Evertec (NYSE:EVTC) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Evertec (NYSE:EVTC) from a hold rating to a strong-buy rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also recently weighed in on EVTC. Morgan Stanley lowered their target price on Evertec from $34.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 12th. Keefe, Bruyette & Woods lowered their price objective on shares of Evertec from $44.00 to $40.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. Susquehanna cut their target price on shares of Evertec from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Evertec in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Evertec currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.80.

Evertec Price Performance

Shares of NYSE:EVTC opened at $29.13 on Monday. The company’s fifty day moving average is $29.18 and its two-hundred day moving average is $32.62. The company has a market cap of $1.86 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 1.17 and a beta of 0.89. Evertec has a 12-month low of $26.72 and a 12-month high of $38.56. The company has a quick ratio of 2.91, a current ratio of 2.91 and a debt-to-equity ratio of 1.59.

Evertec Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Monday, November 3rd were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.7%. The ex-dividend date was Monday, November 3rd. Evertec’s dividend payout ratio (DPR) is 8.89%.

Hedge Funds Weigh In On Evertec

A number of institutional investors have recently modified their holdings of EVTC. Millennium Management LLC increased its position in Evertec by 731.6% during the third quarter. Millennium Management LLC now owns 686,281 shares of the business services provider’s stock worth $23,183,000 after acquiring an additional 603,753 shares during the period. Boston Partners acquired a new position in shares of Evertec during the second quarter valued at about $12,995,000. American Century Companies Inc. lifted its stake in shares of Evertec by 7.4% in the third quarter. American Century Companies Inc. now owns 4,894,013 shares of the business services provider’s stock valued at $165,320,000 after buying an additional 335,639 shares during the period. Globeflex Capital L P grew its position in Evertec by 9,133.9% during the second quarter. Globeflex Capital L P now owns 289,207 shares of the business services provider’s stock worth $10,426,000 after buying an additional 286,075 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in Evertec by 422.5% during the second quarter. Qube Research & Technologies Ltd now owns 208,037 shares of the business services provider’s stock valued at $7,500,000 after acquiring an additional 168,225 shares during the period. Institutional investors own 96.80% of the company’s stock.

About Evertec

Evertec, Inc (NYSE: EVTC) is a leading full‐service transaction processor in Puerto Rico, Latin America and the Caribbean. The company delivers integrated technology solutions for electronic payments, providing financial institutions, merchants and governments with secure and scalable platforms to accept, process and settle transactions across card, ATM, debit and digital channels. Headquartered in San Juan, Puerto Rico, Evertec supports both domestic and cross‐border payment flows, enabling clients to streamline operations and expand their digital commerce capabilities.

Evertec’s suite of services includes merchant acquiring, payment gateway connectivity, ATM and point‐of‐sale network management, and fraud prevention solutions.