Evertec executive sells shares worth over $1.3 million

San Juan, Puerto Rico – In a recent transaction, Miguel Vizcarrondo, Executive Vice President of EVERTEC, Inc. (NYSE:EVTC), sold 40,000 shares of the company's common stock. The total value of the shares sold by Vizcarrondo amounted to approximately $1,364,259, with the sales executed at a weighted average price of $34.1065 per share.

The transaction, which took place on August 29, 2024, saw the shares being sold at prices ranging from $33.76 to $34.35. Following the sale, Vizcarrondo's remaining stake in EVERTEC stands at 129,928 shares of common stock. The details of the transaction indicate that the shares were directly owned by Vizcarrondo.

EVERTEC, Inc., headquartered in Rio Piedras, Puerto Rico, operates in the computer processing and data preparation sector. This recent sale by a high-ranking executive may catch the eye of investors tracking insider activity as a signal for the company's financial outlook.

For those interested in the specifics of the transaction or the exact number of shares sold at each price point, the information is available upon request from the U.S. Securities and Exchange Commission, EVERTEC, Inc., or a security holder of the issuer.

The sale was officially documented on September 3, 2024, with the filing signed by Belmary Rivera-Alvarez under the power of attorney for Miguel Vizcarrondo.

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

The company also announced the successful repricing of its Term Loan B, reducing the interest rate by 25 basis points. Other recent developments include significant cash returned to shareholders through dividends and a share repurchase program. Latin America revenue surged by 91% year-over-year, largely due to the Sinqia acquisition.

Evertec is optimistic about long-term prospects in Latin America and the supportive macro environment in Puerto Rico. The updated 2024 outlook predicts revenue growth of 22% to 23% and adjusted EPS growth of 5.7% to 8.9%. Evertec's strategic focus on operational excellence and service modernization is set to enhance its competitive edge and foster long-term growth.

InvestingPro Insights

As EVERTEC, Inc. (NYSE:EVTC) navigates through the financial landscape, recent data from InvestingPro provides a deeper insight into the company's performance and potential. With a market capitalization of approximately $2.14 billion, EVERTEC stands as a significant player in its sector. The company's Price/Earnings (P/E) ratio, as of the last twelve months leading into Q2 2024, is at 30.95, which can be considered high, reflecting investor expectations for future growth or possibly a premium for the company's market position.

InvestingPro Tips highlight that EVERTEC is expected to see net income growth this year, a positive sign for investors considering the company's future profitability. Additionally, four analysts have revised their earnings estimates upwards for the upcoming period, suggesting an optimistic outlook on the company's financial performance. With such expectations, the company's consistent dividend payments for the past 12 years could be seen as a testament to its financial stability and commitment to shareholder returns.

Key financial metrics such as gross profit margin, which stands at a healthy 51.62%, and a revenue growth of 23.74% over the last twelve months, demonstrate EVERTEC's ability to generate profits and expand its business. The company's liquid assets also exceed its short-term obligations, indicating a strong liquidity position that can support ongoing operations and strategic initiatives. It's worth noting that EVERTEC is trading at a high Price/Book multiple of 4.45, which may suggest that the market values its assets highly or anticipates future growth.

For investors seeking additional insights and analysis, there are more InvestingPro Tips available for EVERTEC, including predictions on profitability and assessments of the company's valuation multiples.

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