Orrstown Financial Services Inc. reduced its position in Visa Inc (NYSE:V) by 16.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 14,668 shares of the credit-card processor’s stock after selling 2,925 shares during the period. Visa comprises approximately 1.9% of Orrstown Financial Services Inc.’s holdings, making the stock its 5th biggest holding. Orrstown Financial Services Inc.’s holdings in Visa were worth $1,672,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Welch Investments LLC purchased a new stake in shares of Visa during the 3rd quarter valued at $101,000. Cordasco Financial Network purchased a new stake in shares of Visa during the 3rd quarter valued at $105,000. Motco grew its stake in shares of Visa by 25.1% during the 2nd quarter. Motco now owns 1,176 shares of the credit-card processor’s stock valued at $110,000 after buying an additional 236 shares during the period. Massey Quick Simon & CO. LLC purchased a new stake in shares of Visa during the 3rd quarter valued at $110,000. Finally, BDO Wealth Advisors LLC purchased a new stake in shares of Visa during the 2nd quarter valued at $115,000. 81.54% of the stock is owned by hedge funds and other institutional investors.
In other Visa news, Director Robert W. Matschullat sold 6,220 shares of the business’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $113.76, for a total value of $707,587.20. Following the transaction, the director now owns 57,368 shares in the company, valued at approximately $6,526,183.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lynne Biggar sold 1,712 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $120.00, for a total transaction of $205,440.00. The disclosure for this sale can be found here. Insiders sold a total of 57,634 shares of company stock worth $6,562,157 in the last quarter. 0.14% of the stock is currently owned by company insiders.
Visa (NYSE:V) last announced its quarterly earnings results on Thursday, February 1st. The credit-card processor reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.10. Visa had a net margin of 38.12% and a return on equity of 32.97%. The firm had revenue of $4.86 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the company earned $0.86 EPS. The firm’s revenue was up 9.0% on a year-over-year basis. analysts anticipate that Visa Inc will post 4.36 earnings per share for the current year.
Visa declared that its Board of Directors has approved a share repurchase program on Thursday, February 1st that permits the company to repurchase $7.50 billion in outstanding shares. This repurchase authorization permits the credit-card processor to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 6th. Shareholders of record on Friday, February 16th were issued a $0.21 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.84 dividend on an annualized basis and a yield of 0.68%. This is a positive change from Visa’s previous quarterly dividend of $0.20. Visa’s payout ratio is currently 32.94%.
Several analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Visa in a research note on Thursday, February 1st. KeyCorp boosted their price objective on shares of Visa from $125.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Cantor Fitzgerald boosted their price objective on shares of Visa to $141.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Citigroup reissued a “buy” rating and set a $145.00 price objective (up from $136.00) on shares of Visa in a research note on Monday, January 29th. Finally, Oppenheimer boosted their price objective on shares of Visa from $125.00 to $143.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Two investment analysts have rated the stock with a hold rating, thirty have given a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $134.14.
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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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