Cary Street Partners Financial LLC Buys 13,565 Shares of Visa Inc. $V

Key Points

• Cary Street Partners Financial LLC increased its Visa stake by 25.6% in the fourth quarter, buying 13,565 additional shares and bringing its total to 66,536 shares worth about $23.3 million.
• Visa reported solid quarterly results, with earnings per share of $3.31 and revenue of $11.23 billion, both topping analyst expectations. Revenue rose 17.1% year over year.
• The company’s board authorized a $20 billion stock buyback and declared a quarterly dividend of $0.67 per share, while analysts remain broadly bullish with a consensus “Buy” rating and $387.67 price target.

Cary Street Partners Financial LLC boosted its stake in Visa Inc. (NYSE:V - Free Report) by 25.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,536 shares of the credit-card processor's stock after purchasing an additional 13,565 shares during the period. Cary Street Partners Financial LLC's holdings in Visa were worth $23,335,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of V. Brighton Jones LLC grew its position in shares of Visa by 50.1% during the 4th quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor's stock valued at $6,522,000 after acquiring an additional 6,883 shares during the period. Revolve Wealth Partners LLC lifted its stake in shares of Visa by 68.9% during the 4th quarter. Revolve Wealth Partners LLC now owns 11,811 shares of the credit-card processor's stock valued at $3,733,000 after buying an additional 4,817 shares in the last quarter. Nicholas Hoffman & Company LLC. lifted its stake in Visa by 4.6% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 10,941 shares of the credit-card processor's stock worth $3,834,000 after purchasing an additional 477 shares in the last quarter. Matrix Asset Advisors Inc. NY lifted its stake in Visa by 16.9% in the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 1,133 shares of the credit-card processor's stock worth $402,000 after purchasing an additional 164 shares in the last quarter. Finally, Schnieders Capital Management LLC. lifted its stake in Visa by 13.8% in the 2nd quarter. Schnieders Capital Management LLC. now owns 18,367 shares of the credit-card processor's stock worth $6,521,000 after purchasing an additional 2,230 shares in the last quarter. Institutional investors own 82.15% of the company's stock.

Insider Transactions at Visa

In other Visa news, Director Lloyd Carney sold 650 shares of Visa stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $309.62, for a total value of $201,253.00. Following the completion of the transaction, the director owned 2,679 shares of the company's stock, valued at approximately $829,471.98. The trade was a 19.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Chris Suh sold 10,639 shares of Visa stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $324.81, for a total transaction of $3,455,653.59. Following the completion of the transaction, the chief financial officer directly owned 9,872 shares of the company's stock, valued at $3,206,524.32. The trade was a 51.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 42,744 shares of company stock worth $14,356,010 over the last 90 days. 0.12% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Raymond James Financial restated an "outperform" rating and set a $389.00 target price on shares of Visa in a research report on Wednesday, April 29th. Evercore set a $350.00 price target on shares of Visa in a report on Wednesday, April 29th. Rothschild & Co Redburn set a $385.00 target price on shares of Visa in a research note on Wednesday, January 28th. Macquarie Infrastructure reaffirmed an "outperform" rating and issued a $410.00 price target on shares of Visa in a research report on Friday, January 30th. Finally, UBS Group upped their price target on shares of Visa from $390.00 to $410.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Six investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Visa currently has a consensus rating of "Buy" and a consensus target price of $387.67.

Visa Price Performance

Shares of V opened at $329.21 on Tuesday. The firm has a market capitalization of $590.53 billion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 1.76 and a beta of 0.78. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.09 and a quick ratio of 1.09. Visa Inc. has a 1-year low of $293.89 and a 1-year high of $375.51. The company's fifty day moving average price is $313.23 and its 200-day moving average price is $325.27.

Visa (NYSE:V - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share for the quarter, beating analysts' consensus estimates of $3.10 by $0.21. The firm had revenue of $11.23 billion for the quarter, compared to analyst estimates of $10.75 billion. Visa had a net margin of 51.68% and a return on equity of 65.00%. The business's quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.76 earnings per share. On average, equities research analysts predict that Visa Inc. will post 13.09 EPS for the current year.

Visa announced that its Board of Directors has initiated a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the credit-card processor to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Visa Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th will be paid a $0.67 dividend. The ex-dividend date is Tuesday, May 12th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 0.8%. Visa's dividend payout ratio is presently 23.34%.

Visa 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.

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