638,000 after buying an additional 200 shares during the period. 68.88% of the stock is owned by institutional investors and hedge funds.

Ebix Company Profile

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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