EVERTEC, Inc. (NYSE:EVTC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in shares of EVERTEC, Inc. (NYSE:EVTC) by 13.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 303,182 shares of the business services provider’s stock after selling 47,667 shares during the quarter. Principal Financial Group Inc. owned approximately 0.48% of EVERTEC worth $10,275,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Public Employees Retirement System of Ohio acquired a new position in EVERTEC in the third quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of EVERTEC in the 3rd quarter valued at $55,000. Northwestern Mutual Wealth Management Co. grew its position in shares of EVERTEC by 866.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,426 shares of the business services provider’s stock valued at $81,000 after buying an additional 2,175 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in EVERTEC by 90.7% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,132 shares of the business services provider’s stock worth $104,000 after acquiring an additional 1,490 shares in the last quarter. Finally, nVerses Capital LLC lifted its position in EVERTEC by 68.4% in the second quarter. nVerses Capital LLC now owns 3,200 shares of the business services provider’s stock valued at $106,000 after acquiring an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 96.80% of the company’s stock.

Insider Buying and Selling

In related news, EVP Miguel Vizcarrondo sold 7,890 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $35.07, for a total value of $276,702.30. Following the sale, the executive vice president now owns 122,038 shares in the company, valued at $4,279,872.66. This represents a 6.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Joaquin A. Castrillo-Salgado sold 48,453 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now directly owns 54,998 shares of the company’s stock, valued at $1,984,327.84. The trade was a 46.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,308 shares of company stock valued at $2,440,112 over the last quarter. Company insiders own 0.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EVTC. William Blair reiterated an “outperform” rating on shares of EVERTEC in a research report on Wednesday, December 18th. Morgan Stanley upgraded EVERTEC from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $33.00 to $35.00 in a research note on Thursday, November 21st. Finally, Susquehanna lowered shares of EVERTEC from a “neutral” rating to a “negative” rating and lowered their target price for the stock from $38.00 to $28.00 in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, EVERTEC has an average rating of “Hold” and an average target price of $35.00.

EVERTEC Stock Down 1.3 %

EVTC opened at $34.32 on Tuesday. EVERTEC, Inc. has a 52 week low of $28.76 and a 52 week high of $42.21. The business has a 50 day moving average price of $34.61 and a two-hundred day moving average price of $33.79. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 1.84. The company has a market cap of $2.18 billion, a PE ratio of 26.81, a P/E/G ratio of 1.63 and a beta of 1.16.

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

EVERTEC Announces Dividend

The firm also recently declared 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 was Monday, October 28th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.58%. EVERTEC’s dividend payout ratio (DPR) is presently 15.63%.

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.