EVERTEC, Inc. Buyback
OLI recorded this information on 3/6/2024
Company:
EVERTEC, Inc.
Buyback:
EVTC buyback
$Amount Authorized:
$220,000,000
Buyback Details:
EVERTEC, Inc. (NYSE:EVTC) ("Evertec" or the "Company") today announced that it has entered into an Accelerated Share Repurchase (ASR) agreement with Bank of America, N.A. by which the Company will repurchase $70 million of its common stock. The ASR is expected to be completed by the third quarter of 2024. Additionally, the Company's Board of Directors approved an increase to the share repurchase authorization to an aggregate $220 million and an extension to the expiration date to December 31, 2025. The ASR was executed under this increase. Prior to this amendment, the share repurchase program had approximately $137 million remaining. The Company may repurchase shares in the open market, through accelerated share repurchase programs, 10b5-1 plans, or in privately negotiated transactions, subject to business opportunities and other factors.
Evertec is a holding company. Through its subsidiaries, Co. is engaged as a transaction-processing business in Puerto Rico, the Caribbean and Latin America, providing a range of merchant acquiring, payment services and business process management services. Co. manages a system of electronic payment networks and provides a suite of services for primary banking, cash processing, and fulfillment in Puerto Rico. Additionally, Co. provides technology outsourcing in all the regions it serves. Co. owns and operates the ATH network, which connects the merchant or merchant acquirer to the card issuer and enables transactions to be routed or switched across the transaction-processing value chain.
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Buy (2.55 out of 4) 6th percentile
(ranked lower than approx. 94% of all stocks covered)
Analysts' Target Price: EVTC Stock Forecast Based on Zacks ABR data; powered by Xignite |