Verifone Systems, Inc. (PAY) Coverage Initiated at Bank of America Corporation
Bank of America Corporation began coverage on shares of Verifone Systems, Inc. (NYSE:PAY) in a research report report published on Tuesday, Marketbeat.com reports. The brokerage issued an underperform rating and a $19.00 price target on the business services provider’s stock.
Other analysts have also issued reports about the stock. BidaskClub raised shares of Verifone Systems from a hold rating to a buy rating in a research report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a buy rating and set a $23.00 target price (up from $20.00) on shares of Verifone Systems in a research report on Monday, September 11th. Barclays PLC reaffirmed an equal weight rating and set a $20.00 target price (down from $22.00) on shares of Verifone Systems in a research report on Sunday, June 11th. Zacks Investment Research raised shares of Verifone Systems from a sell rating to a hold rating in a research report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reaffirmed a hold rating and set a $20.00 target price on shares of Verifone Systems in a research report on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $19.08.
Shares of Verifone Systems (NYSE PAY) opened at 20.86 on Tuesday. The company has a 50 day moving average price of $19.43 and a 200 day moving average price of $18.76. Verifone Systems has a 1-year low of $14.94 and a 1-year high of $21.48. The company’s market capitalization is $2.34 billion.
Verifone Systems (NYSE:PAY) last posted its quarterly earnings data on Thursday, September 7th. The business services provider reported $0.36 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.36. Verifone Systems had a negative net margin of 9.76% and a positive return on equity of 11.19%. The company had revenue of $466.90 million for the quarter, compared to analyst estimates of $464.13 million. During the same period in the prior year, the company posted $0.42 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. Equities analysts predict that Verifone Systems will post $1.30 EPS for the current fiscal year.
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A number of institutional investors and hedge funds have recently made changes to their positions in the business. Phocas Financial Corp. acquired a new stake in Verifone Systems in the second quarter valued at approximately $587,000. Ameritas Investment Partners Inc. boosted its stake in Verifone Systems by 29.1% in the second quarter. Ameritas Investment Partners Inc. now owns 43,404 shares of the business services provider’s stock valued at $786,000 after acquiring an additional 9,780 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Verifone Systems by 52.7% in the second quarter. The Manufacturers Life Insurance Company now owns 245,936 shares of the business services provider’s stock valued at $4,452,000 after acquiring an additional 84,929 shares in the last quarter. Carret Asset Management LLC boosted its stake in Verifone Systems by 22.1% in the second quarter. Carret Asset Management LLC now owns 14,100 shares of the business services provider’s stock valued at $255,000 after acquiring an additional 2,550 shares in the last quarter. Finally, State Street Corp boosted its stake in Verifone Systems by 27.8% in the second quarter. State Street Corp now owns 3,612,321 shares of the business services provider’s stock valued at $65,386,000 after acquiring an additional 786,774 shares in the last quarter.
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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