Morgan Schuessler, President and CEO of EVERTEC, Inc. (NYSE:EVTC), recently sold 16,325 shares of the company's common stock. The shares were sold at an average price of $35.5185 per share, with sale prices ranging from $35.19 to $35.85. This transaction, completed on November 13, 2024, resulted in a total sale value of approximately $579,839. Following this transaction, Schuessler retains direct ownership of 272,102 shares in the company.
In other recent news, EVERTEC, Inc. reported strong growth across all segments for the third quarter of 2024, with margins surpassing expectations. The company's operations in Puerto Rico demonstrated robust performance, along with significant organic growth in the Latin America region. This growth was further amplified by the recent acquisition of Sinqia. EVERTEC's revenue growth and positive financial performance are recent developments that have been highlighted in their third-quarter earnings call, led by President and CEO Mac Schuessler and CFO Joaquin Castrillo. The company anticipates continued growth across its operations, with the integration of Sinqia expected to enhance EVERTEC's performance in the Latin American market. There were no negative financial details or outlooks discussed during the call, indicating a positive trajectory for the company.
InvestingPro Insights
As Morgan Schuessler reduces his stake in EVERTEC, Inc. (NYSE:EVTC), investors might be curious about the company's financial health and market position. According to InvestingPro data, EVERTEC boasts a market capitalization of $2.2 billion and a P/E ratio of 26.54, suggesting a moderate valuation for a company in the financial technology sector.
EVERTEC's financial performance appears robust, with revenue growth of 24.45% over the last twelve months as of Q3 2024, reaching $823.71 million. This strong top-line growth is complemented by a healthy gross profit margin of 51.31% and an operating income margin of 16.93% for the same period.
InvestingPro Tips highlight that EVERTEC has maintained dividend payments for 12 consecutive years, which may appeal to income-focused investors. Additionally, the company's liquid assets exceed short-term obligations, indicating a solid financial position. These factors could provide some context for Schuessler's decision to sell shares, possibly as part of a personal portfolio rebalancing rather than a reflection on the company's prospects.
It's worth noting that while the CEO has sold shares, analysts predict the company will remain profitable this year. However, investors should be aware that 5 analysts have revised their earnings downwards for the upcoming period, which could signal some caution.
For a more comprehensive analysis, InvestingPro offers 7 additional tips for EVERTEC, providing deeper insights into the company's financial health and market position.
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