Suncoast Equity Management Acquires 3,729 Shares of Visa Inc. (NYSE:V)

Suncoast Equity Management boosted its holdings in Visa Inc. (NYSE:V) by 2.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 159,507 shares of the credit-card processor’s stock after acquiring an additional 3,729 shares during the quarter. Visa accounts for 5.2% of Suncoast Equity Management’s portfolio, making the stock its 6th largest position. Suncoast Equity Management’s holdings in Visa were worth $44,515,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Livelsberger Financial Advisory bought a new position in Visa during the 4th quarter valued at $25,000. Westend Capital Management LLC bought a new position in Visa during the 1st quarter valued at $25,000. O Brien Wealth Partners LLC bought a new position in Visa during the 4th quarter valued at $32,000. Frank Rimerman Advisors LLC bought a new position in Visa during the 4th quarter valued at $33,000. Finally, Valued Wealth Advisors LLC bought a new position in Visa during the 4th quarter valued at $37,000. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Lloyd Carney sold 909 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $275.55, for a total value of $250,474.95. Following the sale, the director now directly owns 2,591 shares of the company’s stock, valued at $713,950.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Paul D. Fabara sold 25,293 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $277.15, for a total value of $7,009,954.95. Following the sale, the insider now directly owns 17,894 shares of the company’s stock, valued at $4,959,322.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lloyd Carney sold 909 shares of Visa stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $275.55, for a total value of $250,474.95. Following the sale, the director now directly owns 2,591 shares in the company, valued at $713,950.05. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on V. Evercore ISI reduced their price objective on Visa from $335.00 to $330.00 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. Macquarie raised their price objective on Visa from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Royal Bank of Canada raised their price objective on Visa from $309.00 to $315.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. UBS Group raised their price objective on Visa from $315.00 to $325.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Finally, Piper Sandler began coverage on Visa in a research note on Monday, May 13th. They set an “overweight” rating and a $322.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $304.44.

Visa Price Performance

NYSE V opened at $265.44 on Wednesday. Visa Inc. has a fifty-two week low of $227.68 and a fifty-two week high of $290.96. The stock’s 50-day moving average is $273.07 and its two-hundred day moving average is $274.01. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 1.40. The firm has a market cap of $485.47 billion, a P/E ratio of 29.66, a price-to-earnings-growth ratio of 1.82 and a beta of 0.95.

Visa (NYSE:V) last posted its earnings results on Tuesday, April 23rd. The credit-card processor reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.08. Visa had a return on equity of 51.23% and a net margin of 53.87%. The company had revenue of $8.78 billion for the quarter, compared to analyst estimates of $8.62 billion. During the same period last year, the company earned $2.09 earnings per share. The business’s revenue was up 9.9% compared to the same quarter last year. On average, analysts anticipate that Visa Inc. will post 9.94 earnings per share for the current fiscal year.

Visa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 17th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend was Thursday, May 16th. Visa’s dividend payout ratio is currently 23.24%.

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.