Raymond James & Associates Lowers Stock Position in EVERTEC, Inc. (NYSE:EVTC)

Raymond James & Associates reduced its stake in EVERTEC, Inc. (NYSE:EVTC - Free Report) by 10.6% during the third quarter, according to its most recent filing with the SEC. The fund owned 165,557 shares of the business services provider's stock after selling 19,596 shares during the quarter. Raymond James & Associates owned 0.26% of EVERTEC worth $5,611,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EVTC. Opal Wealth Advisors LLC purchased a new stake in EVERTEC during the second quarter valued at about $28,000. Northwestern Mutual Wealth Management Co. lifted its holdings in EVERTEC by 866.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,426 shares of the business services provider's stock valued at $81,000 after purchasing an additional 2,175 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in EVERTEC by 90.7% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,132 shares of the business services provider's stock valued at $104,000 after purchasing an additional 1,490 shares during the last quarter. nVerses Capital LLC lifted its holdings in EVERTEC by 68.4% during the second quarter. nVerses Capital LLC now owns 3,200 shares of the business services provider's stock valued at $106,000 after purchasing an additional 1,300 shares during the last quarter. Finally, EntryPoint Capital LLC lifted its holdings in EVERTEC by 48.9% during the first quarter. EntryPoint Capital LLC now owns 2,761 shares of the business services provider's stock valued at $110,000 after purchasing an additional 907 shares during the last quarter. 96.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on EVTC shares. Keefe, Bruyette & Woods dropped their price objective on shares of EVERTEC from $47.00 to $42.00 and set an "outperform" rating on the stock in a report on Monday, July 8th. Susquehanna downgraded shares of EVERTEC from a "neutral" rating to a "negative" rating and lowered their price target for the stock from $38.00 to $28.00 in a report on Thursday, September 5th.

Insider Buying and Selling

In related news, EVP Miguel Vizcarrondo sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $34.11, for a total value of $1,364,400.00. Following the transaction, the executive vice president now directly owns 129,928 shares in the company, valued at approximately $4,431,844.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.83% of the stock is owned by company insiders.

EVERTEC Price Performance

Shares of EVERTEC stock traded down $0.08 on Friday, reaching $32.68. The stock had a trading volume of 339,270 shares, compared to its average volume of 395,838. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.92. The business's 50 day moving average is $33.26 and its two-hundred day moving average is $34.15. The company has a market cap of $2.09 billion, a P/E ratio of 31.14, a price-to-earnings-growth ratio of 1.60 and a beta of 1.15. EVERTEC, Inc. has a 1 year low of $28.76 and a 1 year high of $42.21.

EVERTEC (NYSE:EVTC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The business services provider reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.19. The company had revenue of $211.98 million for the quarter, compared to analysts' expectations of $209.40 million. EVERTEC had a net margin of 8.84% and a return on equity of 32.08%. As a group, research analysts anticipate that EVERTEC, Inc. will post 2.53 EPS for the current year.

EVERTEC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, October 28th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.61%. The ex-dividend date is Monday, October 28th. EVERTEC's dividend payout ratio (DPR) is 19.05%.

About EVERTEC

EVERTEC, Inc engages in transaction processing business and financial technology in Latin America and the Caribbean. The company operates through four segments: Payment Services - Puerto Rico & Caribbean; Latin America Payments and Solutions; Merchant Acquiring; and Business Solutions. It provides merchant acquiring services, which enable point of sales and e-commerce merchants to accept and process electronic methods of payment, such as debit, credit, prepaid, and electronic benefit transfer (EBT) cards.