PNC Financial Services Group Inc. Acquires 30,779 Shares of Visa Inc. $V

PNC Financial Services Group Inc. lifted its holdings in shares of Visa Inc. (NYSE:V) by 1.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,824,681 shares of the credit-card processor’s stock after purchasing an additional 30,779 shares during the period. Visa accounts for 0.6% of PNC Financial Services Group Inc.’s holdings, making the stock its 25th biggest holding. PNC Financial Services Group Inc. owned about 0.15% of Visa worth $1,002,903,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Keystone Global Partners LLC acquired a new stake in Visa during the 1st quarter valued at approximately $26,000. Family Legacy Financial Solutions LLC acquired a new stake in Visa during the second quarter worth approximately $28,000. Harbor Asset Planning Inc. acquired a new stake in shares of Visa during the 2nd quarter worth approximately $29,000. Cranbrook Wealth Management LLC lifted its position in shares of Visa by 82.0% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor’s stock valued at $32,000 after acquiring an additional 41 shares during the period. Finally, Hoese & Co LLP acquired a new stake in Visa in the second quarter worth $36,000. 82.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on V shares. Erste Group Bank lowered Visa from a “buy” rating to a “hold” rating in a research report on Monday, September 22nd. Truist Financial reduced their target price on shares of Visa from $400.00 to $397.00 and set a “buy” rating for the company in a research note on Thursday, July 17th. Raymond James Financial reiterated an “outperform” rating and issued a $408.00 price objective (up previously from $398.00) on shares of Visa in a research note on Wednesday, October 29th. Robert W. Baird set a $425.00 price objective on Visa in a research note on Wednesday, October 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Visa in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $400.00.

Visa Trading Up 0.0%

Shares of V stock opened at $339.00 on Thursday. The business’s fifty day moving average is $342.72 and its 200 day moving average is $348.78. Visa Inc. has a 52-week low of $299.00 and a 52-week high of $375.51. The company has a market capitalization of $621.32 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 2.05 and a beta of 0.87. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.08 and a current ratio of 1.08.

Visa (NYSE:V) last posted its quarterly earnings data on Tuesday, October 28th. The credit-card processor reported $2.98 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.01. Visa had a net margin of 50.15% and a return on equity of 60.31%. The company had revenue of $10.72 billion for the quarter, compared to analysts’ expectations of $10.60 billion. During the same period in the prior year, the business earned $2.71 earnings per share. Visa’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities research analysts anticipate that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 12th will be paid a $0.67 dividend. This is a boost from Visa’s previous quarterly dividend of $0.59. This represents a $2.68 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, November 12th. Visa’s payout ratio is currently 23.11%.

Insider Activity

In other news, Director Lloyd Carney sold 900 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $336.48, for a total value of $302,832.00. Following the completion of the sale, the director owned 2,468 shares of the company’s stock, valued at approximately $830,432.64. The trade was a 26.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of Visa stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $344.02, for a total value of $697,328.54. Following the completion of the transaction, the general counsel directly owned 11,925 shares in the company, valued at $4,102,438.50. This trade represents a 14.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 23,897 shares of company stock worth $8,164,561. 0.13% of the stock is currently owned by insiders.

About Visa

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.