Evertec (NYSE:EVTC) CEO Morgan Schuessler Sells 145,000 Shares of Company Stock

Evertec, Inc. (NYSE:EVTC) CEO Morgan Schuessler sold 145,000 shares of the firm’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $34.77, for a total value of $5,041,650.00. Following the completion of the sale, the chief executive officer directly owned 305,054 shares of the company’s stock, valued at $10,606,727.58. This trade represents a 32.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Evertec Stock Down 1.9%

NYSE EVTC opened at $34.07 on Friday. Evertec, Inc. has a 52 week low of $21.81 and a 52 week high of $35.28. The company has a quick ratio of 1.70, a current ratio of 1.66 and a debt-to-equity ratio of 1.86. The business’s fifty day simple moving average is $29.86 and its 200-day simple moving average is $28.46. The firm has a market cap of $2.04 billion, a PE ratio of 10.12, a P/E/G ratio of 0.99 and a beta of 0.71.

Evertec (NYSE:EVTC) last announced its quarterly earnings results on Tuesday, November 3rd. The business services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.09. Evertec had a net margin of 9.00% and a return on equity of 32.81%. The firm had revenue of $282.99 million for the quarter, compared to analysts’ expectations of $272.94 million. During the same quarter in the previous year, the company posted $0.92 EPS. The company’s revenue was up 23.8% compared to the same quarter last year. As a group, equities analysts anticipate that Evertec, Inc. will post 3.53 earnings per share for the current year.

Evertec Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Monday, November 9th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, November 9th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.6%. Evertec’s dividend payout ratio (DPR) is currently 13.16%.

More Evertec News

Here are the key news stories impacting Evertec this week:

• Positive Sentiment: Evertec reported third-quarter earnings of $1.07 per share, above consensus estimates of about $0.97–$0.98, while revenue of $282.99 million also exceeded forecasts. Earnings rose from $0.92 per share a year earlier, and revenue increased 23.8% year over year. Evertec tops Q3 earnings and revenue estimates
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target to $42 from $38 and reiterated an “outperform” rating, signaling a more optimistic outlook for the shares. Evertec given new price target at Keefe, Bruyette & Woods
• Negative Sentiment: CEO Morgan Schuessler sold 145,000 shares for about $5.04 million, reducing his direct ownership by 32.22%. The sale may raise investor concerns about insider sentiment, though he retained 305,054 shares and the filing does not state the reason for the transaction. SEC filing

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio acquired a new position in Evertec in the 2nd quarter valued at about $37,000. Allworth Financial LP purchased a new stake in Evertec during the second quarter worth about $38,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Evertec during the second quarter worth about $38,000. Global Retirement Partners LLC acquired a new stake in shares of Evertec during the second quarter worth about $48,000. Finally, Sterling Capital Management LLC lifted its position in shares of Evertec by 849.3% during the third quarter. Sterling Capital Management LLC now owns 2,079 shares of the business services provider’s stock worth $56,000 after purchasing an additional 1,860 shares in the last quarter. Hedge funds and other institutional investors own 96.80% of the company’s stock.

Analysts Set New Price Targets

EVTC has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Evertec from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Morgan Stanley set a $34.00 target price on Evertec in a research note on Thursday, August 6th. Keefe, Bruyette & Woods raised their target price on Evertec from $38.00 to $42.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Weiss Ratings upgraded Evertec from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, October 21st. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.50.

Evertec Company Profile

Evertec, Inc is a payment processing and financial technology company that provides transaction-processing services and business technology solutions to financial institutions, merchants, government agencies and other organizations. The company operates through businesses that support electronic payments, merchant acquiring, payment networks and related financial services.

Its products and services include debit and credit card processing, point-of-sale and e-commerce payment acceptance, automated teller machine processing, prepaid services, electronic bill payment and money transfer solutions.