Visa Inc. (NYSE:V) Shares Bought by State Street Corp
State Street Corp boosted its stake in Visa Inc. (NYSE:V) by 0.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 83,471,859 shares of the credit-card processor’s stock after buying an additional 722,878 shares during the period. Visa makes up approximately 0.7% of State Street Corp’s portfolio, making the stock its 29th largest position. State Street Corp’s holdings in Visa were worth $7,418,151,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of V. Mercer Capital Advisers Inc. raised its position in shares of Visa by 2.2% in the first quarter. Mercer Capital Advisers Inc. now owns 1,167 shares of the credit-card processor’s stock worth $104,000 after buying an additional 25 shares during the last quarter. Advantage Investment Management LLC raised its position in shares of Visa by 27.4% in the first quarter. Advantage Investment Management LLC now owns 1,462 shares of the credit-card processor’s stock worth $130,000 after buying an additional 314 shares during the last quarter. Delta Asset Management LLC TN raised its position in shares of Visa by 2.5% in the first quarter. Delta Asset Management LLC TN now owns 1,541 shares of the credit-card processor’s stock worth $137,000 after buying an additional 38 shares during the last quarter. Pacific Center for Financial Services bought a new position in shares of Visa during the fourth quarter worth about $138,000. Finally, State of Alaska Department of Revenue bought a new position in shares of Visa during the first quarter worth about $153,000. 82.46% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Visa Inc. (NYSE:V) traded up 0.60% during midday trading on Friday, hitting $100.09. 5,268,197 shares of the stock traded hands. Visa Inc. has a 52 week low of $75.17 and a 52 week high of $101.72. The stock has a market capitalization of $228.85 billion, a P/E ratio of 37.22 and a beta of 0.94. The firm has a 50-day moving average price of $97.74 and a 200-day moving average price of $92.09.
Visa (NYSE:V) last released its quarterly earnings data on Thursday, July 20th. The credit-card processor reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.05. Visa had a net margin of 36.53% and a return on equity of 30.95%. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.36 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. The business’s revenue was up 25.8% on a year-over-year basis. On average, equities analysts predict that Visa Inc. will post $3.43 earnings per share for the current fiscal year.
Visa announced that its board has initiated a stock buyback program on Thursday, April 20th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the credit-card processor to buy up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Friday, August 18th will be issued a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.66 annualized dividend and a yield of 0.66%. Visa’s payout ratio is 24.54%.
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A number of equities analysts have recently issued reports on the stock. Vetr upgraded shares of Visa from a “hold” rating to a “buy” rating and set a $95.32 target price on the stock in a research report on Thursday, April 27th. Wedbush reiterated an “outperform” rating and set a $100.00 target price (up from $96.00) on shares of Visa in a research report on Tuesday, June 6th. Loop Capital upped their target price on shares of Visa from $101.00 to $111.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. They noted that the move was a valuation call. Royal Bank Of Canada upped their target price on shares of Visa from $97.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, April 21st. Finally, Deutsche Bank AG upped their target price on shares of Visa from $124.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, July 10th. Four equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Visa has a consensus rating of “Buy” and a consensus price target of $104.56.
In other news, EVP Tullier Kelly Mahon sold 29,772 shares of the company’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $100.91, for a total value of $3,004,292.52. Following the completion of the sale, the executive vice president now owns 17,360 shares in the company, valued at approximately $1,751,797.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.
Visa Company Profile
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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