Zurich Insurance Group Ltd FI lifted its stake in Visa Inc (NYSE:V) by 8.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 376,524 shares of the credit-card processor’s stock after buying an additional 29,661 shares during the quarter. Visa makes up 1.1% of Zurich Insurance Group Ltd FI’s holdings, making the stock its 13th largest position. Zurich Insurance Group Ltd FI’s holdings in Visa were worth $49,871,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Fort L.P. acquired a new position in Visa in the 2nd quarter worth about $120,000. Cascade Investment Advisors Inc. acquired a new position in Visa in the 2nd quarter worth about $132,000. Bridgeworth LLC acquired a new position in Visa in the 2nd quarter worth about $143,000. Ruggie Capital Group acquired a new position in Visa in the 2nd quarter worth about $164,000. Finally, Signature Estate & Investment Advisors LLC raised its holdings in Visa by 36.8% in the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 1,357 shares of the credit-card processor’s stock worth $180,000 after purchasing an additional 365 shares during the period. Hedge funds and other institutional investors own 80.38% of the company’s stock.
In related news, EVP William M. Sheedy sold 99,636 shares of the stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $139.28, for a total value of $13,877,302.08. Following the completion of the transaction, the executive vice president now directly owns 296,925 shares in the company, valued at $41,355,714. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.14% of the company’s stock.
V has been the subject of a number of research analyst reports. Oppenheimer increased their target price on Visa from $143.00 to $154.00 and gave the company an “outperform” rating in a report on Tuesday, July 17th. Wolfe Research initiated coverage on Visa in a report on Tuesday, July 17th. They set an “outperform” rating for the company. Bank of America increased their target price on Visa from $146.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, July 17th. Morgan Stanley increased their target price on Visa from $142.00 to $165.00 and gave the company a “$140.13” rating in a report on Thursday, July 19th. Finally, Raymond James reissued an “outperform” rating and set a $165.00 target price on shares of Visa in a report on Tuesday, July 24th. Two research analysts have rated the stock with a hold rating and thirty-two have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $155.47.
Shares of Visa stock opened at $143.93 on Friday. The company has a market capitalization of $294.52 billion, a P/E ratio of 31.47, a price-to-earnings-growth ratio of 1.57 and a beta of 1.11. Visa Inc has a fifty-two week low of $106.60 and a fifty-two week high of $151.56. The company has a quick ratio of 1.69, a current ratio of 1.61 and a debt-to-equity ratio of 0.58.
Visa (NYSE:V) last issued its quarterly earnings data on Wednesday, October 24th. The credit-card processor reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.44 billion. Visa had a return on equity of 38.00% and a net margin of 49.98%. Equities research analysts predict that Visa Inc will post 5.32 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Investors of record on Friday, November 16th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.69%. This is a positive change from Visa’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, November 15th. Visa’s dividend payout ratio is presently 18.22%.
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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