Mason Street Advisors LLC purchased a new position in shares of Ebix Inc. (NASDAQ:EBIX) during the second quarter, Holdings Channel reports. The institutional investor purchased 4,995 shares of the company’s stock, valued at approximately $239,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Capstone Asset Management Co. increased its position in Ebix by 13.4% in the second quarter. Capstone Asset Management Co. now owns 12,049 shares of the company’s stock worth $577,000 after buying an additional 1,420 shares during the period. BNP Paribas Arbitrage SA increased its position in Ebix by 90.3% in the second quarter. BNP Paribas Arbitrage SA now owns 8,630 shares of the company’s stock worth $413,000 after buying an additional 4,095 shares during the period. Royal Bank of Canada increased its position in Ebix by 27.5% in the first quarter. Royal Bank of Canada now owns 13,806 shares of the company’s stock worth $563,000 after buying an additional 2,982 shares during the period. LPL Financial LLC increased its position in Ebix by 519.2% in the first quarter. LPL Financial LLC now owns 58,176 shares of the company’s stock worth $2,328,000 after buying an additional 48,780 shares during the period. Finally, A.R.T. Advisors LLC purchased a new position in Ebix during the first quarter worth $640,000. Institutional investors own 68.88% of the company’s stock.
Ebix (NASDAQ:EBIX) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The company earned $72.60 million during the quarter, compared to analysts’ expectations of $71.20 million. Ebix had a return on equity of 21.32% and a net margin of 31.11%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.54 earnings per share.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.30 annualized dividend and a dividend yield of 0.51%. Ebix’s payout ratio is 11.49%.
Separately, Zacks Investment Research upgraded Ebix from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Thursday, August 11th.
Ebix Company Profile
Ebix, Inc (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS).
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