Prestige Wealth Management Group LLC Reduces Stock Holdings in Visa Inc. (NYSE:V)

Prestige Wealth Management Group LLC lowered its stake in shares of Visa Inc. (NYSE:V) by 28.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 9,953 shares of the credit-card processor’s stock after selling 3,967 shares during the period. Prestige Wealth Management Group LLC’s holdings in Visa were worth $2,737,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of V. Peterson Financial Group Inc. purchased a new position in shares of Visa in the 3rd quarter valued at about $26,000. POM Investment Strategies LLC raised its holdings in Visa by 970.0% in the second quarter. POM Investment Strategies LLC now owns 107 shares of the credit-card processor’s stock valued at $28,000 after acquiring an additional 97 shares in the last quarter. Reston Wealth Management LLC purchased a new position in Visa in the third quarter worth approximately $31,000. TruNorth Capital Management LLC grew its holdings in Visa by 211.9% during the 2nd quarter. TruNorth Capital Management LLC now owns 131 shares of the credit-card processor’s stock worth $34,000 after acquiring an additional 89 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Visa in the 2nd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 82.15% of the company’s stock.

Insider Activity

In other Visa news, insider Paul D. Fabara sold 2,171 shares of Visa stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $307.97, for a total transaction of $668,602.87. Following the completion of the sale, the insider now owns 17,894 shares of the company’s stock, valued at approximately $5,510,815.18. The trade was a 10.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

V has been the topic of a number of research analyst reports. Jefferies Financial Group boosted their target price on Visa from $320.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. The Goldman Sachs Group restated a “buy” rating and set a $317.00 target price on shares of Visa in a research report on Thursday, September 12th. Bank of America upped their price target on shares of Visa from $279.00 to $308.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th. TD Cowen raised their price objective on shares of Visa from $318.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Piper Sandler upped their target price on shares of Visa from $319.00 to $322.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Visa has a consensus rating of “Moderate Buy” and a consensus target price of $323.41.

Visa Price Performance

V opened at $308.30 on Tuesday. The company’s 50 day simple moving average is $296.38 and its 200 day simple moving average is $279.98. Visa Inc. has a 1 year low of $252.70 and a 1 year high of $317.42. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.28 and a current ratio of 1.28. The stock has a market capitalization of $574.33 billion, a PE ratio of 31.69, a P/E/G ratio of 2.09 and a beta of 0.96.

Visa (NYSE:V) last announced its quarterly earnings data on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.58 by $0.13. Visa had a return on equity of 53.16% and a net margin of 54.96%. The firm had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.49 billion. During the same period in the prior year, the business earned $2.33 EPS. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. As a group, sell-side analysts expect that Visa Inc. will post 11.19 EPS for the current year.

Visa Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 12th were paid a $0.59 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $2.36 dividend on an annualized basis and a yield of 0.77%. This is a boost from Visa’s previous quarterly dividend of $0.52. Visa’s payout ratio is presently 24.25%.

Visa Company Profile

Visa Inc operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a solution that facilitates the delivery of funds to eligible cards, deposit accounts, and digital wallets; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solution, a cross-border consumer payments solution; and Visa DPS that provides a range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions, and contact center services.