Legacy Private Trust Co. trimmed its stake in Visa Inc (NYSE:V) by 29.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,831 shares of the credit-card processor’s stock after selling 3,240 shares during the period. Legacy Private Trust Co.’s holdings in Visa were worth $1,347,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the stock. Berkeley Capital Partners LLC lifted its stake in Visa by 1.5% in the second quarter. Berkeley Capital Partners LLC now owns 3,939 shares of the credit-card processor’s stock worth $684,000 after acquiring an additional 57 shares during the period. Enterprise Financial Services Corp lifted its position in Visa by 0.8% during the second quarter. Enterprise Financial Services Corp now owns 7,649 shares of the credit-card processor’s stock valued at $1,328,000 after buying an additional 59 shares during the period. Radnor Capital Management LLC lifted its position in Visa by 0.8% during the second quarter. Radnor Capital Management LLC now owns 8,060 shares of the credit-card processor’s stock valued at $1,399,000 after buying an additional 60 shares during the period. Peninsula Wealth LLC lifted its position in Visa by 0.8% during the second quarter. Peninsula Wealth LLC now owns 7,608 shares of the credit-card processor’s stock valued at $1,319,000 after buying an additional 61 shares during the period. Finally, Lenox Wealth Advisors LLC lifted its position in Visa by 1.1% during the third quarter. Lenox Wealth Advisors LLC now owns 5,573 shares of the credit-card processor’s stock valued at $959,000 after buying an additional 63 shares during the period. Institutional investors own 80.99% of the company’s stock.
V has been the subject of several recent research reports. Bank of America raised their price objective on Visa from $177.00 to $192.00 and gave the company a “buy” rating in a research report on Monday, June 17th. SunTrust Banks raised their price objective on Visa to $205.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. raised their price objective on Visa from $166.00 to $182.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Jefferies Financial Group raised their price objective on Visa from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, Credit Suisse Group raised their price target on Visa from $200.00 to $203.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $196.57.
Visa (NYSE:V) last released its quarterly earnings data on Tuesday, July 23rd. The credit-card processor reported $1.37 EPS for the quarter, topping the consensus estimate of $1.33 by $0.04. Visa had a return on equity of 41.04% and a net margin of 53.43%. The company had revenue of $5.84 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the company earned $1.20 EPS. Visa’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, research analysts predict that Visa Inc will post 5.41 earnings per share for the current fiscal year.
In other news, Director Denise M. Morrison bought 1,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were acquired at an average cost of $171.13 per share, with a total value of $171,130.00. Following the completion of the transaction, the director now owns 3,223 shares of the company’s stock, valued at approximately $551,551.99. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Vasant M. Prabhu sold 25,051 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $181.14, for a total value of $4,537,738.14. Following the completion of the transaction, the insider now directly owns 62,223 shares in the company, valued at $11,271,074.22. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by company insiders.
Visa Inc operates as a payments technology company worldwide. The company facilitates commerce through the transfer of value and information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a processing network that enables authorization, clearing, and settlement of payment transactions; and offers fraud protection for account holders and assured payment for merchants.
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