Verifone Systems (NYSE:PAY) announced that its board has approved a stock buyback plan, which permits the company to repurchase $100.00 million in shares on Tuesday, December 12th, EventVestor reports. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Shares of Verifone Systems (PAY) traded up $0.28 during trading on Wednesday, hitting $18.47. The company had a trading volume of 4,304,800 shares, compared to its average volume of 1,596,924. The company has a current ratio of 1.32, a quick ratio of 1.10 and a debt-to-equity ratio of 1.04. Verifone Systems has a twelve month low of $16.03 and a twelve month high of $21.48. The firm has a market capitalization of $2,034.30, a PE ratio of 22.46, a PEG ratio of 1.35 and a beta of 1.96.

Verifone Systems (NYSE:PAY) last posted its earnings results on Tuesday, December 12th. The business services provider reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The firm had revenue of $477.00 million for the quarter, compared to analyst estimates of $472.33 million. Verifone Systems had a positive return on equity of 11.19% and a negative net margin of 9.76%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 earnings per share. research analysts predict that Verifone Systems will post 0.99 earnings per share for the current fiscal year.

Several research firms have recently commented on PAY. Credit Suisse Group lifted their target price on Verifone Systems from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Wednesday. Raymond James Financial cut Verifone Systems from a “strong-buy” rating to an “outperform” rating in a research note on Sunday, November 26th. UBS cut Verifone Systems from a “strong-buy” rating to an “outperform” rating in a research note on Thursday, November 16th. Zacks Investment Research cut Verifone Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, November 15th. Finally, Barclays reaffirmed a “hold” rating and set a $22.00 price objective on shares of Verifone Systems in a research note on Friday, September 29th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $19.70.

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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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