Welcome to our dedicated page for Evertec news (Ticker: EVTC), a resource for investors and traders seeking the latest updates and insights on Evertec stock.
EVERTEC, Inc. (NYSE: EVTC) is a prominent full-service transaction processing company operating extensively across Latin America and the Caribbean. Based in Puerto Rico, EVERTEC provides a comprehensive suite of merchant acquiring, payment processing, and business solutions services that are vital to the operational success of various financial, government, and commercial entities.
At the core of EVERTEC's offerings is their management of robust electronic payment networks, processing over 2.1 billion transactions annually. This scale underscores the reliability and efficiency of their systems, which include core bank processing, cash processing, and technology outsourcing services. In addition, EVERTEC operates the ATH® network, one of the leading PIN debit networks in Latin America, further cementing their pivotal role in the region's financial infrastructure.
EVERTEC's business is divided into several segments:
- Merchant Acquiring: Providing essential services that enable businesses to accept credit and debit payments securely and efficiently.
- Payment Services - Puerto Rico & Caribbean: Focused on delivering comprehensive payment processing solutions tailored to the unique needs of clients in Puerto Rico and the Caribbean.
- Latin America Payments and Solutions: Expanding reach and providing customized payment solutions across 19 Latin American countries.
- Business Solutions: Offering mission-critical technology solutions that support the diverse operations of financial institutions, corporations, and government agencies.
EVERTEC's innovative solutions and extensive reach make it a key player in the financial technology sector. The company's recent achievements include expanding their service offerings and forming strategic partnerships, all while maintaining a strong financial position. This commitment to growth and excellence ensures EVERTEC remains at the forefront of transaction processing in the region.
Popular, Inc. (NASDAQ:BPOP) has successfully sold its remaining 7,065,634 shares of EVERTEC, Inc. (NYSE:EVTC). This includes 6,262,293 shares sold through an underwritten public offering, generating approximately
With an after-tax gain of around
EVERTEC, Inc. (NYSE: EVTC) has priced a secondary offering of 6,262,293 shares at $32.00 each, expected to close by August 15, 2022. The Selling Stockholder, Popular, Inc. (NASDAQ: BPOP), will net all proceeds from this sale, while EVERTEC itself will not receive any financial benefits. Concurrently, EVERTEC has agreed to repurchase $25 million worth of its shares from the Selling Stockholder post-offering. This move will likely lead to the Selling Stockholder divesting all equity in EVERTEC following the completion of this transaction.
EVERTEC has announced an underwritten secondary offering of 6,355,694 shares of common stock by Selling Stockholder Popular, Inc. The proceeds from this offering will go entirely to Popular, Inc., as EVERTEC will not sell any shares or receive any proceeds. Concurrently, EVERTEC will repurchase approximately $25 million of its common stock from Popular, Inc. This repurchase is subject to the offering’s completion but is not contingent on it. After the offering and repurchase, Popular, Inc. will no longer hold equity in EVERTEC.
Evertec reported an 8% revenue increase in Q2 2022, totaling $160.6 million, driven by transaction volume growth in Puerto Rico and Latin America. However, GAAP net income fell 32% to $33.6 million, reflecting a $4.1 million software impairment and rising operational costs. Adjusted EBITDA dropped 9% to $73.4 million, with a margin decrease to 45.7%. The company narrowed its 2022 revenue outlook to $607-$615 million, forecasting adjusted EPS between $2.52 and $2.60, down from $2.74 in 2021. Share repurchases amounted to $14 million with $115 million remaining in the program.
EVERTEC, Inc. (NYSE: EVTC) has declared a quarterly dividend of $0.05 per share, payable on September 2, 2022, to shareholders of record as of August 8, 2022. This announcement reflects the Board's commitment to returning value to shareholders, with plans for regular future declarations subject to market conditions. EVERTEC operates one of the leading transaction processing networks in Puerto Rico, the Caribbean, and Latin America, handling over three billion transactions annually.
Popular, Inc. reported net income of $211.4 million for Q2 2022, slightly down from $211.7 million in Q1 2022. The net interest margin increased to 3.09% from 2.75%, aided by higher interest rates and loan growth across most categories, except mortgages. Non-performing loans decreased by $42 million, with a ratio of 1.6% of total loans. Total assets grew by $2 billion, while deposits increased by $2.5 billion. The bank's Common Equity Tier 1 ratio remained strong at 16.39%.
EVERTEC, Inc. (NYSE: EVTC) will host a conference call on August 4, 2022, at 4:30 p.m. ET to discuss second-quarter financial results. The call features President and CEO Mac Schuessler and CFO Joaquin Castrillo. A press release will be issued after market close on the same day. Interested parties can access the call by dialing (888) 338-7153 or through the company’s website. EVERTEC is a leading transaction processing company in Puerto Rico and Latin America, managing electronic payment networks and processing over three billion transactions annually.
EVERTEC, Inc. (NYSE: EVTC) has successfully closed its Popular Transaction and the acquisition of BBR, SpA for approximately USD$53 million. The Popular Transaction entails significant extensions to commercial agreements with Banco Popular of Puerto Rico, enhancing their merchant acquiring relationship, including a revenue-sharing provision. The BBR acquisition expands EVERTEC's operations into Chile and Peru, reinforcing its growth strategy in Latin America. These developments are pivotal for future growth and market presence.
Popular, Inc. (BPOP) has completed the acquisition of assets from Evertec Group, enhancing its digital banking services and commercial cash management applications. This move allows Popular's Banco Popular de Puerto Rico (BPPR) to improve flexibility in technology partnerships, reduce service costs, and strengthen its customer service capabilities. The acquisition involved 4,589,169 shares of Evertec common stock, valued at $169 million, leading to an estimated after-tax gain of $112 million. However, the transaction impacts Popular's tangible book value negatively by approximately $55 million.
EVERTEC, Inc. (NYSE: EVTC) announced that its CEO Mac Schuessler and CFO Joaquin Castrillo will present at William Blair's 42nd Annual Growth Stock Conference at 2:40 p.m. CT on June 8, 2022. The event will feature a fireside chat, which interested parties can listen to live via the investor relations section of the company’s website. A replay will be available post-event. EVERTEC is a leading transaction processing business in Puerto Rico, the Caribbean, and Latin America, processing over three billion transactions annually.
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