Wells Trecaso Financial Group LLC cut its position in shares of Visa Inc (NYSE:V) by 0.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,936 shares of the credit-card processor’s stock after selling 107 shares during the quarter. Visa accounts for 4.4% of Wells Trecaso Financial Group LLC’s portfolio, making the stock its 7th largest position. Wells Trecaso Financial Group LLC’s holdings in Visa were worth $5,369,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of the business. Lowe Wealth Advisors LLC increased its holdings in Visa by 114.7% in the second quarter. Lowe Wealth Advisors LLC now owns 161 shares of the credit-card processor’s stock worth $28,000 after buying an additional 86 shares during the last quarter. Hexavest Inc. purchased a new position in Visa during the second quarter valued at approximately $40,000. Essex Investment Management Co. LLC purchased a new position in Visa during the fourth quarter valued at approximately $33,000. Sound Income Strategies LLC increased its holdings in Visa by 141.6% during the second quarter. Sound Income Strategies LLC now owns 331 shares of the credit-card processor’s stock valued at $57,000 after buying an additional 194 shares during the period. Finally, Weaver Consulting Group purchased a new position in Visa during the first quarter valued at approximately $67,000. 81.16% of the stock is owned by institutional investors.
Several brokerages recently issued reports on V. Morgan Stanley lifted their price objective on shares of Visa from $175.00 to $191.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Bank of America lifted their price objective on shares of Visa from $177.00 to $192.00 and gave the company a “buy” rating in a report on Monday, June 17th. Cantor Fitzgerald reissued a “buy” rating and set a $181.00 price objective on shares of Visa in a report on Sunday, April 28th. Guggenheim lifted their price objective on shares of Visa from $178.00 to $190.00 and gave the company a “positive” rating in a report on Wednesday, July 24th. Finally, Credit Suisse Group lifted their price objective on shares of Visa from $200.00 to $203.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $195.46.
Visa (NYSE:V) last released its quarterly earnings results on Tuesday, July 23rd. The credit-card processor reported $1.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.04. Visa had a net margin of 53.43% and a return on equity of 41.04%. The business had revenue of $5.84 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the company earned $1.20 earnings per share. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, analysts predict that Visa Inc will post 5.4 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 16th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend is Thursday, August 15th. Visa’s dividend payout ratio is currently 21.69%.
In other Visa news, Director Lloyd Carney sold 3,500 shares of Visa stock in a transaction on Friday, July 26th. The shares were sold at an average price of $182.73, for a total value of $639,555.00. Following the transaction, the director now directly owns 3,452 shares of the company’s stock, valued at $630,783.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is currently owned by insiders.
Visa Inc operates as a payments technology company worldwide. The company facilitates commerce through the transfer of value and information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a processing network that enables authorization, clearing, and settlement of payment transactions; and offers fraud protection for account holders and assured payment for merchants.
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