PNC Financial Services Group Inc. Sells 2,134 Shares of Evertec, Inc. (NYSE:EVTC)

PNC Financial Services Group Inc. reduced its holdings in Evertec, Inc. (NYSE:EVTC) by 8.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,165 shares of the business services provider’s stock after selling 2,134 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Evertec were worth $815,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new stake in Evertec in the fourth quarter valued at approximately $17,416,000. Ameriprise Financial Inc. grew its stake in Evertec by 41.6% in the fourth quarter. Ameriprise Financial Inc. now owns 568,797 shares of the business services provider’s stock valued at $19,641,000 after acquiring an additional 166,997 shares during the period. Raymond James Financial Inc. acquired a new stake in Evertec in the fourth quarter valued at approximately $5,356,000. Invenomic Capital Management LP grew its stake in Evertec by 48.4% in the fourth quarter. Invenomic Capital Management LP now owns 275,979 shares of the business services provider’s stock valued at $9,530,000 after acquiring an additional 90,057 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Evertec in the fourth quarter valued at approximately $3,108,000. 96.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on EVTC shares. Morgan Stanley reduced their price objective on Evertec from $35.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday, July 31st. Keefe, Bruyette & Woods raised their price objective on Evertec from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Thursday, May 8th. Susquehanna set a $39.00 price objective on Evertec and gave the company a “neutral” rating in a research note on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft started coverage on Evertec in a research note on Thursday, July 17th. They issued a “hold” rating and a $35.00 price objective for the company. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $43.00 target price (up previously from $42.00) on shares of Evertec in a research report on Thursday, July 31st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Evertec Stock Down 0.2%

Shares of NYSE:EVTC opened at $35.63 on Tuesday. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.74 and a beta of 0.96. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 1.49. Evertec, Inc. has a 12-month low of $31.11 and a 12-month high of $38.56. The business’s 50 day moving average is $35.45 and its 200 day moving average is $35.14.

Evertec (NYSE:EVTC) last announced its quarterly earnings data on Wednesday, July 30th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of $229.61 million during the quarter, compared to the consensus estimate of $222.23 million. Evertec had a return on equity of 36.67% and a net margin of 15.56%. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.83 EPS. On average, sell-side analysts forecast that Evertec, Inc. will post 2.63 earnings per share for the current fiscal year.

Evertec Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Monday, August 4th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, August 4th. Evertec’s payout ratio is presently 9.43%.

Insider Transactions at Evertec

In other Evertec news, Director Ivan Pagan sold 6,852 shares of the business’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $36.65, for a total value of $251,125.80. Following the sale, the director directly owned 12,473 shares in the company, valued at $457,135.45. The trade was a 35.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Aldo J. Polak sold 2,243 shares of the business’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $35.72, for a total value of $80,119.96. Following the completion of the sale, the director owned 11,946 shares in the company, valued at approximately $426,711.12. The trade was a 15.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,736 shares of company stock worth $610,906 in the last ninety days. Company insiders own 0.63% 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.