PNC Financial Services Group Inc. Acquires 60,198 Shares of Visa Inc. $V

PNC Financial Services Group Inc. increased its holdings in shares of Visa Inc. (NYSE:V) by 2.1% during the third quarter, Holdings Channel.com reports. The firm owned 2,884,879 shares of the credit-card processor’s stock after buying an additional 60,198 shares during the period. PNC Financial Services Group Inc.’s holdings in Visa were worth $984,840,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Harbor Asset Planning Inc. bought a new stake in Visa during the 2nd quarter valued at $29,000. Sagard Holdings Management Inc. purchased a new stake in shares of Visa during the 2nd quarter worth $31,000. Bare Financial Services Inc boosted its position in Visa by 287.0% during the second quarter. Bare Financial Services Inc now owns 89 shares of the credit-card processor’s stock valued at $32,000 after purchasing an additional 66 shares in the last quarter. Hoese & Co LLP purchased a new position in Visa in the second quarter valued at about $36,000. Finally, Winnow Wealth LLC bought a new position in Visa in the second quarter worth about $40,000. 82.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

V has been the topic of a number of recent analyst reports. Bank of America upgraded shares of Visa from a “neutral” rating to a “buy” rating and set a $382.00 price target on the stock in a report on Thursday, December 11th. KeyCorp reissued an “overweight” rating and set a $405.00 target price on shares of Visa in a research report on Wednesday, October 22nd. Daiwa Securities Group raised shares of Visa from a “neutral” rating to an “outperform” rating and set a $370.00 price target on the stock in a report on Monday, February 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Visa in a report on Wednesday, January 21st. Finally, Wells Fargo & Company raised Visa to a “strong-buy” rating in a research report on Wednesday, October 22nd. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Visa presently has an average rating of “Buy” and a consensus price target of $392.21.

Insider Buying and Selling

In other news, insider Paul D. Fabara sold 2,172 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $325.93, for a total value of $707,919.96. Following the sale, the insider owned 26,413 shares in the company, valued at $8,608,789.09. This represents a 7.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ryan Mcinerney sold 10,485 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $349.18, for a total transaction of $3,661,152.30. Following the transaction, the chief executive officer directly owned 9,401 shares of the company’s stock, valued at approximately $3,282,641.18. This trade represents a 52.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.12% of the company’s stock.

Visa Trading Down 3.1%

NYSE:V opened at $314.13 on Friday. The company has a market capitalization of $570.19 billion, a P/E ratio of 29.47, a PEG ratio of 1.80 and a beta of 0.79. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.51. Visa Inc. has a 12 month low of $299.00 and a 12 month high of $375.51. The firm has a fifty day simple moving average of $337.98 and a 200-day simple moving average of $339.81.

Visa (NYSE:V) last issued its earnings results on Thursday, January 29th. The credit-card processor reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.14 by $0.03. The company had revenue of $10.90 billion during the quarter, compared to analyst estimates of $10.69 billion. Visa had a return on equity of 61.74% and a net margin of 50.23%.The firm’s quarterly revenue was up 14.6% on a year-over-year basis. During the same quarter last year, the business posted $2.75 EPS. On average, equities research analysts anticipate that Visa Inc. will post 11.3 earnings per share for the current year.

Visa Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 10th will be given a $0.67 dividend. The ex-dividend date is Tuesday, February 10th. This represents a $2.68 dividend on an annualized basis and a yield of 0.9%. Visa’s dividend payout ratio is currently 25.14%.

Visa Company Profile

Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.

Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.