Provident Investment Management Inc. Decreases Stake in Visa Inc. (V)
Provident Investment Management Inc. decreased its stake in Visa Inc. (NYSE:V) by 11.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 414,365 shares of the credit-card processor’s stock after selling 56,233 shares during the period. Visa makes up about 6.3% of Provident Investment Management Inc.’s holdings, making the stock its largest position. Provident Investment Management Inc.’s holdings in Visa were worth $30,733,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of V. BlackRock Institutional Trust Company N.A. increased its position in Visa by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 52,630,415 shares of the credit-card processor’s stock valued at $4,025,174,000 after buying an additional 428,238 shares during the last quarter. BlackRock Group LTD increased its position in shares of Visa by 1.6% in the first quarter. BlackRock Group LTD now owns 17,981,225 shares of the credit-card processor’s stock valued at $1,375,205,000 after buying an additional 284,002 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Visa by 0.6% in the first quarter. TIAA CREF Investment Management LLC now owns 17,230,048 shares of the credit-card processor’s stock valued at $1,317,754,000 after buying an additional 96,266 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Visa by 4.5% in the first quarter. Geode Capital Management LLC now owns 16,430,661 shares of the credit-card processor’s stock valued at $1,254,198,000 after buying an additional 702,309 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its position in shares of Visa by 6.9% in the first quarter. Loomis Sayles & Co. L P now owns 12,349,933 shares of the credit-card processor’s stock valued at $944,523,000 after buying an additional 793,813 shares in the last quarter. Institutional investors own 80.08% of the company’s stock.
Visa Inc. (NYSE:V) traded down 0.16% during mid-day trading on Wednesday, reaching $82.35. The company had a trading volume of 2,564,346 shares. The stock’s 50-day moving average price is $80.99 and its 200 day moving average price is $78.18. Visa Inc. has a 52 week low of $66.12 and a 52 week high of $83.63. The firm has a market capitalization of $194.34 billion, a PE ratio of 35.00 and a beta of 0.91.
Visa (NYSE:V) last announced its quarterly earnings data on Thursday, July 21st. The credit-card processor reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.03. Visa had a return on equity of 22.36% and a net margin of 38.72%. The company had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.67 billion. On average, equities research analysts predict that Visa Inc. will post $2.79 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Friday, August 19th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $0.56 annualized dividend and a yield of 0.68%. Visa’s dividend payout ratio (DPR) is presently 24.35%.
Several research analysts have commented on the company. Vetr downgraded Visa from a “buy” rating to a “hold” rating and set a $83.12 target price for the company. in a research note on Monday, August 8th. Zacks Investment Research raised Visa from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a report on Tuesday, July 19th. Barclays PLC lowered their price target on Visa from $90.00 to $88.00 and set an “overweight” rating on the stock in a report on Thursday, July 7th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $90.00 price target on shares of Visa in a report on Friday, July 22nd. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $93.00 price target on shares of Visa in a report on Friday, July 22nd. Four research analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $88.54.
Visa Company Profile
Visa Inc is a payments technology company. The Company is engaged in operating a processing network, VisaNet, which facilitates authorization, clearing and settlement of payment transactions across the world. The Company provides its services to consumers, businesses, financial institutions and governments in more than 200 countries and territories for electronic payments.
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