The Manufacturers Life Insurance Company Sells 2,116 Shares of EVERTEC, Inc. (NYSE:EVTC)

The Manufacturers Life Insurance Company lowered its position in EVERTEC, Inc. (NYSE:EVTC) by 6.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,509 shares of the business services provider’s stock after selling 2,116 shares during the period. The Manufacturers Life Insurance Company’s holdings in EVERTEC were worth $1,000,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew 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 period. Benjamin F. Edwards & Company Inc. grew 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 period. nVerses Capital LLC grew 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 period. Algert Global LLC bought a new stake in EVERTEC during the second quarter valued at about $219,000. Finally, Bridges Investment Management Inc. bought a new stake in EVERTEC during the second quarter valued at about $280,000. Institutional investors own 96.80% of the company’s stock.

EVERTEC Trading Down 1.4 %

EVTC opened at $35.46 on Friday. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 27.70, a P/E/G ratio of 1.61 and a beta of 1.16. The stock’s 50 day moving average price is $34.36 and its 200-day moving average price is $33.76. EVERTEC, Inc. has a one year low of $28.76 and a one year high of $42.21. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.97 and a current ratio of 1.97.

EVERTEC (NYSE:EVTC) last announced its quarterly earnings data on Wednesday, November 6th. The business services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.13. EVERTEC had a return on equity of 33.01% and a net margin of 10.20%. The company had revenue of $211.80 million for the quarter, compared to analysts’ expectations of $211.51 million. During the same quarter in the prior year, the firm earned $0.72 earnings per share. EVERTEC’s revenue was up 22.3% compared to the same quarter last year. On average, equities analysts forecast that EVERTEC, Inc. will post 2.55 EPS for the current year.

EVERTEC Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, October 28th were paid a $0.05 dividend. The ex-dividend date of this dividend was Monday, October 28th. This represents a $0.20 dividend on an annualized basis and a yield of 0.56%. EVERTEC’s dividend payout ratio (DPR) is 15.63%.

Insider Buying and Selling

In other news, EVP Daniel Brignardello sold 3,842 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $36.00, for a total transaction of $138,312.00. Following the sale, the executive vice president now directly owns 32,481 shares in the company, valued at $1,169,316. This trade represents a 10.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Joaquin A. Castrillo-Salgado sold 48,453 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $36.08, for a total value of $1,748,184.24. Following the sale, the chief financial officer now owns 54,998 shares in the company, valued at $1,984,327.84. This trade represents a 46.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on EVTC shares. Susquehanna lowered EVERTEC from a “neutral” rating to a “negative” rating and cut their price target for the company from $38.00 to $28.00 in a report on Thursday, September 5th. Morgan Stanley raised EVERTEC from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $33.00 to $35.00 in a report on Thursday, November 21st.

EVERTEC Profile

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.