New York State Teachers Retirement System bought a new position in Evertec Inc (NYSE:EVTC) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 23,385 shares of the business services provider’s stock, valued at approximately $382,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of EVTC. Clearbridge LLC boosted its holdings in Evertec by 9.5% in the fourth quarter. Clearbridge LLC now owns 576,574 shares of the business services provider’s stock valued at $7,870,000 after acquiring an additional 50,070 shares in the last quarter. X Square Capital LLC bought a new stake in Evertec in the fourth quarter valued at $2,205,000. Mackenzie Financial Corp bought a new stake in Evertec in the fourth quarter valued at $563,000. Ramsey Quantitative Systems bought a new stake in Evertec in the fourth quarter valued at $221,000. Finally, M&T Bank Corp bought a new stake in Evertec in the fourth quarter valued at $375,000. 82.85% of the stock is currently owned by institutional investors.
Several research firms recently weighed in on EVTC. TheStreet upgraded shares of Evertec from a “c+” rating to a “b” rating in a report on Thursday, May 10th. Zacks Investment Research upgraded shares of Evertec from a “hold” rating to a “strong-buy” rating and set a $23.00 target price on the stock in a report on Friday, May 4th. Morgan Stanley boosted their target price on shares of Evertec from $18.00 to $19.00 and gave the company an “equal weight” rating in a report on Wednesday, May 2nd. JPMorgan Chase upgraded shares of Evertec from an “underweight” rating to a “neutral” rating in a report on Wednesday, May 2nd. Finally, ValuEngine upgraded shares of Evertec from a “buy” rating to a “strong-buy” rating in a report on Friday, April 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. Evertec currently has a consensus rating of “Buy” and an average target price of $18.00.
Evertec (NYSE:EVTC) last announced its earnings results on Tuesday, May 1st. The business services provider reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.16. Evertec had a net margin of 13.23% and a return on equity of 72.62%. The firm had revenue of $110.27 million for the quarter, compared to analysts’ expectations of $101.96 million. During the same quarter in the previous year, the business posted $0.45 EPS. The company’s quarterly revenue was up 8.9% on a year-over-year basis. analysts expect that Evertec Inc will post 1.41 earnings per share for the current year.
Evertec Company Profile
EVERTEC, Inc and its subsidiaries engage in transaction processing business serving financial institutions, merchants, corporations, and government agencies in Latin America and the Caribbean. The company operates through four segments: Payment Services – Puerto Rico & Caribbean, Payment Services – Latin America, Merchant Acquiring, and Business Solutions.
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