Evertec, Inc. (NYSE:EVTC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.

According to Zacks, “Evertec, Inc. is engaged in transaction processing business primarily in Latin America and the Caribbean. The Company operates through divisions which consist of Merchant Acquiring Solutions, Payment Processing and Business Solutions. It offers ATH network, payment processing, card products processing, electronic benefit transfer services, information technology services, database management services, printing centre and document mailing, cash processing, business processes outsourcing services as well as payment solutions, point-of-sale systems and accessories to receive payments. Evertec, Inc. is based in San Juan, Puerto Rico. “

EVTC has been the topic of a number of other research reports. BidaskClub upgraded shares of Evertec from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 1st. ValuEngine cut shares of Evertec from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $19.00.

Evertec (EVTC) traded down 1.36% on Thursday, reaching $18.20. 196,469 shares of the company were exchanged. The firm has a 50-day moving average of $17.50 and a 200 day moving average of $16.77. Evertec has a 12-month low of $14.15 and a 12-month high of $19.52. The firm has a market capitalization of $1.32 billion, a P/E ratio of 17.03 and a beta of 1.25.

Evertec (NYSE:EVTC) last issued its quarterly earnings data on Tuesday, August 1st. The business services provider reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.02. The company had revenue of $103.51 million for the quarter, compared to the consensus estimate of $100.21 million. Evertec had a net margin of 19.64% and a return on equity of 107.21%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.43 earnings per share. On average, equities analysts predict that Evertec will post $1.70 earnings per share for the current year.

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A number of hedge funds have recently made changes to their positions in the stock. Teachers Advisors LLC boosted its stake in shares of Evertec by 525.8% in the fourth quarter. Teachers Advisors LLC now owns 948,851 shares of the business services provider’s stock worth $16,842,000 after buying an additional 797,226 shares in the last quarter. Martingale Asset Management L P boosted its stake in shares of Evertec by 44.0% in the first quarter. Martingale Asset Management L P now owns 280,177 shares of the business services provider’s stock worth $4,455,000 after buying an additional 85,613 shares in the last quarter. Globeflex Capital L P acquired a new stake in shares of Evertec during the first quarter worth approximately $1,441,000. Citadel Advisors LLC boosted its stake in shares of Evertec by 841.6% in the first quarter. Citadel Advisors LLC now owns 150,682 shares of the business services provider’s stock worth $2,396,000 after buying an additional 134,679 shares in the last quarter. Finally, Alambic Investment Management L.P. boosted its stake in shares of Evertec by 42.3% in the first quarter. Alambic Investment Management L.P. now owns 46,400 shares of the business services provider’s stock worth $738,000 after buying an additional 13,800 shares in the last quarter. 79.09% of the stock is owned by institutional investors and hedge funds.

About Evertec

EVERTEC, Inc is a transaction processing company. The Company provides a range of merchant acquiring, payment processing and business process management services. The Company operates through three segments: Merchant Acquiring, Payment Processing and Business Solutions. As of December 31, 2016, it managed a system of electronic payment networks that processed over two billion transactions annually.

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