Patriot Wealth Management Inc. Acquires 2,554 Shares of Visa Inc. (V)
Patriot Wealth Management Inc. raised its position in Visa Inc. (NYSE:V) by 3.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 70,224 shares of the credit-card processor’s stock after buying an additional 2,554 shares during the period. Patriot Wealth Management Inc.’s holdings in Visa were worth $6,586,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the company. Integrated Investment Consultants LLC boosted its stake in shares of Visa by 0.7% in the first quarter. Integrated Investment Consultants LLC now owns 2,961 shares of the credit-card processor’s stock worth $263,000 after buying an additional 20 shares in the last quarter. Mercer Capital Advisers Inc. boosted its stake in shares of Visa by 2.2% in the first quarter. Mercer Capital Advisers Inc. now owns 1,167 shares of the credit-card processor’s stock worth $104,000 after buying an additional 25 shares in the last quarter. Smithfield Trust Co. boosted its stake in shares of Visa by 0.3% in the first quarter. Smithfield Trust Co. now owns 9,047 shares of the credit-card processor’s stock worth $804,000 after buying an additional 25 shares in the last quarter. Harwood Advisory Group LLC boosted its stake in shares of Visa by 0.9% in the second quarter. Harwood Advisory Group LLC now owns 2,765 shares of the credit-card processor’s stock worth $259,000 after buying an additional 25 shares in the last quarter. Finally, Sky Investment Group LLC boosted its stake in shares of Visa by 0.9% in the second quarter. Sky Investment Group LLC now owns 2,685 shares of the credit-card processor’s stock worth $252,000 after buying an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.
Shares of Visa Inc. (NYSE:V) traded up 1.80% during trading on Monday, hitting $101.89. 2,595,714 shares of the stock were exchanged. The stock has a market cap of $232.96 billion, a P/E ratio of 37.89 and a beta of 0.94. Visa Inc. has a 52 week low of $75.17 and a 52 week high of $101.97. The firm’s 50 day moving average price is $97.74 and its 200-day moving average price is $92.09.
Visa (NYSE:V) last posted its quarterly earnings data on Thursday, July 20th. The credit-card processor reported $0.86 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.05. Visa had a net margin of 36.53% and a return on equity of 30.95%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.36 billion. During the same period in the prior year, the firm posted $0.69 EPS. The company’s quarterly revenue was up 25.8% on a year-over-year basis. On average, analysts predict that Visa Inc. will post $3.43 EPS for the current year.
Visa declared that its board has authorized a stock buyback program on Thursday, April 20th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the credit-card processor to reacquire up to 2.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Friday, August 18th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend is Wednesday, August 16th. Visa’s dividend payout ratio is currently 24.54%.
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A number of equities research analysts have issued reports on V shares. Vetr upgraded shares of Visa from a “hold” rating to a “buy” rating and set a $100.12 price target for the company in a report on Tuesday, June 27th. Instinet upped their price target on shares of Visa from $105.00 to $120.00 and gave the company a “buy” rating in a report on Friday, July 21st. Wells Fargo & Company restated a “market perform” rating and set a $100.00 price target (up from $87.50) on shares of Visa in a report on Saturday, July 22nd. Citigroup Inc. restated a “buy” rating and set a $115.00 price target (up from $100.00) on shares of Visa in a report on Monday, July 24th. Finally, Zacks Investment Research cut shares of Visa from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Four equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $104.56.
In related news, EVP Tullier Kelly Mahon sold 29,772 shares of the stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $100.91, for a total transaction of $3,004,292.52. Following the transaction, the executive vice president now directly owns 17,360 shares of the company’s stock, valued at $1,751,797.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.14% of the company’s stock.
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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