Oppenheimer Asset Management Inc. Purchases New Position in Ebix Inc (EBIX)
Oppenheimer Asset Management Inc. purchased a new stake in Ebix Inc (NASDAQ:EBIX) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,100 shares of the technology company’s stock, valued at approximately $236,000.
A number of other hedge funds also recently bought and sold shares of EBIX. Wells Fargo & Company MN boosted its stake in shares of Ebix by 1.5% during the 1st quarter. Wells Fargo & Company MN now owns 51,107 shares of the technology company’s stock worth $3,807,000 after acquiring an additional 762 shares during the period. KBC Group NV boosted its stake in shares of Ebix by 4.5% during the 1st quarter. KBC Group NV now owns 18,553 shares of the technology company’s stock worth $1,382,000 after acquiring an additional 796 shares during the period. Marathon Capital Management boosted its stake in shares of Ebix by 21.3% during the 2nd quarter. Marathon Capital Management now owns 4,850 shares of the technology company’s stock worth $369,000 after acquiring an additional 850 shares during the period. Great West Life Assurance Co. Can boosted its stake in shares of Ebix by 3.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 29,021 shares of the technology company’s stock worth $2,163,000 after acquiring an additional 945 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Ebix by 12.3% during the 2nd quarter. Victory Capital Management Inc. now owns 8,660 shares of the technology company’s stock worth $660,000 after acquiring an additional 948 shares during the period. Hedge funds and other institutional investors own 67.85% of the company’s stock.
Several research analysts have recently commented on EBIX shares. Maxim Group set a $108.00 target price on Ebix and gave the stock a “buy” rating in a research note on Friday, August 3rd. BidaskClub downgraded Ebix from a “buy” rating to a “hold” rating in a research note on Friday, August 10th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $100.00.
Ebix (NASDAQ:EBIX) last released its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.03. The business had revenue of $124.60 million during the quarter, compared to analysts’ expectations of $111.41 million. Ebix had a return on equity of 19.99% and a net margin of 24.67%. The firm’s revenue was up 42.6% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Investors of record on Friday, August 31st will be issued a dividend of $0.75 per share. This is a boost from Ebix’s previous quarterly dividend of $0.08. This represents a $3.00 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend is Thursday, August 30th. Ebix’s dividend payout ratio (DPR) is presently 9.46%.
In related news, Director Hans U. Benz sold 2,283 shares of Ebix stock in a transaction that occurred on Monday, June 25th. The stock was sold at an average price of $78.52, for a total transaction of $179,261.16. Following the completion of the sale, the director now directly owns 5,721 shares of the company’s stock, valued at approximately $449,212.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 13.50% of the company’s stock.
Ebix, Inc provides software and e-commerce solutions to insurance, finance, and healthcare industries. It offers software development, customization, and consulting services to various entities in the insurance industry, including carriers, brokers, exchanges, and standard making bodies. The company operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, insurance underwriting, and property and casualty (P&C) insurance.
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