Patten Group Inc. lowered its position in shares of Visa Inc. (NYSE:V) by 2.1% during the third quarter, Holdings Channel reports. The institutional investor owned 77,173 shares of the credit-card processor’s stock after selling 1,655 shares during the period. Visa accounts for about 3.0% of Patten Group Inc.’s investment portfolio, making the stock its 3rd largest position. Patten Group Inc.’s holdings in Visa were worth $6,326,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Ngam Advisors L.P. boosted its stake in shares of Visa by 7.4% in the second quarter. Ngam Advisors L.P. now owns 1,131,493 shares of the credit-card processor’s stock worth $83,923,000 after buying an additional 78,447 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Visa by 3.7% in the third quarter. JPMorgan Chase & Co. now owns 29,495,466 shares of the credit-card processor’s stock worth $2,441,561,000 after buying an additional 1,061,427 shares during the period. Reilly Herbert Faulkner III boosted its stake in shares of Visa by 3.5% in the third quarter. Reilly Herbert Faulkner III now owns 51,135 shares of the credit-card processor’s stock worth $4,229,000 after buying an additional 1,736 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Visa by 2.3% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 570,519 shares of the credit-card processor’s stock worth $47,182,000 after buying an additional 13,014 shares during the period. Finally, State Treasurer State of Michigan boosted its stake in shares of Visa by 16.9% in the third quarter. State Treasurer State of Michigan now owns 2,025,080 shares of the credit-card processor’s stock worth $167,474,000 after buying an additional 293,400 shares during the period. Institutional investors and hedge funds own 80.76% of the company’s stock.
Shares of Visa Inc. (NYSE:V) opened at 85.90 on Friday. Visa Inc. has a 52-week low of $69.58 and a 52-week high of $86.82. The firm has a market capitalization of $199.64 billion, a PE ratio of 33.29 and a beta of 1.00. The stock has a 50 day moving average price of $82.11 and a 200-day moving average price of $81.09.
Visa (NYSE:V) last posted its quarterly earnings results on Thursday, February 2nd. The credit-card processor reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.08. Visa had a return on equity of 26.48% and a net margin of 38.30%. The business had revenue of $4.46 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the business earned $0.69 EPS. The firm’s revenue for the quarter was up 25.1% on a year-over-year basis. Equities analysts forecast that Visa Inc. will post $3.32 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 7th. Investors of record on Friday, February 17th will be paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date is Wednesday, February 15th. Visa’s dividend payout ratio (DPR) is currently 26.09%.
A number of equities analysts have commented on V shares. BMO Capital Markets reissued a “buy” rating on shares of Visa in a research note on Tuesday, November 29th. Vetr lowered Visa from a “buy” rating to a “hold” rating and set a $84.76 price objective on the stock. in a research note on Monday, November 21st. Cowen and Company reissued an “outperform” rating and issued a $100.00 price objective on shares of Visa in a research note on Tuesday, October 18th. Guggenheim lowered Visa from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $90.00 to $97.00 in a research note on Tuesday, October 25th. Finally, Wedbush reissued a “neutral” rating and issued a $77.00 price objective on shares of Visa in a research note on Friday, October 21st. Two equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $93.35.
In related news, SVP James H. Hoffmeister sold 11,139 shares of the company’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $85.95, for a total transaction of $957,397.05. Following the transaction, the senior vice president now directly owns 6,390 shares of the company’s stock, valued at approximately $549,220.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP William M. Sheedy sold 125,372 shares of the company’s stock in a transaction that occurred on Monday, February 6th. The stock was sold at an average price of $85.74, for a total value of $10,749,395.28. Following the transaction, the executive vice president now directly owns 365,769 shares in the company, valued at $31,361,034.06. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by corporate insiders.
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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