Municipal Employees Retirement System of Michigan decreased its stake in shares of Verifone Systems, Inc. (NYSE:PAY) by 17.1% during the second quarter, Holdings Channel reports. The fund owned 42,130 shares of the business services provider’s stock after selling 8,720 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Verifone Systems were worth $763,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PAY. FNY Managed Accounts LLC purchased a new stake in shares of Verifone Systems during the first quarter valued at approximately $131,000. Bank of Montreal Can increased its stake in shares of Verifone Systems by 21.0% in the first quarter. Bank of Montreal Can now owns 7,379 shares of the business services provider’s stock valued at $138,000 after buying an additional 1,281 shares during the last quarter. LS Investment Advisors LLC increased its stake in shares of Verifone Systems by 22.3% in the second quarter. LS Investment Advisors LLC now owns 9,213 shares of the business services provider’s stock valued at $167,000 after buying an additional 1,679 shares during the last quarter. Shelton Capital Management purchased a new stake in shares of Verifone Systems during the first quarter valued at approximately $203,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Verifone Systems during the first quarter valued at approximately $236,000.

Shares of Verifone Systems, Inc. (NYSE PAY) opened at 18.63 on Tuesday. The company’s market cap is $2.08 billion. The stock has a 50 day moving average of $18.97 and a 200 day moving average of $18.69. Verifone Systems, Inc. has a 12-month low of $14.94 and a 12-month high of $20.98.

Verifone Systems (NYSE:PAY) last announced its earnings results on Thursday, June 8th. The business services provider reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $474 million for the quarter, compared to analysts’ expectations of $472.80 million. Verifone Systems had a negative net margin of 7.53% and a positive return on equity of 11.55%. The company’s quarterly revenue was down 9.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 EPS. Analysts forecast that Verifone Systems, Inc. will post $1.33 earnings per share for the current year.

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A number of brokerages have issued reports on PAY. Zacks Investment Research downgraded shares of Verifone Systems from a “hold” rating to a “sell” rating in a report on Monday. BidaskClub upgraded shares of Verifone Systems from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Imperial Capital reduced their price target on shares of Verifone Systems from $20.00 to $19.00 and set an “in-line” rating on the stock in a report on Tuesday, June 13th. BTIG Research reiterated a “neutral” rating on shares of Verifone Systems in a report on Monday, June 12th. Finally, Royal Bank Of Canada reduced their price target on shares of Verifone Systems from $23.00 to $20.00 and set a “sector perform” rating on the stock in a report on Friday, June 9th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $18.73.

Verifone Systems Company 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.

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

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