Lapides Asset Management LLC trimmed its holdings in VeriFone Systems Inc (NYSE:PAY) by 3.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,116,400 shares of the business services provider’s stock after selling 40,800 shares during the quarter. VeriFone Systems comprises approximately 4.3% of Lapides Asset Management LLC’s portfolio, making the stock its 2nd largest holding. Lapides Asset Management LLC’s holdings in VeriFone Systems were worth $19,771,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PAY. Vanguard Group Inc. increased its holdings in shares of VeriFone Systems by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 9,365,370 shares of the business services provider’s stock worth $169,513,000 after buying an additional 376,008 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of VeriFone Systems by 5.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 5,287,738 shares of the business services provider’s stock worth $107,236,000 after buying an additional 261,117 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of VeriFone Systems by 1.2% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 4,262,713 shares of the business services provider’s stock worth $86,448,000 after buying an additional 50,135 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of VeriFone Systems by 1.6% during the 4th quarter. Fisher Asset Management LLC now owns 4,175,615 shares of the business services provider’s stock worth $73,950,000 after buying an additional 65,251 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of VeriFone Systems by 27.8% during the 2nd quarter. State Street Corp now owns 3,612,321 shares of the business services provider’s stock worth $65,386,000 after buying an additional 786,774 shares during the last quarter.

Shares of VeriFone Systems Inc (PAY) opened at $17.33 on Tuesday. VeriFone Systems Inc has a 1-year low of $16.00 and a 1-year high of $21.48. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.33 and a quick ratio of 1.09. The firm has a market cap of $1,884.80, a P/E ratio of 17.98, a P/E/G ratio of 1.74 and a beta of 1.79.

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, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.01. VeriFone Systems had a negative net margin of 9.29% and a positive return on equity of 13.52%. The firm had revenue of $477.00 million during the quarter, compared to the consensus estimate of $472.33 million. During the same quarter last year, the firm earned $0.30 EPS. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. equities analysts expect that VeriFone Systems Inc will post 1.2 earnings per share for the current fiscal year.

VeriFone Systems announced that its board has authorized a stock buyback plan on Tuesday, December 12th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

A number of analysts have recently issued reports on the stock. Credit Suisse Group raised their price target on shares of VeriFone Systems from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, December 13th. Raymond James Financial downgraded shares of VeriFone Systems from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $25.00 to $22.00 in a report on Thursday, November 16th. Barclays restated a “hold” rating and set a $21.00 price target on shares of VeriFone Systems in a report on Friday, December 15th. Tigress Financial restated a “buy” rating on shares of VeriFone Systems in a report on Tuesday, December 19th. Finally, Zacks Investment Research downgraded shares of VeriFone Systems from a “hold” rating to a “strong sell” rating in a report on Monday, December 18th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the stock. VeriFone Systems currently has a consensus rating of “Hold” and a consensus price target of $20.15.

WARNING: This article was first published by TheOlympiaReport and is the property of of TheOlympiaReport. If you are accessing this article on another website, it was illegally copied and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this article can be viewed at https://theolympiareport.com/2018/02/13/verifone-systems-inc-pay-shares-sold-by-lapides-asset-management-llc.html.

VeriFone Systems Profile

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.

Want to see what other hedge funds are holding PAY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for VeriFone Systems Inc (NYSE:PAY).

Institutional Ownership by Quarter for VeriFone Systems (NYSE:PAY)

Receive News & Ratings for VeriFone Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for VeriFone Systems and related companies with MarketBeat.com's FREE daily email newsletter.