Evertec executive sells over $623k in company stock

In a recent move, an executive vice president of EVERTEC Inc. (NYSE:EVTC), a leader in transaction processing services in Latin America and the Caribbean, has sold a significant portion of her holdings in the company. Paola Perez-Surillo, the company's executive vice president, parted with 18,253 shares of common stock at an average price of $34.14 per share, totaling approximately $623,113. The shares were sold at variable prices ranging from $34.00 to $34.28.

This transaction, which took place on August 29, 2024, was disclosed in a filing with the U.S. Securities and Exchange Commission. Following the sale, Perez-Surillo's direct ownership in EVERTEC Inc. stands at 36,558 shares. The disclosure provided by the filing indicates that the weighted average sales price reflects a range of prices at which the stock was sold, with the company or SEC staff available to provide full details upon request.

The sale by the executive is part of routine disclosures that corporate insiders are required to make when buying or selling shares of their own companies. These transactions are closely watched by investors as they can provide insights into an insider's perspective on the value of the company's stock.

EVERTEC Inc., based in Puerto Rico, specializes in a wide range of services including merchant acquiring, payment processing, and business solutions. The company's stock is publicly traded and can be followed under the ticker symbol NYSE:EVTC.

In other recent news, Evertec (NYSE:EVTC), Inc. reported robust growth in its Q2 results, with revenues hitting $212 million, a 27% increase from the previous year. The rise in revenue is attributed to significant transactional increases in both Puerto Rico and Latin America, as well as contributions from the recent acquisition of Sinqia and an uptick in the Business Solutions segment. Adjusted EBITDA saw a 16% year-over-year increase to $86.1 million, and adjusted earnings per share (EPS) climbed by 17% to $0.83.

Contributing to these strong results, Evertec also announced the successful repricing of its Term Loan B, reducing the interest rate by 25 basis points. The company's updated 2024 outlook predicts revenue growth of 22% to 23% and adjusted EPS growth of 5.7% to 8.9%.

In other recent developments, the company's ending cash balance for June 30 was $282 million, down $36.5 million from the previous year-end. However, Evertec remains optimistic about long-term prospects in Latin America and the supportive macro environment in Puerto Rico. The company's strategic focus on operational excellence and service modernization is expected to enhance its competitive edge and foster long-term growth.

InvestingPro Insights

As EVERTEC Inc. (NYSE:EVTC) catches the market's attention with insider trading activity, it's worth considering the company's financial health and performance metrics to get a broader investment picture. EVERTEC, with a market capitalization of $2.14 billion, is trading at a P/E ratio of 31.25, reflecting a premium compared to some industry peers. This high earnings multiple is supported by the company's robust revenue growth, which stood at 23.74% over the last twelve months as of Q2 2024.

InvestingPro Tips suggest that EVERTEC's net income is expected to grow this year, a sentiment echoed by analysts who have revised their earnings estimates upwards for the upcoming period. Furthermore, EVERTEC has demonstrated its ability to sustain shareholder returns, maintaining dividend payments for 12 consecutive years, with a modest dividend yield of 0.58% as of the latest data.

For investors looking for more in-depth analysis, there are additional InvestingPro Tips available, including insights on the company's profitability and liquidity. EVERTEC has been profitable over the last twelve months, and its liquid assets exceed short-term obligations, indicating a strong balance sheet. These financial indicators, along with the anticipated profitability for the year, may provide some context to the recent insider sale and offer investors a more comprehensive understanding of EVERTEC's investment potential.

For further information and a deeper dive into EVERTEC's financials and stock performance, investors can explore more tips on InvestingPro, which currently lists 7 additional tips for the company at https://www.investing.com/pro/EVTC.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.