Zacks Investment Research lowered shares of Ebix (NASDAQ:EBIX) from a buy rating to a hold rating in a research note published on Wednesday.
According to Zacks, “Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries. Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations. “
EBIX has been the subject of a number of other research reports. BidaskClub raised shares of Ebix from a buy rating to a strong-buy rating in a report on Saturday, February 17th. Craig Hallum reaffirmed a buy rating and issued a $110.00 price objective (up previously from $87.00) on shares of Ebix in a report on Monday, March 5th. Finally, Sidoti lifted their price objective on shares of Ebix from $88.00 to $90.00 and gave the company a buy rating in a report on Tuesday, December 19th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $95.67.
Ebix (NASDAQ:EBIX) last released its quarterly earnings data on Thursday, March 1st. The technology company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.05. Ebix had a net margin of 27.65% and a return on equity of 20.67%. The company had revenue of $104.68 million during the quarter, compared to analysts’ expectations of $96.33 million. analysts predict that Ebix will post 3.9 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.37%. Ebix’s dividend payout ratio is currently 9.71%.
In other news, EVP Leon Royden Thomas D’apice sold 3,500 shares of the business’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $77.45, for a total transaction of $271,075.00. Following the completion of the sale, the executive vice president now owns 63,971 shares of the company’s stock, valued at $4,954,553.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.80% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. California Public Employees Retirement System increased its stake in shares of Ebix by 5.6% during the third quarter. California Public Employees Retirement System now owns 106,268 shares of the technology company’s stock worth $6,934,000 after purchasing an additional 5,668 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in Ebix by 2.2% during the third quarter. Schwab Charles Investment Management Inc. now owns 133,853 shares of the technology company’s stock worth $8,734,000 after acquiring an additional 2,827 shares during the last quarter. PenderFund Capital Management Ltd. acquired a new position in Ebix during the fourth quarter worth about $8,222,000. Arizona State Retirement System boosted its position in Ebix by 224.2% during the fourth quarter. Arizona State Retirement System now owns 37,008 shares of the technology company’s stock worth $2,933,000 after acquiring an additional 25,594 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in Ebix during the fourth quarter worth about $370,000. 63.97% of the stock is owned by institutional investors and hedge funds.
Ebix Company Profile
Ebix, Inc (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS).
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