Essex Financial Services Inc. Has $3.79 Million Holdings in Visa Inc (NYSE:V)

Essex Financial Services Inc. increased its stake in Visa Inc (NYSE:V) by 1.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,011 shares of the credit-card processor’s stock after purchasing an additional 376 shares during the period. Visa makes up 1.2% of Essex Financial Services Inc.’s holdings, making the stock its 17th largest position. Essex Financial Services Inc.’s holdings in Visa were worth $3,786,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in V. Gladstone Institutional Advisory LLC boosted its stake in shares of Visa by 16.4% during the 2nd quarter. Gladstone Institutional Advisory LLC now owns 5,560 shares of the credit-card processor’s stock worth $965,000 after buying an additional 782 shares during the last quarter. Asset Dedication LLC boosted its stake in shares of Visa by 4.2% during the 2nd quarter. Asset Dedication LLC now owns 16,109 shares of the credit-card processor’s stock worth $2,799,000 after buying an additional 647 shares during the last quarter. Alera Investment Advisors LLC boosted its stake in shares of Visa by 5.7% during the 2nd quarter. Alera Investment Advisors LLC now owns 1,599 shares of the credit-card processor’s stock worth $278,000 after buying an additional 86 shares during the last quarter. Castle Rock Wealth Management LLC boosted its stake in shares of Visa by 45.4% during the 2nd quarter. Castle Rock Wealth Management LLC now owns 12,411 shares of the credit-card processor’s stock worth $2,154,000 after buying an additional 3,876 shares during the last quarter. Finally, Doliver Advisors LP boosted its stake in shares of Visa by 16.8% during the 2nd quarter. Doliver Advisors LP now owns 14,848 shares of the credit-card processor’s stock worth $2,577,000 after buying an additional 2,134 shares during the last quarter. 80.98% of the stock is owned by hedge funds and other institutional investors.

In other Visa news, CEO Alfred F. Kelly, Jr. sold 7,000 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $177.79, for a total transaction of $1,244,530.00. Following the transaction, the chief executive officer now owns 55,446 shares in the company, valued at approximately $9,857,744.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP William M. Sheedy sold 21,164 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $178.71, for a total transaction of $3,782,218.44. Following the transaction, the executive vice president now owns 227,126 shares in the company, valued at approximately $40,589,687.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 53,215 shares of company stock worth $9,564,487. Company insiders own 0.17% of the company’s stock.

A number of research firms have recently commented on V. Barclays increased their price objective on shares of Visa from $181.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Goldman Sachs Group restated a “buy” rating and set a $202.00 price objective on shares of Visa in a research note on Wednesday, July 24th. UBS Group increased their price objective on shares of Visa from $183.00 to $187.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. ValuEngine cut shares of Visa from a “buy” rating to a “hold” rating in a report on Wednesday, September 11th. Finally, Raymond James upped their target price on shares of Visa from $193.00 to $205.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Three research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $199.04.

Visa stock traded up $0.54 during trading hours on Friday, hitting $178.97. The company had a trading volume of 3,894,140 shares, compared to its average volume of 7,614,820. The firm has a market cap of $349.90 billion, a PE ratio of 32.90, a PEG ratio of 1.83 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.56 and a quick ratio of 1.69. Visa Inc has a one year low of $121.60 and a one year high of $187.05. The firm has a 50-day moving average of $176.18 and a 200 day moving average of $173.34.

Visa (NYSE:V) last released its quarterly earnings results on Thursday, October 24th. The credit-card processor reported $1.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.04. The firm had revenue of $6.14 billion for the quarter, compared to analysts’ expectations of $6.08 billion. Visa had a net margin of 52.57% and a return on equity of 42.57%. The business’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.21 EPS. As a group, research analysts expect that Visa Inc will post 6.21 earnings per share for the current year.

The firm also recently announced a dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, November 14th. Visa’s payout ratio is presently 18.38%.

About Visa

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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Institutional Ownership by Quarter for Visa (NYSE:V)

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