Pinnacle Associates Ltd. Acquires 3,764 Shares of Visa Inc. (NYSE:V)

Pinnacle Associates Ltd. raised its holdings in shares of Visa Inc. (NYSE:V) by 1.8% in the 3rd quarter, Holdings Channel reports. The firm owned 210,789 shares of the credit-card processor’s stock after purchasing an additional 3,764 shares during the quarter. Visa accounts for 0.9% of Pinnacle Associates Ltd.’s holdings, making the stock its 22nd biggest holding. Pinnacle Associates Ltd.’s holdings in Visa were worth $54,879,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in V. POM Investment Strategies LLC raised its holdings in shares of Visa by 970.0% in the second quarter. POM Investment Strategies LLC now owns 107 shares of the credit-card processor’s stock valued at $28,000 after acquiring an additional 97 shares in the last quarter. TruNorth Capital Management LLC raised its holdings in shares of Visa by 211.9% in the second quarter. TruNorth Capital Management LLC now owns 131 shares of the credit-card processor’s stock valued at $34,000 after acquiring an additional 89 shares in the last quarter. Bbjs Financial Advisors LLC bought a new stake in shares of Visa in the second quarter valued at about $35,000. CarsonAllaria Wealth Management Ltd. bought a new position in Visa in the second quarter worth about $35,000. Finally, Abich Financial Wealth Management LLC raised its holdings in Visa by 52.9% in the first quarter. Abich Financial Wealth Management LLC now owns 133 shares of the credit-card processor’s stock worth $37,000 after purchasing an additional 46 shares in the last quarter. 82.15% of the stock is currently owned by institutional investors.

Visa Trading Down 0.1 %

Shares of NYSE:V opened at $289.89 on Friday. Visa Inc. has a 12-month low of $232.99 and a 12-month high of $296.34. The company has a market capitalization of $528.27 billion, a PE ratio of 29.79, a PEG ratio of 2.00 and a beta of 0.96. The business has a 50 day moving average of $280.53 and a two-hundred day moving average of $273.50. The company has a current ratio of 1.28, a quick ratio of 1.37 and a debt-to-equity ratio of 0.55.

Visa (NYSE:V) last announced its quarterly earnings results on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.13. Visa had a return on equity of 53.16% and a net margin of 54.96%. The company had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.49 billion. During the same period in the previous year, the company posted $2.33 earnings per share. Visa’s revenue for the quarter was up 11.7% on a year-over-year basis. As a group, analysts forecast that Visa Inc. will post 11.12 EPS for the current year.

Visa Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This is an increase from Visa’s previous quarterly dividend of $0.52. This represents a $2.36 dividend on an annualized basis and a yield of 0.81%. Visa’s payout ratio is presently 21.38%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on V shares. William Blair upgraded shares of Visa to a “strong-buy” rating in a report on Tuesday, July 23rd. BNP Paribas upgraded shares of Visa from a “neutral” rating to an “outperform” rating and set a $325.00 target price for the company in a report on Tuesday, September 3rd. Jefferies Financial Group boosted their target price on shares of Visa from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday. Oppenheimer reiterated an “outperform” rating and issued a $321.00 target price (up from $318.00) on shares of Visa in a report on Wednesday. Finally, Compass Point started coverage on shares of Visa in a report on Wednesday, September 4th. They issued a “buy” rating and a $319.00 target price for the company. Four research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $320.07.

Insider Transactions at Visa

In other news, CEO Ryan Mcinerney sold 8,620 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total transaction of $2,382,309.40. Following the completion of the transaction, the chief executive officer now directly owns 538 shares of the company’s stock, valued at $148,687.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.19% of the company’s stock.

Visa Profile

Visa Inc operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a solution that facilitates the delivery of funds to eligible cards, deposit accounts, and digital wallets; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solution, a cross-border consumer payments solution; and Visa DPS that provides a range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions, and contact center services.