Visa Inc (V) Position Boosted by Synovus Financial Corp
Synovus Financial Corp increased its stake in Visa Inc (NYSE:V) by 0.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 108,095 shares of the credit-card processor’s stock after acquiring an additional 679 shares during the quarter. Synovus Financial Corp’s holdings in Visa were worth $11,387,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of V. Vanguard Group Inc. lifted its stake in Visa by 2.1% in the second quarter. Vanguard Group Inc. now owns 127,020,401 shares of the credit-card processor’s stock valued at $11,911,973,000 after buying an additional 2,628,148 shares during the period. BlackRock Inc. lifted its stake in Visa by 1.3% in the second quarter. BlackRock Inc. now owns 114,649,667 shares of the credit-card processor’s stock valued at $10,751,846,000 after buying an additional 1,440,034 shares during the period. Jennison Associates LLC lifted its stake in Visa by 1.0% in the third quarter. Jennison Associates LLC now owns 21,283,466 shares of the credit-card processor’s stock valued at $2,239,872,000 after buying an additional 209,764 shares during the period. Bank of New York Mellon Corp lifted its stake in Visa by 9.3% in the third quarter. Bank of New York Mellon Corp now owns 19,188,126 shares of the credit-card processor’s stock valued at $2,019,358,000 after buying an additional 1,624,700 shares during the period. Finally, Fisher Asset Management LLC lifted its stake in Visa by 2.3% in the third quarter. Fisher Asset Management LLC now owns 15,971,471 shares of the credit-card processor’s stock valued at $1,680,838,000 after buying an additional 355,320 shares during the period. 81.28% of the stock is currently owned by institutional investors.
Shares of Visa Inc (V) opened at $121.85 on Friday. Visa Inc has a 1-year low of $86.98 and a 1-year high of $126.88. The stock has a market capitalization of $276,140.00, a price-to-earnings ratio of 40.35, a P/E/G ratio of 1.61 and a beta of 1.03. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.60.
Visa declared that its board has authorized a stock buyback program on Thursday, February 1st that allows the company to repurchase $7.50 billion in outstanding shares. This repurchase authorization allows the credit-card processor to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Friday, February 16th will be issued a dividend of $0.21 per share. The ex-dividend date is Thursday, February 15th. This represents a $0.84 annualized dividend and a yield of 0.69%. This is an increase from Visa’s previous quarterly dividend of $0.20. Visa’s dividend payout ratio is 27.81%.
In related news, SVP James H. Hoffmeister sold 2,146 shares of the company’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $112.09, for a total transaction of $240,545.14. Following the completion of the sale, the senior vice president now owns 687 shares in the company, valued at $77,005.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert W. Matschullat sold 6,220 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $113.76, for a total value of $707,587.20. Following the sale, the director now owns 57,368 shares of the company’s stock, valued at approximately $6,526,183.68. The disclosure for this sale can be found here. Insiders have sold 59,780 shares of company stock valued at $6,802,702 in the last quarter. 0.14% of the stock is currently owned by corporate insiders.
Several brokerages have issued reports on V. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Visa in a research note on Thursday, February 1st. BMO Capital Markets restated a “positive” rating and set a $148.00 price objective on shares of Visa in a report on Monday, February 5th. Morgan Stanley boosted their price objective on Visa from $125.00 to $126.00 and gave the company an “overweight” rating in a report on Thursday, October 26th. Barclays restated a “buy” rating and set a $145.00 price objective on shares of Visa in a report on Friday, January 5th. Finally, Mizuho restated a “buy” rating and set a $136.00 price objective on shares of Visa in a report on Friday, February 2nd. Two analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $133.85.
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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