Ebix Inc. (EBIX) Sees Strong Trading Volume
Shares of Ebix Inc. (NASDAQ:EBIX) saw unusually-high trading volume on Tuesday . Approximately 384,569 shares traded hands during mid-day trading, an increase of 43% from the previous session’s volume of 268,516 shares.The stock last traded at $53.75 and had previously closed at $52.12.
EBIX has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Ebix from a “buy” rating to a “hold” rating in a report on Monday. Tigress Financial raised shares of Ebix from an “underperform” rating to a “neutral” rating in a report on Thursday, May 19th.
The stock has a 50 day moving average price of $47.54 and a 200-day moving average price of $40.82. The company has a market capitalization of $1.76 billion and a P/E ratio of 22.06. Shares of Ebix are going to split before the market opens on Monday, August 1st. The 3-1 split was announced on Monday, May 23rd. The newly issued shares will be distributed to shareholders after the market closes on Friday, July 29th.
Ebix (NASDAQ:EBIX) last announced its quarterly earnings data on Monday, May 9th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.09. During the same period last year, the company earned $0.51 earnings per share. The firm earned $71.10 million during the quarter, compared to analysts’ expectations of $69.35 million. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. On average, analysts predict that Ebix Inc. will post $2.66 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Tuesday, May 31st were paid a $0.075 dividend. The ex-dividend date was Thursday, May 26th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.58%.
In related news, CFO Robert F. Kerris sold 1,211 shares of the company’s stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $47.73, for a total transaction of $57,801.03. Following the completion of the transaction, the chief financial officer now owns 4,671 shares in the company, valued at $222,946.83. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Hans Ueli Keller sold 3,684 shares of the company’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $45.49, for a total transaction of $167,585.16. Following the transaction, the director now owns 69,753 shares of the company’s stock, valued at approximately $3,173,063.97. The disclosure for this sale can be found here.
Several institutional investors recently modified their holdings of the company. LSV Asset Management raised its position in shares of Ebix by 42.5% in the fourth quarter. LSV Asset Management now owns 39,900 shares of the company’s stock worth $1,308,000 after buying an additional 11,900 shares in the last quarter. California Public Employees Retirement System raised its position in Ebix by 0.7% in the fourth quarter. California Public Employees Retirement System now owns 168,600 shares of the company’s stock valued at $5,528,000 after buying an additional 1,100 shares during the period. Morgan Stanley raised its position in Ebix by 23.0% in the fourth quarter. Morgan Stanley now owns 274,813 shares of the company’s stock valued at $9,011,000 after buying an additional 51,443 shares during the period. Finally, California State Teachers Retirement System raised its position in Ebix by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 49,639 shares of the company’s stock valued at $1,628,000 after buying an additional 876 shares during the period.
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 operation through four channels: Exchanges, Carrier Systems, Broker Systems, and Business Process Outsourcing.
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