Parametric Portfolio Associates LLC cut its stake in shares of VeriFone Systems Inc (NYSE:PAY) by 3.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 651,736 shares of the business services provider’s stock after selling 25,158 shares during the period. Parametric Portfolio Associates LLC owned 0.58% of VeriFone Systems worth $13,217,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in PAY. Rhumbline Advisers boosted its position in VeriFone Systems by 5.0% during the 2nd quarter. Rhumbline Advisers now owns 228,791 shares of the business services provider’s stock worth $4,141,000 after purchasing an additional 10,875 shares during the period. BlackRock Inc. boosted its position in VeriFone Systems by 13.5% during the 2nd quarter. BlackRock Inc. now owns 16,668,535 shares of the business services provider’s stock worth $301,702,000 after purchasing an additional 1,982,859 shares during the period. Capital Management Associates NY purchased a new stake in VeriFone Systems during the 3rd quarter worth $375,000. SG Americas Securities LLC boosted its position in VeriFone Systems by 763.1% during the 3rd quarter. SG Americas Securities LLC now owns 74,552 shares of the business services provider’s stock worth $1,512,000 after purchasing an additional 65,914 shares during the period. Finally, Voya Investment Management LLC boosted its position in VeriFone Systems by 15.9% during the 2nd quarter. Voya Investment Management LLC now owns 51,431 shares of the business services provider’s stock worth $931,000 after purchasing an additional 7,044 shares during the period.
PAY has been the subject of a number of research reports. Barclays reaffirmed a “hold” rating and set a $22.00 price target on shares of VeriFone Systems in a research report on Friday, September 29th. UBS Group cut shares of VeriFone Systems from a “strong-buy” rating to an “outperform” rating in a research report on Thursday, November 16th. Argus reaffirmed a “hold” rating on shares of VeriFone Systems in a research report on Tuesday, December 26th. Zacks Investment Research lowered shares of VeriFone Systems from a “hold” rating to a “sell” rating in a report on Wednesday, November 15th. Finally, Tigress Financial reiterated a “buy” rating on shares of VeriFone Systems in a report on Tuesday, December 19th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $20.02.
VeriFone Systems (NYSE:PAY) last issued its earnings results on Tuesday, December 12th. The business services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The business had revenue of $477.00 million for the quarter, compared to analyst estimates of $472.33 million. VeriFone Systems had a negative net margin of 9.29% and a positive return on equity of 13.52%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.30 EPS. sell-side analysts forecast that VeriFone Systems Inc will post 1.2 earnings per share for the current year.
VeriFone Systems announced that its Board of Directors has initiated a share repurchase plan on Tuesday, December 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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About VeriFone Systems
VeriFone Systems, Inc offers payments and commerce solutions. The Company is engaged in designing, manufacturing, marketing and supplying a range of payment solutions and complementary services. It provides solutions and services for the retail point-of-sale (POS) that enable various forms of commerce.
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