Steadfast Capital Management Boosts Its Stake in Evertec Inc (EVTC)

Steadfast Capital Management, a fund managed by Robert Pitts, disclosed, in a new filing with the Securities and Exchange Commission, boosting its position in Evertec Inc (NYSE:EVTC) to 3.99 million shares, equivalent to 5.1% of the common stock. The stake has been raised from 2.95 million shares owned by the fund previously.

The stock of the full service transaction processing company Evertec Inc (NYSE:EVTC), gained 23% since it went public in April 2013. In December the company repurchased $75 million worth of common stock held by several investors and insiders. Following the agreement, Apollo Global Management, LLC ceased to hold shares of Evertec.

Analysts, on average consider Evertec Inc (NYSE:EVTC) as being an attractive investment opportunity the average recommendation being “Buy” and the target price set at $28 per share above the current price of around $25. In the third quarter, the company met the analyst forecast regarding its EPS, which amounted to $0.36. For the fourth quarter, analysts expect the company to post an income worth $0.42 per share.

Aside from Steadfast, another hedge fund that disclosed holding shares of Evertec Inc (NYSE:EVTC) is Larry Robbins’ Glenview Capital. In December, Glenview disclosed raising its stake in Evertec to 4.4 million shares, or 5.64% of the common stock, from 2.1 million shares. At the same time, Keith Meister‘s Corvex Capital, in its latest 13F, reported owning around 3.1 million shares of Evertec.

Steadfast Capital is a private, New York-based hedge fund, with an equity portfolio of over $3.8 billion. Earlier in November, the fund disclosed initiating a stake in 58.com Inc. (NYSE:WUBA) through acquiring over 1.8 million class A shares, which represent 7.61% of the class.

Disclosure: none

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