Zacks Investment Research lowered shares of Ebix Inc. (NASDAQ:EBIX) from a buy rating to a hold rating in a report released on Monday morning.
According to Zacks, “Ebix Inc is one of the leading international suppliers of software and e-commerce solutions to the insurance industry. The company 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 (NASDAQ:EBIX) opened at 56.55 on Monday. Ebix has a 52 week low of $26.25 and a 52 week high of $59.17. The stock has a 50 day moving average price of $56.56 and a 200 day moving average price of $50.46. The stock has a market capitalization of $1.84 billion, a PE ratio of 21.82 and a beta of 1.68.
Ebix (NASDAQ:EBIX) last posted its quarterly earnings data on Monday, August 8th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.07. The firm had revenue of $72.60 million for the quarter, compared to the consensus estimate of $71.20 million. Ebix had a return on equity of 21.32% and a net margin of 31.11%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 EPS. Equities analysts forecast that Ebix will post $2.70 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, August 30th. This represents a $0.30 annualized dividend and a yield of 0.53%. Ebix’s payout ratio is 11.49%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in Ebix by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 70,440 shares of the company’s stock valued at $2,873,000 after buying an additional 5,370 shares during the last quarter. BlackRock Group LTD boosted its position in Ebix by 5.2% in the first quarter. BlackRock Group LTD now owns 45,673 shares of the company’s stock valued at $1,863,000 after buying an additional 2,266 shares during the last quarter. Bank of Montreal Can bought a new position in Ebix during the second quarter valued at approximately $127,000. Ameriprise Financial Inc. boosted its position in Ebix by 99.5% in the second quarter. Ameriprise Financial Inc. now owns 441,507 shares of the company’s stock valued at $21,149,000 after buying an additional 220,214 shares during the last quarter. Finally, Palisade Capital Management LLC NJ boosted its position in Ebix by 54.2% in the first quarter. Palisade Capital Management LLC NJ now owns 311,719 shares of the company’s stock valued at $12,715,000 after buying an additional 109,629 shares during the last quarter. 68.88% of the stock is owned by hedge funds and other institutional investors.
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).