Bridges Investment Management Inc. Buys Shares of 8,407 EVERTEC, Inc. (NYSE:EVTC)

Bridges Investment Management Inc. purchased a new position in shares of EVERTEC, Inc. (NYSE:EVTC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,407 shares of the business services provider’s stock, valued at approximately $280,000.

Several other hedge funds also recently modified their holdings of EVTC. Nordea Investment Management AB increased its stake in EVERTEC by 29.2% during the first quarter. Nordea Investment Management AB now owns 217,123 shares of the business services provider’s stock valued at $8,770,000 after acquiring an additional 49,115 shares during the period. Norges Bank bought a new stake in shares of EVERTEC during the fourth quarter valued at approximately $19,626,000. Edgestream Partners L.P. acquired a new position in shares of EVERTEC in the second quarter valued at $8,143,000. Aptus Capital Advisors LLC lifted its position in EVERTEC by 24.8% in the second quarter. Aptus Capital Advisors LLC now owns 88,055 shares of the business services provider’s stock worth $2,928,000 after purchasing an additional 17,475 shares during the period. Finally, Invenomic Capital Management LP acquired a new stake in EVERTEC during the first quarter worth $2,407,000. 96.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Susquehanna cut shares of EVERTEC from a “neutral” rating to a “negative” rating and dropped their price objective for the company from $38.00 to $28.00 in a research note on Thursday, September 5th. Keefe, Bruyette & Woods dropped their price target on shares of EVERTEC from $47.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, July 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, EVERTEC currently has a consensus rating of “Hold” and an average target price of $34.33.

Insiders Place Their Bets

In related news, EVP Miguel Vizcarrondo sold 40,000 shares of EVERTEC stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $34.11, for a total value of $1,364,400.00. Following the completion of the transaction, the executive vice president now directly owns 129,928 shares of the company’s stock, valued at $4,431,844.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Miguel Vizcarrondo sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $34.11, for a total transaction of $1,364,400.00. Following the sale, the executive vice president now directly owns 129,928 shares of the company’s stock, valued at $4,431,844.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Luis A. Rodriguez-Gonzalez sold 36,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $35.10, for a total transaction of $1,263,600.00. Following the completion of the transaction, the executive vice president now owns 39,370 shares of the company’s stock, valued at approximately $1,381,887. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.

EVERTEC Stock Down 2.7 %

Shares of NYSE EVTC opened at $33.02 on Monday. EVERTEC, Inc. has a 52-week low of $28.76 and a 52-week high of $42.21. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.82 and a current ratio of 1.82. The business has a fifty day moving average of $33.52 and a two-hundred day moving average of $35.15. The stock has a market cap of $2.13 billion, a PE ratio of 33.35, a PEG ratio of 1.63 and a beta of 1.15.

EVERTEC (NYSE:EVTC) last announced its quarterly earnings results on Wednesday, July 31st. The business services provider reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.19. The firm had revenue of $211.98 million during the quarter, compared to the consensus estimate of $209.40 million. EVERTEC had a net margin of 8.84% and a return on equity of 32.08%. As a group, equities research analysts expect that EVERTEC, Inc. will post 2.53 earnings per share for the current fiscal year.

EVERTEC Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Monday, July 29th were given a $0.05 dividend. The ex-dividend date was Monday, July 29th. This represents a $0.20 annualized dividend and a yield of 0.61%. EVERTEC’s payout ratio is 20.20%.

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.