Prudential Financial Inc. grew its stake in shares of Visa Inc (NYSE:V) by 56.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,023,202 shares of the credit-card processor’s stock after purchasing an additional 1,445,091 shares during the period. Visa makes up 0.7% of Prudential Financial Inc.’s investment portfolio, making the stock its 23rd biggest holding. Prudential Financial Inc. owned about 0.18% of Visa worth $423,401,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Progressive Investment Management Corp grew its position in Visa by 1.4% in the 3rd quarter. Progressive Investment Management Corp now owns 44,057 shares of the credit-card processor’s stock worth $4,637,000 after purchasing an additional 601 shares in the last quarter. Smith Moore & CO. grew its position in Visa by 29.7% in the 3rd quarter. Smith Moore & CO. now owns 7,181 shares of the credit-card processor’s stock worth $756,000 after purchasing an additional 1,646 shares in the last quarter. Penobscot Investment Management Company Inc. grew its position in Visa by 1.2% in the 3rd quarter. Penobscot Investment Management Company Inc. now owns 56,513 shares of the credit-card processor’s stock worth $5,947,000 after purchasing an additional 680 shares in the last quarter. USA Financial Portformulas Corp bought a new stake in Visa in the 3rd quarter worth about $7,956,000. Finally, West Coast Financial LLC grew its position in shares of Visa by 9.9% during the 3rd quarter. West Coast Financial LLC now owns 6,013 shares of the credit-card processor’s stock valued at $633,000 after acquiring an additional 541 shares during the period. Hedge funds and other institutional investors own 81.57% of the company’s stock.
A number of research analysts have recently weighed in on V shares. Wells Fargo & Co raised shares of Visa from a “market perform” rating to an “outperform” rating and increased their target price for the company from $107.01 to $120.00 in a research report on Tuesday, October 10th. Barclays increased their target price on shares of Visa from $114.00 to $123.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. KeyCorp restated a “buy” rating and set a $118.00 price target on shares of Visa in a research note on Wednesday, October 18th. Morgan Stanley upped their price target on shares of Visa from $114.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 20th. Finally, Zacks Investment Research cut shares of Visa from a “buy” rating to a “hold” rating in a research note on Tuesday, December 26th. Two equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $133.85.
In other Visa news, Director Robert W. Matschullat sold 6,220 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $113.76, for a total value of $707,587.20. Following the sale, the director now owns 57,368 shares of the company’s stock, valued at approximately $6,526,183.68. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP James H. Hoffmeister sold 2,146 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $112.09, for a total transaction of $240,545.14. Following the completion of the sale, the senior vice president now directly owns 687 shares in the company, valued at approximately $77,005.83. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 58,068 shares of company stock worth $6,597,262. 0.14% of the stock is owned by insiders.
Shares of Visa Inc (NYSE V) traded down $4.64 during trading hours on Monday, hitting $116.27. 16,511,356 shares of the stock were exchanged, compared to its average volume of 7,370,000. The company has a market cap of $263,490.00, a price-to-earnings ratio of 38.50, a price-to-earnings-growth ratio of 1.69 and a beta of 1.03. Visa Inc has a 1 year low of $84.88 and a 1 year high of $126.88. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.60.
Visa (NYSE:V) last issued its quarterly earnings results on Thursday, February 1st. The credit-card processor reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.10. The firm had revenue of $4.86 billion for the quarter, compared to analyst estimates of $4.82 billion. Visa had a net margin of 38.12% and a return on equity of 32.97%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.86 EPS. research analysts forecast that Visa Inc will post 4.28 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Friday, February 16th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $0.84 annualized dividend and a dividend yield of 0.72%. This is a positive change from Visa’s previous quarterly dividend of $0.20. Visa’s dividend payout ratio (DPR) is currently 25.83%.
Visa announced that its Board of Directors has initiated a share repurchase program on Thursday, February 1st that permits the company to repurchase $7.50 billion in outstanding shares. This repurchase authorization permits the credit-card processor to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
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Visa Inc (Visa) is a payments technology company that connects consumers, merchants, financial institutions, businesses, strategic partners and government entities to electronic payments. The Company operates through payment services segment. The Company enables global commerce through the transfer of value and information among the participants.
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