SunTrust Banks Research Analysts Cut Earnings Estimates for VeriFone Systems Inc. (PAY)
VeriFone Systems Inc. (NYSE:PAY) – Research analysts at SunTrust Banks decreased their FY2017 earnings per share estimates for shares of VeriFone Systems in a research report issued on Wednesday. SunTrust Banks analyst A. Jeffrey now expects that the firm will earn $1.17 per share for the year, down from their previous estimate of $1.27.
VeriFone Systems (NYSE:PAY) last issued its quarterly earnings results on Thursday, September 1st. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. VeriFone Systems had a net margin of 1.64% and a return on equity of 19.50%. The company earned $493 million during the quarter, compared to analysts’ expectations of $515.44 million. During the same period last year, the company posted $0.47 EPS. VeriFone Systems’s revenue was down 3.3% on a year-over-year basis.
Other research analysts have also recently issued research reports about the stock. Stifel Nicolaus set a $18.00 price objective on shares of VeriFone Systems and gave the company a “buy” rating in a research report on Thursday, September 1st. Vetr cut shares of VeriFone Systems from a “strong-buy” rating to a “buy” rating and set a $21.50 price objective on the stock. in a research report on Monday, August 22nd. Zacks Investment Research upgraded shares of VeriFone Systems from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Friday, September 2nd. BTIG Research initiated coverage on shares of VeriFone Systems in a research report on Friday, September 9th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Barclays PLC cut their price objective on shares of VeriFone Systems from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 7th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $24.85.
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Shares of VeriFone Systems (NYSE:PAY) traded down 1.63% on Thursday, reaching $15.12. 2,819,919 shares of the company were exchanged. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 50.40 and a beta of 2.04. The company’s 50-day moving average is $16.84 and its 200-day moving average is $21.59. VeriFone Systems has a 52 week low of $15.01 and a 52 week high of $31.24.
In other news, Director Eitan Raff sold 4,125 shares of the firm’s stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $16.13, for a total transaction of $66,536.25. Following the sale, the director now owns 15,125 shares of the company’s stock, valued at approximately $243,966.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert W. Alspaugh sold 8,250 shares of the firm’s stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $15.81, for a total transaction of $130,432.50. Following the sale, the director now directly owns 17,250 shares in the company, valued at approximately $272,722.50. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of PAY. Wellington Management Group LLP boosted its stake in shares of VeriFone Systems by 34.8% in the first quarter. Wellington Management Group LLP now owns 3,151,833 shares of the company’s stock worth $89,008,000 after buying an additional 812,811 shares during the last quarter. Shell Asset Management Co. boosted its stake in shares of VeriFone Systems by 31.2% in the second quarter. Shell Asset Management Co. now owns 547,976 shares of the company’s stock worth $10,159,000 after buying an additional 130,396 shares during the last quarter. Cambiar Investors LLC boosted its stake in shares of VeriFone Systems by 13.1% in the second quarter. Cambiar Investors LLC now owns 1,827,284 shares of the company’s stock worth $33,878,000 after buying an additional 210,982 shares during the last quarter. BlackRock Inc. boosted its stake in shares of VeriFone Systems by 19.5% in the first quarter. BlackRock Inc. now owns 48,822 shares of the company’s stock worth $1,379,000 after buying an additional 7,951 shares during the last quarter. Finally, Capital Fund Management S.A. boosted its stake in shares of VeriFone Systems by 353.6% in the second quarter. Capital Fund Management S.A. now owns 190,110 shares of the company’s stock worth $3,525,000 after buying an additional 148,201 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.
About VeriFone Systems
VeriFone Systems, Inc is engaged in providing electronic payment solutions at the point of sale (POS). The Company designs, manufactures, markets and supplies a range of payment solutions and complementary services that enable secure electronic payment transactions and value-added services at the POS.
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