EVERTEC (NYSE:EVTC) Announces Earnings Results

EVERTEC (NYSE:EVTCGet Rating) issued its earnings results on Thursday. The business services provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.04, Briefing.com reports. EVERTEC had a net margin of 24.33% and a return on equity of 39.19%. The firm had revenue of $160.60 million for the quarter, compared to analysts’ expectations of $150.22 million. During the same quarter last year, the company posted $0.73 earnings per share. EVERTEC’s revenue was up 7.7% on a year-over-year basis. EVERTEC updated its FY 2022 guidance to $2.52-$2.60 EPS and its FY22 guidance to $2.52-$2.60 EPS.

EVERTEC Price Performance

NYSE:EVTC traded down $2.71 during midday trading on Friday, hitting $36.87. 285,519 shares of the stock were exchanged, compared to its average volume of 166,248. EVERTEC has a one year low of $33.57 and a one year high of $51.06. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 18.07 and a beta of 0.91. The business has a 50-day moving average price of $36.88 and a two-hundred day moving average price of $39.32. The company has a current ratio of 2.95, a quick ratio of 2.95 and a debt-to-equity ratio of 0.89.

EVERTEC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Monday, August 8th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, August 5th. This represents a $0.20 annualized dividend and a yield of 0.54%. EVERTEC’s payout ratio is 9.80%.

Insider Buying and Selling

In related news, EVP Luis A. Rodriguez-Gonzalez sold 9,238 shares of the business’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $37.57, for a total transaction of $347,071.66. Following the sale, the executive vice president now owns 30,020 shares of the company’s stock, valued at $1,127,851.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EVERTEC

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its position in EVERTEC by 32.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 39,026 shares of the business services provider’s stock worth $1,597,000 after purchasing an additional 9,536 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of EVERTEC by 2.3% during the 1st quarter. Royal Bank of Canada now owns 285,552 shares of the business services provider’s stock valued at $11,689,000 after buying an additional 6,523 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of EVERTEC during the 1st quarter valued at $357,000. First Republic Investment Management Inc. boosted its stake in shares of EVERTEC by 35.3% during the 1st quarter. First Republic Investment Management Inc. now owns 45,966 shares of the business services provider’s stock valued at $1,881,000 after buying an additional 11,997 shares during the period. Finally, Guggenheim Capital LLC lifted its stake in shares of EVERTEC by 11.2% in the 1st quarter. Guggenheim Capital LLC now owns 20,014 shares of the business services provider’s stock valued at $819,000 after purchasing an additional 2,011 shares during the last quarter. 83.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EVTC has been the topic of a number of recent research reports. StockNews.com cut shares of EVERTEC from a “buy” rating to a “hold” rating in a report on Saturday, May 7th. Keefe, Bruyette & Woods cut their price target on EVERTEC from $50.00 to $47.00 in a report on Monday, July 11th.

About EVERTEC

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EVERTEC, Inc engages in transaction processing business in Latin America and the Caribbean. The company operates through Payment Services – Puerto Rico & Caribbean; Payment Services – Latin America; Merchant Acquiring; Business Solutions, and Corporate and Other segments. 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.

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Earnings History for EVERTEC (NYSE:EVTC)

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