Allspring Global Investments Holdings LLC Reduces Holdings in EVERTEC, Inc. (NYSE:EVTC)

Allspring Global Investments Holdings LLC decreased its position in shares of EVERTEC, Inc. (NYSE:EVTC) by 39.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,717 shares of the business services provider’s stock after selling 5,068 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in EVERTEC were worth $257,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. grew its holdings in shares of EVERTEC by 31.7% during the fourth quarter. Russell Investments Group Ltd. now owns 34,840 shares of the business services provider’s stock worth $1,426,000 after buying an additional 8,380 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in shares of EVERTEC during the fourth quarter worth about $31,000. Charles Schwab Investment Management Inc. lifted its position in EVERTEC by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 709,451 shares of the business services provider’s stock valued at $29,045,000 after purchasing an additional 21,304 shares during the period. Principal Securities Inc. acquired a new stake in EVERTEC in the fourth quarter valued at about $36,000. Finally, Dimensional Fund Advisors LP lifted its position in EVERTEC by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,668,011 shares of the business services provider’s stock valued at $68,289,000 after purchasing an additional 12,575 shares during the period. Hedge funds and other institutional investors own 96.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on EVTC. Susquehanna downgraded shares of EVERTEC from a “neutral” rating to a “negative” rating and reduced their price objective for the company from $38.00 to $28.00 in a research report on Thursday. Keefe, Bruyette & Woods reduced their price objective on shares of EVERTEC from $47.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, July 8th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $34.33.

EVERTEC Price Performance

EVTC stock opened at $31.65 on Friday. The firm has a 50 day moving average of $33.32 and a 200-day moving average of $35.59. EVERTEC, Inc. has a 12-month low of $28.76 and a 12-month high of $42.21. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.92. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 31.97, a PEG ratio of 1.70 and a beta of 1.13.

EVERTEC (NYSE:EVTC) last posted its quarterly earnings results on Wednesday, July 31st. The business services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.19. EVERTEC had a net margin of 8.84% and a return on equity of 32.08%. As a group, equities analysts expect that EVERTEC, Inc. will post 2.53 EPS for the current fiscal year.

EVERTEC Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Monday, July 29th were given a dividend of $0.05 per share. The ex-dividend date was Monday, July 29th. This represents a $0.20 annualized dividend and a dividend yield of 0.63%. EVERTEC’s dividend payout ratio is currently 20.20%.

Insider Buying and Selling

In related news, EVP Miguel Vizcarrondo sold 40,000 shares of EVERTEC stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $34.11, for a total transaction of $1,364,400.00. Following the completion of the transaction, the executive vice president now directly owns 129,928 shares in the company, valued at approximately $4,431,844.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other EVERTEC news, EVP Miguel Vizcarrondo sold 40,000 shares of EVERTEC stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $34.11, for a total value of $1,364,400.00. Following the completion of the sale, the executive vice president now directly owns 129,928 shares of the company’s stock, valued at approximately $4,431,844.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Luis A. Rodriguez-Gonzalez sold 36,000 shares of EVERTEC stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $35.10, for a total transaction of $1,263,600.00. Following the completion of the sale, the executive vice president now directly owns 39,370 shares of the company’s stock, valued at $1,381,887. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.

EVERTEC Company 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.