Visa Inc. (NYSE:V – Get Free Report) shares hit a new 52-week high during trading on Monday . The company traded as high as $379.38 and last traded at $380.10, with a volume of 586747 shares changing hands. The stock had previously closed at $371.04.
Analyst Ratings Changes
V has been the topic of a number of research reports. Morgan Stanley restated an “overweight” rating and set a $416.00 price objective on shares of Visa in a research report on Wednesday, July 29th. Piper Sandler reiterated an “overweight” rating and issued a $430.00 target price (up from $394.00) on shares of Visa in a research report on Wednesday, July 29th. Susquehanna reissued a “positive” rating and set a $427.00 price target (up from $410.00) on shares of Visa in a research note on Wednesday, July 29th. Royal Bank Of Canada restated an “outperform” rating and set a $412.00 price target (up from $395.00) on shares of Visa in a report on Wednesday, July 29th. Finally, Weiss Ratings raised Visa from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 30th. Seven investment analysts have rated the stock with a Strong Buy rating and twenty-four have given a Buy rating to the company’s stock. According to data from MarketBeat.com, Visa presently has a consensus rating of “Buy” and an average target price of $413.58.
Read Our Latest Report on Visa
Visa Stock Up 2.8%
Visa (NYSE:V – Get Free Report) last announced its earnings results on Tuesday, July 28th. The credit-card processor reported $3.32 EPS for the quarter, topping the consensus estimate of $3.23 by $0.09. Visa had a return on equity of 67.68% and a net margin of 50.78%.The firm had revenue of $11.63 billion for the quarter, compared to the consensus estimate of $11.40 billion. During the same period in the previous year, the business earned $2.98 EPS. The business’s quarterly revenue was up 14.4% compared to the same quarter last year. Sell-side analysts anticipate that Visa Inc. will post 13.16 earnings per share for the current year.
Visa Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 11th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, August 11th. Visa’s dividend payout ratio is currently 22.79%.
Visa announced that its board has authorized a stock buyback program on Tuesday, April 28th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the credit-card processor to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
Insiders Place Their Bets
In other news, General Counsel Julie B. Rottenberg sold 2,027 shares of Visa stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $360.00, for a total value of $729,720.00. Following the completion of the transaction, the general counsel directly owned 18,404 shares of the company’s stock, valued at approximately $6,625,440. This trade represents a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ryan Mcinerney sold 10,490 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $343.99, for a total value of $3,608,455.10. Following the completion of the transaction, the chief executive officer directly owned 15,174 shares in the company, valued at approximately $5,219,704.26. This trade represents a 40.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 90,759 shares of company stock worth $32,375,779. Company insiders own 0.12% of the company’s stock.
Institutional Trading of Visa
Hedge funds have recently bought and sold shares of the business. Nixon Peabody Trust Co. lifted its holdings in Visa by 58.1% during the first quarter. Nixon Peabody Trust Co. now owns 4,201 shares of the credit-card processor’s stock worth $1,270,000 after buying an additional 1,543 shares during the period. Vanguard Group Inc. increased its holdings in shares of Visa by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 160,975,832 shares of the credit-card processor’s stock valued at $56,455,834,000 after acquiring an additional 1,054,343 shares during the period. Beacon Financial Group raised its position in shares of Visa by 83.9% in the 1st quarter. Beacon Financial Group now owns 22,501 shares of the credit-card processor’s stock worth $6,801,000 after acquiring an additional 10,267 shares in the last quarter. Sterling Investment Management LLC raised its position in shares of Visa by 43.7% in the 4th quarter. Sterling Investment Management LLC now owns 17,832 shares of the credit-card processor’s stock worth $6,254,000 after acquiring an additional 5,421 shares in the last quarter. Finally, Pincus Capital Management LP bought a new position in shares of Visa in the 4th quarter worth $4,278,000. Institutional investors and hedge funds own 82.15% of the company’s stock.
About Visa
Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.
Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.
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