Harber Asset Management LLC Sells 3,653 Shares of Visa Inc. $V

Key Points

• Harber Asset Management LLC reduced its stake in Visa Inc. by 7.8%, now holding 43,070 shares which represent 5.4% of its investment portfolio.
• Visa experienced a revenue growth of 14.3% year-over-year, reporting $10.17 billion in revenue and an earnings per share of $2.98, exceeding estimates.
• The company announced a quarterly dividend of $0.59 to be paid on September 2nd, with a dividend yield of 0.7% and a payout ratio of 23.05%.

Harber Asset Management LLC lowered its position in shares of Visa Inc. (NYSE:V - Free Report) by 7.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,070 shares of the credit-card processor's stock after selling 3,653 shares during the quarter. Visa makes up approximately 5.4% of Harber Asset Management LLC's holdings, making the stock its 5th biggest holding. Harber Asset Management LLC's holdings in Visa were worth $15,094,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Visa by 1.1% in the first quarter. Vanguard Group Inc. now owns 161,082,431 shares of the credit-card processor's stock valued at $56,452,949,000 after acquiring an additional 1,677,088 shares during the last quarter. Northern Trust Corp raised its position in Visa by 4.0% in the 1st quarter. Northern Trust Corp now owns 18,987,013 shares of the credit-card processor's stock valued at $6,654,189,000 after purchasing an additional 726,299 shares during the last quarter. GAMMA Investing LLC raised its position in Visa by 38,416.3% in the 1st quarter. GAMMA Investing LLC now owns 14,761,375 shares of the credit-card processor's stock valued at $5,173,271,000 after purchasing an additional 14,723,050 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Visa by 14.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,321,754 shares of the credit-card processor's stock worth $4,210,207,000 after purchasing an additional 1,723,785 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Visa by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 12,796,415 shares of the credit-card processor's stock valued at $4,045,149,000 after buying an additional 164,008 shares in the last quarter. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

V has been the topic of several research reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Visa in a research report on Thursday, July 17th. They set a "buy" rating and a $410.00 price target on the stock. Macquarie increased their price target on shares of Visa from $380.00 to $425.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Wall Street Zen raised shares of Visa from a "hold" rating to a "buy" rating in a report on Monday, May 12th. UBS Group reaffirmed a "buy" rating and set a $415.00 price objective (up previously from $405.00) on shares of Visa in a report on Wednesday, July 30th. Finally, Morgan Stanley increased their price objective on Visa from $386.00 to $402.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Visa presently has a consensus rating of "Moderate Buy" and an average target price of $380.84.

Visa Trading Up 0.6%

V traded up $2.06 during midday trading on Friday, reaching $351.92. 3,670,969 shares of the company were exchanged, compared to its average volume of 5,856,767. The stock has a market capitalization of $645.00 billion, a P/E ratio of 34.37, a PEG ratio of 2.34 and a beta of 0.92. Visa Inc. has a one year low of $268.23 and a one year high of $375.51. The stock's 50-day simple moving average is $348.35 and its 200 day simple moving average is $347.36. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12.

Visa (NYSE:V - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 EPS for the quarter, beating analysts' consensus estimates of $2.85 by $0.13. Visa had a return on equity of 58.93% and a net margin of 52.16%.The company had revenue of $10.17 billion during the quarter, compared to analysts' expectations of $9.82 billion. During the same period in the prior year, the business posted $2.42 EPS. Visa's revenue was up 14.3% on a year-over-year basis. As a group, analysts forecast that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, August 12th. Visa's payout ratio is 23.05%.

Insider Buying and Selling

In other news, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $344.02, for a total transaction of $697,328.54. Following the completion of the sale, the general counsel owned 11,925 shares of the company's stock, valued at $4,102,438.50. This represents a 14.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul D. Fabara sold 11,636 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $375.00, for a total transaction of $4,363,500.00. Following the sale, the insider owned 26,413 shares in the company, valued at approximately $9,904,875. The trade was a 30.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 77,127 shares of company stock valued at $28,340,553. 0.13% of the stock is owned by corporate insiders.

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.